Precision Oncology Market Size & Share 2023 to 2032
Market Size by Product Type (Diagnostics {Genetic Tests, Biomarker-based Tests}, Therapeutics), Cancer Type (Breast, Lung, Colorectal, Skin, Prostrate, Stomach), End User (Hospitals, Diagnostic Centers).
Report ID: GMI7628
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Published Date: December 2023
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Report Format: PDF
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Authors:
Mariam Faizullabhoy, Gauri Wani
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.
Precision Oncology Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
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
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.
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.
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.
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.
In 2022, North America held a significant share of 43.8% in the global precision oncology market.
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:
Precision Oncology Industry News:
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)
By Cancer Type, 2018 – 2032 (USD Million)
By End-user, 2018 – 2032 (USD Million)
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →