Precision Oncology Market
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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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Precision Oncology Market size in 2022: | USD 68.7 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 10.6 |
| 2023 Value Projection: | USD 184.8 Billion |
| Historical Data for: | 2018 to 2022 |
| No of Pages: | 160 |
| Tables, Charts & Figures: | 262 |
| Segments Covered: | Product Type, Cancer Type, End-user, & Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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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.
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.
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.
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.
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:
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:
Precision oncology industry reached around USD 68.7 billion in revenue in 2022 and is projected to be worth USD 184.8 billion by 2032 driven by the rising number of cancer cases globally.
Some leading precision oncology companies are Thermo Fisher Scientific Inc., Invitae Corporation, Illumina, Inc., Qiagen N.V., Novartis AG, F. Hoffmann-La Roche AG, Rain Therapeutics Inc, and Strata Oncology, Inc.
North America held 43.8% revenue share of the precision oncology industry in 2022 and is estimated to expand at a notable CAGR from 2023-2032 attributed to the presence of advanced healthcare infrastructure with state-of-the-art medical facilities and technology in the region.
The therapeutics segment held 71.7% of the precision oncology industry in 2022 and is expected to witness high demand through 2032 owing to the ongoing development of various targeted drug therapies.