PUBLISHER: The Business Research Company | PRODUCT CODE: 1608792
PUBLISHER: The Business Research Company | PRODUCT CODE: 1608792
Personalized cancer treatment tailors therapies based on an individual's unique genetic profile and tumor characteristics, aiming for more effective and targeted interventions. This approach enhances treatment plans and improves patient outcomes by analyzing genetic mutations and biomarkers, in contrast to traditional one-size-fits-all methods.
The main types of personalized cancer treatment encompass targeted therapy, immunotherapy, hormone therapy, chemotherapy, radiation therapy, and others. Targeted therapy employs drugs or other substances to specifically identify and attack cancer cells while sparing normal cells. Various diagnostic techniques, such as genomic sequencing, liquid biopsy, immunohistochemistry, in situ hybridization, and biomarker testing, are utilized for different cancer types, including breast cancer, lung cancer, colorectal cancer, prostate cancer, melanoma, and more. These treatments are administered by end-users, including hospitals, clinics, and research institutes, among others.
The personalized cancer treatment market research report is one of a series of new reports from the business research company that provides personalized cancer treatment market statistics, including personalized cancer treatment industry global market size, regional shares, competitors with an personalized cancer treatment market share, detailed personalized cancer treatment market segments, market trends and opportunities, and any further data you may need to thrive in the personalized cancer treatment industry. This personalized cancer treatment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The personalized cancer treatment market size has grown rapidly in recent years. It will grow from $163.95 billion in 2023 to $181.55 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth observed during the historical period can be attributed to several factors, including advancements in genomics and molecular biology, the increasing prevalence of cancer, a rise in the adoption of personalized medicine, heightened awareness of cancer treatment options, and improved technologies for cancer diagnostics and monitoring.
The personalized cancer treatment market size is expected to see rapid growth in the next few years. It will grow to $237.92 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The forecast period growth is expected to be driven by the expansion of targeted therapies, advancements in AI and machine learning for treatment planning, increased investment in cancer research, a growing demand for precision medicine, and the development of new biomarkers for personalized treatments. Key trends anticipated during this period include the rising use of combination therapies, greater integration of digital health tools, an increase in the adoption of liquid biopsy techniques, the expansion of immunotherapy options, and an enhanced focus on patient-centric care models.
The rising prevalence of cancer is expected to drive growth in the personalized cancer treatment market in the coming years. This increase in cancer cases is largely due to rising life expectancy, leading to more individuals reaching ages where cancer is more common, as well as heightened exposure to risk factors such as tobacco use, alcohol consumption, and obesity. Personalized cancer treatments offer targeted and effective therapies for managing various types and stages of cancer, stimulating investment and innovation in precision medicine aimed at improving patient outcomes through tailored treatment plans. For example, the World Health Organization, a Switzerland-based UN agency focused on global health, projected in February 2024 that the global cancer burden will rise significantly, with new cancer cases expected to increase by 77%, reaching over 35 million by 2050, compared to 20 million in 2022. Thus, the growing prevalence of cancer is propelling the personalized cancer treatment market.
Companies in the personalized cancer treatment sector are prioritizing the development of innovative solutions, such as artificial intelligence (AI)-enabled multimodal immune profile algorithmic tests, to predict patient responses to immunotherapy and enhance personalized treatment strategies. These AI-enabled tests analyze various data types, including genomic, transcriptomic, and clinical biomarkers, to evaluate a patient's immune profile and forecast their response to immunotherapy, aiding in patient stratification and guiding personalized cancer treatments. For instance, in July 2024, Tempus AI, Inc., a US-based health technology firm, launched its AI-enabled multimodal immune profile algorithmic test (IPS), marking its entry into the immunotherapy diagnostics field. The test, which is available for research use only (RUO), evaluates a range of immunotherapy-related biomarkers to generate a score that helps predict patient responses to immunotherapy, thereby supporting personalized cancer treatment. These AI-driven diagnostics enhance patient stratification and treatment selection in oncology.
In December 2023, Pfizer Inc., a US-based pharmaceutical and biotechnology company, acquired Seagen Inc. for $43 billion. This acquisition aims to utilize Pfizer's advanced antibody-drug conjugate technology to bolster its capabilities in developing targeted cancer therapies. This strategic move is intended to accelerate Pfizer's growth in the oncology market, addressing the pressing need for more effective cancer treatments. Seagen Inc. is a US-based biotechnology firm that specializes in monoclonal antibody-based therapies for cancer treatment.
Major companies operating in the personalized cancer treatment market are Pfizer Inc., Johnson & Johnson, F. Hoffmann-La Roche, Merck & Co. Inc., Bristol Myers Squibb Company, Thermo Fisher Scientific Inc., AstraZeneca Plc, Novartis AG, BioNTech SE, Illumina Inc., Artera, Exact Sciences Corporation., Moffitt Cancer Center, Myriad Genetics, NeoGenomics Laboratories, Guardant Health, Caris Life Sciences, Tempus AI Inc., Foundation Medicine, Immatics, Fate Therapeutics, CureVac AG, TScan Therapeutics, CureMetrix, PDC*line Pharma
North America was the largest region in the personalized cancer treatment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the personalized cancer treatment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the personalized cancer treatment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The personalized cancer treatment market consists of revenues earned by entities by providing services such as genetic testing, biomarker analysis, personalized therapy formulation, and targeted drug delivery. The market value includes the value of related goods sold by the service provider or included within the service offering. The personalized cancer treatment market also includes sales of products including targeted therapy drugs, genomic profiling kits, and companion diagnostics. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Personalized Cancer Treatment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on personalized cancer treatment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for personalized cancer treatment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The personalized cancer treatment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.