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Precision Oncology Market Trends

Report ID: GMI7628
Published Date: Dec 2023
Report Format: PDF

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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.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

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.

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.

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.

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.