Precision medicine (PM) can be defined as predictive, personalized, and preventive healthcare services delivery model. Precision cancer therapies is an additional option for patients suffering from cancer however it cannot completely replace the existing cancer treatments. Currently, researchers are making progress in the field of precision cancer therapies however many new and innovative drugs are currently in clinical trials. Precision cancer therapies include drugs or other substances which block the growth of cancer. Precision cancer therapies are also termed as molecular targeted therapy, or targeted molecular therapies, and precision medicines. Researchers are involved in developing anticancer drug developments via precision cancer therapies.
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Precision Cancer Therapies Market: Segmentation
Precision cancer therapies market can be segmented on the basis of the type of therapies, end users, and regions:
- Hormone Therapy
- Targeted Therapy
- Monoclonal Antibody Therapy
- Gene Therapy
Precision cancer therapies market can be segmented on the basis of different end users in the market:
- Diagnostic Centers
- Oncology Clinics
- Research Institutes
Precision Cancer Therapies Market: Dynamics
Precision cancer therapies market is primarily driven by a few key factors such as the increasing prevalence of cancers, such as lung cancer, breast cancer, prostate cancer, melanoma and other types of cancers. The market is likely to grow owing to the increasing awareness regarding molecular diagnostic techniques which is expected to fuel the growth of precision cancer therapies market. The rising insurance coverage and growing healthcare expenditure by the government are among the factors which would aid the growth of precision cancer therapies market over the forecast years.
Precision cancer therapies market, however, faces various challenges such as the high cost of new and innovative therapies which prevent the wide prevention of these diseases. Precision cancer therapies market has various drugs which are still in various stages of clinical trials which refrain the products from the market. Precision cancer therapies market faces tremendous challenges due to the low awareness regarding the new diagnosis and treatment measures. Low-income countries and rising economies are coming forward to address such issues for precision cancer therapies market.
Precision Cancer Therapies Market: Region-wise Outlook
Based on geography, the precision cancer therapies market can be segmented into five major regions: North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. At present, North America holds a leading position in the precision cancer therapies market due to the increasing incidence of cancer in the region which is followed by Europe. The major driving factors which have driven the growth of the precision cancer therapies market in this region is constant support of healthcare organizations in the development of new treatment methods, technological advancement in finding innovative treatment measures, and a rise in funding in public and private sector. Following North America, European countries are also anticipated to show steady growth in the precision cancer therapies market. Asia Pacific is expected to grow at the fastest CAGR because of increasing prevalence of different types of cancers in the region, thus boosting the market growth of precision cancer therapies market throughout the forecast period. The factors which would fuel the growth of precision cancer therapies market in Asia-Pacific are various multinational companies are setting up their operations in this region and aiming to gain huge revenue share from emerging countries, rising healthcare concerns, and improving healthcare scenario of the region. Precision cancer therapies market would evolve at a rapid rate across the regions. However, North America would maintain its position in the precision cancer therapies market, though, we are anticipating emerging economies such India, China, Brazil, Russia to have the highest growth in precision cancer therapies market.
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Precision Cancer Therapies Market: Key Players
Precision cancer therapies market holds a huge number of players operating in the segment for years with expertise and experience. Various multinational companies are involved in the manufacturing of products which are utilized in the treatment of cancer. Such companies are Abbott Laboratories, Bayer HealthCare AG, GlaxoSmithKline plc, OncoGenex Pharmaceuticals Inc., Hospira Inc., Boehringer Ingelheim GmbH, AstraZeneca, Aveo Pharmaceuticals among others. Precision cancer therapies market has the presence of many regional players which have a huge market share in the emerging countries.