Personalized Cancer Treatment Global Market Set to Hit $237.92 Billion by 2028

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The personalized cancer treatment market has seen unprecedented growth in recent years, growing from $163.95 billion in 2023 to $181.55 billion in 2024 at a compound annual growth rate CAGR of 10.7%. This impressive surge can be linked to significant advancements in genomics and molecular biology, an increasing prevalence of cancer, growing adoption of personalized medicine, heightened awareness about cancer treatment options, and improved cancer diagnostics and monitoring technologies.

What Magnitude of Growth Do We Expect in the Personalized Cancer Treatment Market?

Looking ahead, the outlook for the personalized cancer treatment market continues to be promising. Predicted to grow to $237.92 billion in 2028, at a CAGR of 10.8%, the rapid growth in the forecast period is anticipated to be fueled by the expansion of targeted therapies, advancements in AI and machine learning for treatment planning, increasing investment in cancer research, growing demand for precision medicine, and the development of new biomarkers for personalized treatments. The forecast period will also see major trends such as rising use of combination therapies, increased integration of digital health tools, growth in the adoption of liquid biopsy techniques, expansion of immunotherapy options, and enhanced focus on patient-centric care models.

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What's Driving Growth In The Personalized Cancer Treatment Market?

The increasing prevalence of cancer worldwide is projected to be a major catalyst for the growth of the personalized cancer treatment market. The higher incidence of cancer can be largely attributed to increasing life expectancy, which results in more people reaching an age where cancer is more common, along with growing exposure to risk factors such as tobacco, alcohol, and obesity. Personalized cancer treatments, which provide targeted and effective therapies to manage diverse cancer types and stages, are being increasingly sought after. This growing demand is sparking increased investment and innovation in precision medicine aimed at improving patient outcomes through customized treatment plans. As an example, in February 2024, data from the World Health Organization pointed to a steep anticipated increase in global cancer cases, with an expected total of over 35 million by 2050 compared to 20 million in 2022. This increasing cancer prevalence is likely to be a key driver for the personalized cancer treatment market.

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What Are Noteworthy Innovations and Emerging Trends In The Personalized Cancer Treatment Market?

Some of the leading companies in the personalized cancer treatment market are making significant strides in innovative solutions, such as artificial intelligence AI-enabled multimodal immune profile algorithmic tests. Leveraging multiple data types, including genomic, transcriptomic, and clinical biomarkers, these tests assess a patient's immune profile and predict their response to immunotherapy – thereby enhancing patient stratification and treatment selection in oncology. For example, in July 2024, US health technology company Tempus AI, Inc. launched its first solution in the immunotherapy diagnostics space – an AI-enabled multimodal immune profile algorithmic test dubbed IPS.

How Is the Market Segmented?

The personalized cancer treatment market is delineated into several segments:

1 By Treatment Type: Targeted Therapy, Immunotherapy, Hormone Therapy, Chemotherapy, Radiation Therapy, Other Treatment Type
2 By Diagnostic Techniques: Genomic Sequencing, Liquid Biopsy, Immunohistochemistry, In Situ Hybridization, Biomarker Testing, Other Diagnostic Techniques
3 By Cancer Type: Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Melanoma, Other Cancer Types
4 By End-Users: Hospitals And Clinics, Research Institutes, Other End Users
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