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Report Overview

The global oncology precision medicine market is anticipated to grow at a CAGR of 8.50% during the forecast period of 2024-2032, driven by the increasing prevalence of cancer across the globe.

2023

Base Year

2017-2023

Historical Year

2024-2032

Forecast Year

  • Rising cancer prevalence and the advancement of biomarker-based tests are driving the adoption of precision medicine, enabling targeted and effective cancer treatments.
  • Liquid biopsies are garnering attention, owing to their non-invasive nature to detect cancer mutations. Consequently, providing dynamic disease management, and improving patient outcomes and thus revitalizing the oncology market.
  • The North American region is expected to lead the market share based on region. The market value can be accredited to a well-established healthcare infrastructure, technical advancements, and numerous key pharmaceutical players driving innovation in precision medicine.

Oncology Precision Medicine Market Overview

Oncology precision medicine modifies cancer treatments according to an individual's genetic profile to improve efficacy and reduce side effects. The growing prevalence of cancer around the world and the acceptance of biomarker-based tests have created a significant impact on the market value. Innovations such as next-generation sequencing and liquid biopsies are improving diagnosis and treatment modalities. Other innovations, coupled with enhanced investments, have increased market growth and reshaped the cancer management scenario worldwide.

Oncology Precision Medicine Market Growth Drivers

Rising Prevalence of Cancer Incidence Drives Market Growth

The increasing prevalence of cancer globally is driving the demand for precision medicine that offers more advanced and effective treatments compared to standard methods. According to the American Cancer Society, it was estimated that there would be 1,958,310 new cancer cases and 609,820 cancer deaths in the United States in 2023. The expanding number of patients is emphasizing the requirement for precision medicine, which can enhance the treatment process and thus speed up the growth of the market.

Oncology Precision Medicine Market Trends

Oncology Precision Medicine Market Segmentation

The report offers a detailed analysis of the market based on the following segments:

Market Breakup by Product

  • Therapeutics
  • Diagnostics
  • Biomarker-based Tests
  • Genetic Tests
  • Others

Market Breakup by Cancer Type

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

Market Breakup by End User

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

Market Breakup by Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Oncology Precision Medicine Market Share

Market Segmentation Based on the Cancer Type Set to Witness Substantial Growth

Based on cancer type, the market is segmented into breast cancer, lung cancer, colorectal cancer, prostate cancer, stomach cancer, skin cancer and others. Among these, breast cancer is expected to dominate the market because of its widespread global occurrence and the growing emphasis on targeted therapy solutions. Gene therapies for breast cancer target particular genetic mutations, providing personalized and efficient treatments.

Oncology Precision Medicine Market Analysis by Region

Based on region, the market report covers North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these, North America is expected to lead the market share, owing to high cancer prevalence and increasing advancements in healthcare innovation in the region. Furthermore, a strong healthcare infrastructure, including established healthcare systems, and hospitals, also plays a significant role in driving market growth.

Leading Players in the Oncology Precision Medicine Market

The key features of the market report include patent analysis, grants analysis, funding and investment analysis, and strategic initiatives by the leading players. The major companies are:

Bristol-Myers Squibb Company

Based in New York and a top provider in the realm of precision medicine for oncology, Bristol-Myers Squibb creates various kinds of drugs, one of which is Opdivo (nivolumab). Opdivo is a medication that works by engaging with the PD-1 receptor to enhance the body's ability to recognize and eliminate cancerous cells.

Illumina, Inc.

Illumina, Inc., headquartered in San Diego, California, is a top developer of sequencing and array-based solut...

Pfizer Inc.

The company was established in the city of New York in the year 1849. Their product portfolio includes treatme...

Novartis AG

Novartis AG is an international pharmaceutical company headquartered in Basel, Switzerland. The company's focu...

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other companies include Roche Holding AG, Thermo Fisher Scientific, Inc., AstraZeneca plc, Guardant Health, Inc., Exact Sciences Corporation, and Caris Life Sciences.

Key Questions Answered in the Oncology Precision Medicine Market

  • What was the global oncology precision medicine market value in 2023?
  • What is the global oncology precision medicine market forecast outlook for 2024-2032?
  • What are the regional markets covered in the EMR report?
  • What is the market segmentation based on the product?
  • What is the market breakup based on the cancer type?
  • What is the market breakup based on the end user?
  • What are the major factors aiding the oncology precision medicine market demand?
  • What are the market's major drivers, opportunities, and restraints?
  • Which regional market is expected to lead the market share in the forecast period?
  • Which country is expected to experience expedited growth during the forecast period?
  • What are the major oncology precision medicine market trends?
  • How does the rise in the geriatric population impact the market size?
  • Who are the key players involved in the oncology precision medicine market?
  • What are the current unmet needs and challenges in the market?
  • How are partnerships, collaborations, mergers, and acquisitions among the key market players shaping the market dynamics?
  • What is the role of therapeutics in the oncology precision medicine market?
  • Which cancer type has the highest demand for precision medicine?
  • Why are hospitals the primary end users of oncology precision medicine?
  • Why does North America lead the oncology precision medicine market?

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Report Summary

Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.

Key Highlights of the Report

Please note that the figures mentioned in the description serve as estimates and may vary from the actual figures presented in the final report.

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2017-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product
  • Cancer Type
  • End User
  • Region
Breakup by Product
  • Therapeutics
  • Diagnostics
Breakup by Cancer Type
  • Breast Cancer
  • Lung Cancer
  • Colorectal Cancer
  • Prostate Cancer
  • Stomach Cancer
  • Skin Cancer
  • Others
Breakup by End User
  • Hospitals
  • Diagnostic Centers
  • Academic & Research Institutes
  • Others
Breakup by Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Market Dynamics
  • Market Drivers and Constraints
  • SWOT Analysis
  • PESTEL Analysis
  • Porter’s Five Forces Model 
  • Key Demand Indicators
  • Key Price Indicators
  • Industry Events, Initiatives, and Trends 
  • Value Chain Analysis
Supplier Landscape
  • Market Structure
  • Company Profiles
    • Financial Analysis
    • Product Portfolio
    • Demographic Reach and Achievements
    • Company News and Developments
    • Certifications
Companies Covered
  • Roche Holding AG
  • Illumina, Inc.
  • Thermo Fisher Scientific, Inc.
  • Pfizer, Inc.
  • Novartis AG
  • AstraZeneca plc
  • Guardant Health, Inc.
  • Exact Sciences Corporation
  • Bristol-Myers Squibb Company
  • Caris Life Sciences

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+61 448 06 17 27

C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63 287899028, +63 967 048 3306

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84865399124