Precision Oncology Market – By Product Type (Diagnostics {Genetic Tests, Biomarker-based Tests}, Therapeutics), Cancer Type (Breast, Lung, Colorectal, Skin, Prostrate, Stomach), End-user (Hospitals, Diagnostic Centers), Global Forecast 2023-2032

Precision Oncology Market Size

Precision Oncology Market size was around USD 68.7 billion in 2022 and is estimated to expand at 10.6% CAGR from 2023 to 2032. Increasing number of cancer cases is a significant driver for the market expansion. Global precision medicine market is expected to grow at a CAGR of over 11.5% during the forecast period.
 

For instance, according to the Centers for Disease Control and Prevention (CDC), in 2020, in the U.S. 1.6 million new cancer cases were reported and 602,347 people died of cancer. For every 100,000 people, 403 new cancer cases were reported. Therefore, precision oncology involves tailoring treatments based on the specific genetic and molecular characteristics of an individual's cancer. It allows for a more personalized and targeted approach to treatment, maximizing effectiveness and minimizing side effects.
 

Additionally, advancement in technologies, rising demand for precision medicine, and favourable government initiatives and funding are some of the other factors that are driving the market progression.
 

Precision oncology is a specialized approach to cancer care that leverages genomic and molecular information to customize treatments according to the unique characteristics of a patient's tumour. By identifying specific genetic alterations, precision oncology aims to optimize therapeutic strategies, enhance treatment efficacy, and minimize side effects for better patient results. It optimizes therapeutic outcomes by targeting the unique features driving cancer progress.
 

COVID-19 Impact

The COVID-19 pandemic had a significant impact on the precision oncology market. Lockdowns across the countries led to disruptions in routine cancer screenings and diagnoses. This resulted in delayed cancer detection and subsequent delays in precision oncology interventions. This also led to a decrease in the use of biomarker testing, which is frequently essential for choosing the best course of treatment for many common malignancies.
 

Furthermore, several clinical trials, including those testing precision oncology treatments, faced delays or suspensions due to safety concerns, recruitment challenges, and resource restraints during the pandemic.

Precision Oncology Market Trends

• Increasing government initiatives and funding play a pivotal role in driving the market. For instance, in 2022, the Australian government announced support for USD 130 million towards innovative multi-stakeholder public-private partnership model for sustainable precision oncology, accelerating biomarker-dependent drug development through integrating clinical trials into the standard of care.
  Therefore, government funding support for development of new technologies, drugs, and treatment strategies is expected to help drive innovation and advancements in the field of precision oncology.
   
• Similarly, increasing utilization of artificial intelligence in precision medicine including oncology sector is also gaining momentum. Such aforementioned factors is expected to spur the market growth.
   

However, the high cost of precision medicine poses a significant challenge for the market. As precision medicine often involves sophisticated diagnostic tests, targeted therapies, and personalized treatment plans, thereby contributing to its cost-intensive nature.
 

Precision Oncology Market Analysis

Based on product type, the market is bifurcated into therapeutics and diagnostics. The therapeutics segment held the largest market share at 71.7% in 2022.
 

• The development of various targeted drug therapies has contributed to the growth of the therapeutics segment. For instance, in 2021, the U.S. FDA approved the precision medicine, dostarlimab as a progression after platinum therapy to treat endometrial cancer. Thus, availability of such therapy is expected to spur the segment progression.
   
• Furthermore, precision oncology enhances treatment effectiveness by addressing multiple aspects of cancer biology. As clinicians witness improved responses in patients receiving targeted therapies, the utilization of precision oncology therapeutics becomes standard practice, thereby driving the dominance of the therapeutics segment.
   

Based on cancer type, the precision oncology market is classified into breast cancer, lung cancer, colorectal cancer, prostate cancer, skin cancer, stomach cancer, and other cancer types. The breast cancer segment dominated the market with USD 14.6 billion in 2022.
 

• Breast cancer is one of the most common cancers globally, with a high incidence and prevalence, affecting many individuals. For instance, according to WHO, in 2020, there were 2.3 million women diagnosed with breast cancer and 685 000 deaths globally. As of the end of 2020, there were 7.8 million women alive who were diagnosed with breast cancer in the past 5 years, making it the world's most prevalent cancer. Thus, the sheer number of breast cancer cases creates a substantial market for precision oncology interventions targeting the specific genetic and molecular features of breast tumors.
   

Based on end-user, the precision oncology market is classified into hospitals, diagnostic centers, research & academic institutes, and other end-users. The hospitals segment is expected to reach the largest market revenue of USD 81.6 billion by 2032.
 

• Hospitals serve as integrated healthcare delivery systems, providing a range of services, including diagnostics, treatment, and follow-up care.
   
• As precision oncology involves a continuum of care, from molecular diagnostics to targeted therapies and ongoing monitoring, hospitals are well-positioned to deliver integrated precision oncology care.
   
• Furthermore, hospitals often actively participate in clinical trials, including those focused on precision oncology. These trials are essential for validating the efficacy of new precision therapies.
   

In 2022, North America held a significant share of 43.8% in the global precision oncology market.
 

• High market share can be attributed to the presence of advanced healthcare infrastructure with state-of-the-art medical facilities and technology. Also, the availability of cutting-edge infrastructure facilitates the implementation of precision oncology, including advanced diagnostics and targeted therapies.
   
• Moreover, North America is a global hub for biomedical research and pharmaceutical development. The region's leadership in research and development contributes to the discovery and commercialization of precision oncology drugs and technologies.
   

Precision Oncology Market Share

The precision oncology industry is characterized by diverse players competing in the healthcare industry. Thermo Fisher Scientific Inc., Invitae Corporation, and Illumina, Inc account for significant market share. These prominent players thrive through a combination of strategic initiatives, investing in research and development, meeting the specific needs, geographical expansion, strategic approaches, product diversification, and regulatory compliance.
 

Foremost market players operating in the precision oncology industry is as mentioned below:

• Thermo Fisher Scientific Inc.
• Invitae Corporation
• Illumina, Inc.
• Qiagen N.V.
• Novartis AG
• Erasca Inc
• F. Hoffmann-La Roche AG
• Rain Therapeutics Inc
• Agendia Inc
• Strata Oncology, Inc.
   

Precision Oncology Industry News:

• In April 2023, Agilent Inc announced NGS assay for comprehensive genomic profiling (CGP) for advancing precision oncology. The assay workflow being efficient, automatable, and flexible, made tumour molecular profiling more accessible to the broad clinical research community. This strategy is expected to enhance company to widen its product portfolio.
   
• In August 2022, Thermo Fisher Scientific released CE-IVD (IVDD) NGS (next generation sequencing) test. The company has also introduced analysis software to expand its access in precision oncology biomarker testing. This helped the company to increase revenue and strengthen its foothold.
   

The precision oncology market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments:

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By Product Type, 2018 – 2032 (USD Million)

• Therapeutics
• Diagnostics
  • Biomarker based tests
  • Genetic tests
  • Other diagnostics

By Cancer Type, 2018 – 2032 (USD Million)

• Breast cancer
• Lung cancer
• Colorectal cancer
• Prostate cancer
• Skin cancer
• Stomach cancer
• Other cancer types

By End-user, 2018 – 2032 (USD Million)

• Hospitals
• Diagnostic centers
• Research & academic institutes
• Other end-users

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada 
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Rest of Middle East & Africa