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The global precision oncology market size was valued at USD 107.82 billion in 2023, driven by the increasing recognition as a reliable treatment for cancer across the globe. The market size is anticipated to grow at a CAGR of 9.80% during the forecast period of 2024-2032 to achieve a value of USD 250.11 billion by 2032.
Precision oncology is also known as personalized oncology. It is a rapidly advancing and innovating industry that focuses on generating personalized cancer treatment strategies depending upon a patient's unique genetic profile. Advanced techniques to diagnose the tumour or cancer are used, as genomic sequencing and molecular profiling. All these approaches help in the selection of techniques and therapies which could perform effectively for the patient. It recognizes that cancer is a complex and heterogeneous disease, and each patient's cancer may be different in nature and have unique molecular alterations.
By utilizing advanced technologies, such as genomic sequencing, proteomics, and molecular profiling, precision oncology enables the identification of that drive tumor growth and progression. With the help of advanced technologies such as genetic mutations, alterations, and biomarkers, the tumor growth could be identified and treated on time.
Precision oncology is the process in which profiling of tumour or cancer is done on the molecular level to recognize the abnormalities that can be targeted. Precision oncology is rapidly growing and has also entered the mainstream clinical approaches. Genomic testing involves several levels on which coordinated practices are performed in order to achieve high quality results out of high-quality tissue samples so that a suitable treatment can be generated for the patient.
There are several key trends aiding the global precision oncology market growth and some of them include the rapid advancements in genomic technologies, increasing availability of targeted therapies, integration of AI and machine learning to analyze and process large amount of genomic and clinical data, circulating tumour DNA and liquid biopsies, integration with clinical approaches. There is an increasing focus on the development of companion diagnostics and biomarker-driven therapies.
The increase in collaborations and partnerships are emerging as a prominent trend in precision oncology market expansion. Pharmaceutical companies, diagnostic companies, research institutions, and healthcare providers are making strategic tie-ups to accumulate resources, expertise, and data. These collaborations will enhance the development and validation of precision oncology technologies, promote knowledge sharing, and drive the adoption of precision medicine approaches in routine clinical practice.
Market Breakup by Service Type
Market Breakup by Cancer Type
Market Breakup by End User
Market Breakup by Region
The market for precision oncology is witnessing an evident growth and is expected to keep growing in coming years as the industry is getting more familiar and has been advancing as a reliable treatment for cancer. This treatment provides an exclusive and intense care procedure for cancer patients by taking advantage of molecular information in order to prepare and instruct personalised treatments. Increasing prevalence of cancer across the globe has been driving the precision oncology market development as it is leading to the increasing demand for personalised and effective cancer treatments. As a challenge, the high cost of genomic profiling along with multiple other factors regarding high quality and robust evidence to support the efficacy of developed tailored therapies also stays in the market.
The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:
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:
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Breakup by Service Type |
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Breakup by Cancer Type |
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Breakup by End User |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*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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The market attained a value of about USD 107.82 billion in 2023, driven by the increasing awareness about precision oncology.
The global precision oncology market size is anticipated to grow at a CAGR of 9.80% during the forecast period of 2024-2032, and likely to reach a market value of USD 250.11 billion by 2032.
The rising recognition as a reliable treatment for cancer and advancement in the techniques and approaches of genomic testing worldwide are the major factors driving the market growth.
The service types can be divided into diagnostics and therapeutics, among others.
The cancer types include breast cancer, cervical cancer, prostate cancer, and lung cancer.
The end-users include hospitals, specialty clinic, pharmaceutical and biotechnology companies, and healthcare data companies, among others.
The major regions of the market include North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America is currently leading the global market.
Key players involved in the market are Thermo Fisher Scientific Inc., Invitae Corporation, Qiagen N.V., Illumina, Inc., Laboratory Corporation Of America Holding, Exact Sciences Corporation, Rain Oncology Inc, Strata Oncology, Inc., Xilis, Inc., and Variantyx, Inc.
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Vietnam
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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