World Health Organization has highlighted that carcinoma is a broad group of diseases that can affect any part of the body. The condition arises due to the transformation of normal cells into tumor cells in a multistage process that often progresses from a pre-cancerous lesion to a malignant tumor.
Recently, the study of structural variations via sequencing and other molecular diagnostic techniques are an integral part of precision medicine could possibly help in the early-stage screening of the disease. These variations also include germline mutations and somatic mutations, which are critical in driving cancer imitation or progression.
Further, precise screening also allows targeted therapy, which has a significant role in cancer treatment. Through this mode, cancer cell growth can be blocked via interfering with the targeted molecules involved in cancer.
With the global expansion of cancer incidences at such a rapid rate, there has been a demand for alternative medicine other than the traditional one. Hence, the aforementioned factors have posed a necessity for an effective treatment method that involves the precision medicine approach.
According to the market intelligence published by BIS Research, the global oncology precision medicine market was estimated at $46.90 billion in 2019 and is projected to grow at a CAGR of 11.21% during the forecast period 2020-2030.
The growth of the market can be attributed to factors such as increasing incidences of cancer, decreasing trial and error-based drug prescription through pharmacogenomics, increasing usage of predictive biomarkers for diagnostics, rapid technological advancements, and decreasing cost of genomic sequencing.
The companies operating in the market are undergoing significant activities to expand their market presence and establish their position in the global market. However, several of them are still lagging behind market leaders. However, these companies are taking significant strides to grow into major players, owing to initiatives undertaken to expand their respective product mix.
In addition, the investment and funding scenario has improved drastically in the past few years and companies are receiving funding to support the expansion of facilities along with their reach within the market. Recently, Ikena Oncology, Inc. closed an investment of $120 million in an oversubscribed Series B financing. This funding created increased the participation of new investors in the field.
Also, many companies have incorporated several synergistic activities, including collaborations, agreements, and partnerships, as key strategies to support new product development and expand their global presence. The AI-precision-based Tempus announced its collaboration with Bayer. The aim of the collaboration is to broaden access to genomic testing and provide tailored treatment approaches in oncology. Bayer is expected to cover the testing cost so as to support any possible future expansion.