Global Precision Oncology Market Insights Forecasts to 2033

• The Global Precision Oncology Market Size was Valued at USD 98.5 Billion in 2023
• The Market Size is Growing at a CAGR of 10.21% from 2023 to 2033
• The Worldwide Precision Oncology Market Size is Expected to Reach USD 260.5 Billion by 2033
• Asia-Pacific is Expected to Grow the fastest during the forecast period.

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The Global Precision Oncology Market Size is Anticipated to Exceed USD 260.5 Billion by 2033, Growing at a CAGR of 10.21% from 2023 to 2033.

 

Market Overview

Precision oncology is an innovative approach to cancer treatment that ensures treatment is specifically designed and targeted to unique forms of cancer. The goal of precision medicine is simply to deliver the right cancer treatment to the right patient at the right dose and at the right time. The goal of precision oncology is to use genetics to guide cancer prevention and treatment, maximize positive outcomes, and minimize adverse events.  The advanced innovative tools like CE-marked AI-enabled products used for radiological image analysis have been demonstrated to improve diagnosis compared to standard care which gives precision diagnosis of cancer, which ultimately leads to enhancing the efficiency of the healthcare system. The enhancement in the ability to probe beyond single DNA alterations for influencing tumor behavior and representing targets for new therapeutics is clearly in sight with the rapid improvement in technology. The best-informed decision can be made by patients by understanding the power and limitations of the current testing and treatment landscape.

 

Report Coverage

This research report categorizes the market for the global precision oncology market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global precision oncology market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global precision oncology market.

 

Driving Factors

The current global statistics for the year 2022 indicate that there were almost 20 million new cases of cancer and close to 10 million cancer deaths. Demographics-based predictions indicate that the annual number of new cases of cancer will reach 35 million by 2050, a 77% increase from the 2022 level. Thus, the increasing prevalence of cancer is driving the market demand for precision oncology. The rising technological advancements and innovations are helping to accelerate progress against cancer. The growing demand for personalized medicine owing to fewer side effects leads to propel the market growth. Furthermore, the rising government initiatives and funding for the development of precision medicine leads to drive the global precision oncology market.

 

Restraining Factors

The high cost of precision medicine owing to the expensive gene testing, and the targeted therapy or immunotherapy treatment hampering the market. Further, the stringent regulatory requirements are also responsible for restraining the global precision oncology market.

 

Market Segmentation

The global precision oncology market share is classified into product type, cancer type, and end-user.

 

• The therapeutics segment dominated the market with the largest revenue share in 2023.

Based on the product type, the global precision oncology market is categorized into therapeutics and diagnostics. Among these, the therapeutics segment dominated the market with the largest revenue share in 2023. Precision oncology-based therapies provide a personalized treatment that is based on the DNA fingerprint of each patient's cancer. The growing number of approvals for tumor-agnostic therapies and the development of various targeted therapies are expected to enhance the market growth in the therapeutics segment. 

 

• The breast cancer segment dominated the market with the largest revenue share in 2023.

Based on the cancer type, the global precision oncology market is categorized into breast cancer, lung cancer, colorectal cancer, prostate cancer, skin cancer, stomach cancer, and others. Among these, the breast cancer segment dominated the market with the largest revenue share in 2023. Breast cancer is the most prevalent cancer globally with about 7.8 million diagnosed cases of breast cancer in the past 5 years. The increased awareness and introduction of cutting-edge technologies are contributing to market growth in the breast cancer segment.

 

• The hospitals segment is expected to hold the largest share of the global precision oncology market during the forecast period.   

Based on the end-user, the global precision oncology market is categorized into hospitals, diagnostic centers, research & academic institutes, and others. Among these, the hospitals segment is expected to hold the largest share of the global precision oncology market during the forecast period. Hospitals are well-positioned to deliver integrated precision oncology care and actively participate in clinical trials of new precision therapies.

 

Regional Segment Analysis of the Global Precision Oncology Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

North America is anticipated to hold the largest share of the global precision oncology market over the predicted timeframe.

 

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North America is projected to hold the largest share of the global precision oncology market over the forecast period. The region comprises several market players such as Thermo Fisher Scientific Inc., Invitae Corporation, Illumina, Inc., Laboratory Corporation of America Holding that are responsible for driving the market in the region. Further, the growing cases of cancer with the increasing research activities for the development of treatment regime are anticipated to enhance the market growth. In addition, the increased healthcare expenditure and the development of a new diagnostic software platform are also driving the market in the region.

 

Asia-Pacific is expected to grow at the fastest CAGR growth of the global precision oncology market during the forecast period. The presence of a developed biotechnology sector with the ongoing development of healthcare facilities is driving the market. Further, the growing awareness about precision oncology for the treatment of cancer is driving the market in the region.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global precision oncology market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• Thermo Fisher Scientific Inc.
• Variantyx, Inc.
• Invitae Corporation
• Rain Oncology Inc.
• Strata Oncology, Inc.
• Qiagen N.V.
• Illumina, Inc.
• Relay Therapeutics
• Acrivon Therapeutics
• Laboratory Corporation of America Holding
• Xilis, Inc.
• Bioserve
• Novartis AG
• Erasca Inc.
• Others

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Developments

• In April 2023, Agilent launched an NGS assay for advancing precision oncology.

 

• In August 2022, Thermo Fisher Scientific launched CE-IVD (IVDD) next-generation sequencing test and analysis software to expand access to precision oncology biomarker testing.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global precision oncology market based on the below-mentioned segments: 

 

Global Precision Oncology Market, By Product Type

• Therapeutics
• Diagnostics

 

Global Precision Oncology Market, By Cancer Type

• Breast Cancer
• Lung Cancer
• Colorectal Cancer
• Prostate Cancer
• Skin Cancer
• Stomach Cancer
• Others

 

Global Precision Oncology Market, By End-User

• Hospitals
• Diagnostic Centers
• Research & Academic Institutes
• Others

 

Global Precision Oncology Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa