Market Trends of China Precision Medicine Industry
The Oncology Under Application Segment is Expected to Witness Rapid Growth Between 2024 and 2029
The growing number of cancer cases and technological advancements are expected to drive the oncology segment's growth between 2024 and 2029. Precision medicine applications are mostly focused on improving the treatment of cancerous diseases. The rising incidence of cancer and the increasing number of treatment options undergoing clinical trials using precision medicine are the primary drivers of the segment growth in China.
The growing burden of cancer cases in China is expected to increase the demand for precision medicine for effective treatment. For instance, according to the Globocan 2022 data, the estimated number of new cancer cases in China was 4.82 million in 2022, which is expected to reach 7.08 million by 2045. Hence, the expected rise in cancer cases is expected to increase the demand for precision medicine, propelling the segment growth between 2024 and 2029.
Furthermore, the market player strategies, such as collaborations and agreements for precision medicine developments, are expected to boost the segment growth. For instance, in June 2024, Merck, BeiGene, and Cornerstone Pharmaceutical planned to launch a precision diagnosis and treatment ecosystem targeting rare targets for lung cancer in China. They jointly planned to promote the high-quality development of precision medicines, increase the availability of products for cancers, and propel the segment's growth from 2024 to 2029.
The Gene Sequencing Technology Segment is Expected to Have Significant Growth in the Market from 2024 to 2029
With continuous advancements in genomic research, there is an increasing understanding of the genetic basis of diseases. This knowledge allows for more targeted and personalized treatment approaches, an essential aspect of precision medicine. Furthermore, the increasing prevalence of chronic diseases like cancer and Alzheimer's disease is creating a demand for more effective and personalized treatment options. Gene sequencing is crucial in identifying disease-associated genetic markers, enabling more targeted therapies.
Several companies from China are engaged in various activities, such as product launches that are boosting the country's field of gene sequencing. For instance, in December 2023, Illumina, one of the key players in DNA sequencing, and HaploX, a China-based company, jointly launched the NextSeq 2000Dx-CN-HAP, a domestically produced genetic sequencing system, in Shenzhen, China. These new product launches increase gene sequencing methods due to the widespread availability of the products and likely boost segment growth in the country.
Furthermore, the new developments in gene sequencing are expected to have new products in the precision medicine market, which is likely to boost the segment's growth. For instance, in April 2023, MGI Tech Co. Ltd stated that the company developed an ultra-high-throughput gene sequencer in China. The sequencer can complete 50,000 whole-genome sequencing cases per year, significantly reducing the cost of sequencing a single human genome. Hence, the reduced cost of sequencing is likely to increase the usage of gene sequencing technology, thereby boosting the segment growth in China from 2024 to 2029.
