At present, several conventional approaches, such as radiation therapy, chemotherapy, hormone therapy, immunotherapy and nanotherapy are available for treating cancer. However, these approaches often fail to interact and ameliorate the intrinsic carcinogenic genetic abnormalities, owing to the fact that these irregularities are unique to each individual patient.
The global oncology precision medicine market size is estimated to grow from USD 147.9 billion in 2024 to USD 364 billion by 2035, representing a CAGR of 8.5% during the forecast period till 2035.
In order to address this, precision medicine, often known as personalized medicine, emerged as a possible solution, which utilizes genomic knowledge to provide gene-targeted diagnostics and therapeutics. The concept of precision medicine takes into account the tumor features, genetic data, lifestyle and environmental effects to provide tailored medicines and holds significant potential in treating oncological disorders by shifting away from a one-size-fits-all approach.
Recently, various research and precision cancer centers based across the globe have come forward to initiate a program, The Precision Medicine Initiative, with an aim to identify approaches that can help in prevention or treatment of diseases, based on an individual’s lifestyle, genetics and surrounding environment. It is worth mentioning that this program is currently being led by the National Institutes of Health (NIH), in collaboration with several other research centers.
Specifically, organizations, such as The National Cancer Institute (NCI), are actively trying to identify and develop novel treatment options for different forms of cancer, based on biological and genetic samples obtained from an individual. Moreover, NIH initiated a research program, All of Us, which witnessed the participation of over one million individuals from the United States. As a part of the program, participants provided insights on their health, as well as their biological samples to gather genetic data. As per the organization, this data would be used to study the root cause of various diseases, their associated risks and approaches to enable better diagnosis.
Advantages of oncology precision medicine
1. Risk Assessment: Individuals with a family history of certain types of cancer are more likely to be at risk of inheriting the condition. In such cases, precision cancer care aids individuals to take genetic testing and get aware of the associated risk.
2. Customized Treatment Approach: Oncology precision medicine tailors a patient-specific treatment based on the genomic and molecular profile of the individual. The patients receive targeted therapy right from the initial stage of the treatment, thereby reducing the possible side effects and contraindications associated with the conventional treatments.
3. High Success Rate: Personalized medicine in oncology have demonstrated high success rate (>75%) in patients diagnosed with cancer. Such exceptional results have piqued the interest of drug developers to enhance their research efforts in identifying novel drugs that target specific cancer-driving genetic mutations. Notably, around 145 precision medicines have been approved and launched in the market for the treatment of different types of cancer indications.
The future of oncology precision medicine
The concept of personalized medicine in oncology holds immense potential to transform the diagnosis, prognosis and cancer treatment approaches. The increasing interest among researchers and the integration of various technologies have facilitated the seamless transition of precision medicine from research to practical application. However, owing to the intricate nature of the human genome, scientists are still in the early phases of deciphering medical data and translating it to a user-friendly information. As a result, there is a need to create an information library that covers the genetic data necessary to make accurate therapeutic inferences about an individual. Additionally, to gain insights into the mechanisms of rare forms of cancer and their progression, it is essential to gain a more comprehensive understanding of the gene abnormalities related to these conditions. Complementary methodologies, such as functional investigations, are necessary to supplement cancer data provided by next-generation sequencing, which helps physicians in individualizing treatments based on the interaction of the prescribed drug with the patient’s tumor cells. Additional clinical trials on adults and children are required to integrate precision medicine into conventional treatment. A collaborative effort among all stakeholders in the healthcare industry is likely to expedite the accomplishment of these future goals marking a pivotal milestone in the field of personalized medicine in oncology.
Research Methodology
Our analysts have performed an accurate examination of the various aspects of the global market leveraging avant-garde primary and secondary sources of data collection. The report has gathered the necessary data and information from several reliable sources. Additionally, the report offers many strategic recommendations for companies involved in this ever-growing business sector to help them attain a competitive edge in the oncology precision medicine market.
Thank you for reading our report. Kindly get in touch with us to know more about the report or to receive a customized copy of it. Our team will ensure the report is tailored according to your needs.
To get sample report visit@
https://www.rootsanalysis.com/reports/oncology-precision-medicine-market/request-sample.html
