Precision Oncology Market Size, Share & Trends Analysis Report By Product Type (Diagnostics, Therapeutics), By Cancer Type (Breast Cancer, Cervical Cancer, Prostate Cancer, Lung Cancer), By End-use, By Region- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2023-2032

The global precision oncology market size was exhibited at USD 94.9 billion in 2022 and is projected to hit around USD 241.71 billion by 2032, growing at a CAGR of 9.8% during the forecast period 2023 to 2032.

Precision Oncology Market Size

Key Pointers:

  • In 2022, North America dominated the precision oncology market with a revenue share of 42.9%.
  • In 2022, the therapeutics segment dominated the market with a share of 71.14%.
  • The diagnostic tools segment is anticipated to witness growth at a rapid pace with a CAGR of 10.5% from 2023 - 2032.
  • In 2022, breast cancer accounted largest market share of 41.9% attributing to increasing attention for breast cancer screening
  • The cervical cancer segment is anticipated to witness the fastest CAGR of 10.6% over the forecast period
  • The hospitals & diagnostic laboratories segment dominated the market in terms of the revenue share of 46.11% in 2022. 
  • The pharmaceutical & biotechnology companies are anticipated to witness a CAGR of 10.9% over the forecast period. 

Precision Oncology Market Report Scope

Report Coverage

Details

Market Size in 2023

USD 104.2 Billion

Market Size by 2032

USD 241.71 Billion

Growth Rate from 2023 to 2032

CAGR of 9.8%

Base year

2022

Forecast period

2023 to 2032

Segments covered

Product type, Cancer type, End-use

Regional scope

North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa

Key companies profiled

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.; Variantyx; Inc.; Bioserve; Relay Therapeutics; Acrivon Therapeutics

 

Precision oncology is a growing field where the market products emphasize on molecular profiling of tumors to identify alterations in the gene. Currently, the industry has witnessed major success with a 95% response rate being observed in patients along with extended quality-adjusted life. The market products offer the potential for improved patient care and a better-informed decision-making experience in hospitals and clinics. Alternatively, the increasing prevalence of cancer across the globe, the rising number of clinical trial studies, and the rapid adoption of technology in precision oncology diagnostic is anticipated to boost the market demand.

Due to the COVID-19 pandemic, the precision oncology market had a huge impact as the pandemic exaggerated healthcare across the globe for people living with cancer, possessing a unique set of challenges. Besides, delayed diagnosis and therapeutics using precision oncology have affected cancer patient diagnosis and treatment to a major extent. However, post-COVID-19 pandemic, the market has gained rapid demand as precision oncology offers better therapeutic outcomes and improves the quality of patient life for cancer patients.

In January 2022, OncXerna Therapeutics, Inc. and Exact Sciences Corp. mentioned the agreement to introduce OncXerna’s TME Panel lab services for patients in the U.S. It is an innovative gene expression score, which helps identify patients to respond to immunotherapies and anti-angiogenic. Further, the company added that it believes to provide clinician access to the Xerna TME Panel through biopharma partners as a companion diagnostic and existing precision oncology team.

The market players operating in the precision oncology market are undertaking various innovations such as agreements, new launches, and expansion to strengthen their market presence. For instance, in December 2021, ConcertAI, LLC, and LabCorp announced the collaboration to enhance precision oncology research. The companies are working to launch clinical studies, which will support to reduce the burden on physician practices. It will further support to improve patient retention and equitable access to research as a care option and drive patient recruitment.

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. Additionally, the test uses a single software interface, and the entire process only requires 20 minutes of hands-on time to produce results. The laboratory can boost genetic testing in house and improve patient access to precision oncology by streamlining the workflow. 

Precision Oncology Market Segmentation

By Product Type By Cancer Type By End-use
  • Diagnostics
  • Therapeutics
  • Breast Cancer
  • Colorectal Cancer
  • Cervical Cancer
  • Prostate Cancer
  • Lung Cancer
  • Others
  • Hospitals & Diagnostic Laboratories
  • Pharmaceutical & Biotechnology Companies
  • Healthcare Data Companies

Frequently Asked Questions

The global precision oncology market size was exhibited at USD 94.9 billion in 2022 and is projected to hit around USD 241.71 billion by 2032

Key players operating in the precision oncology market include 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., Variantyx, Inc., Bioserve, Relay Therapeutics and Acrivon Therapeutics among many others.

Key factors that are driving the market growth include prevalence of cancer across the globe, rising number of clinical trial studies, technological advancements.

North America dominated the market with a revenue share of around 42.9% in 2022 owing to the presence of key player in region and well developed biotechnology industry and burden of cancer cases in the region.

Chapter 1 Report Scope and Objectives
                   1.1 Market Segmentation & Scope
                   1.2 Regional Scope
                       1.2.1 Estimates And Forecast Timeline
                   1.3 Objectives
                       1.3.1 Objective - 1
                       1.3.2 Objective - 2
                       1.3.3 Objective - 3
Chapter 2 Methodology
                   2.1 Research Methodology
                   2.2 Information Procurement
                       2.2.1 Purchased Database
                       2.2.2 Nova one advisor’s Internal Database
                       2.2.3 Secondary Sources
                       2.2.4 Primary Research
                   2.3 Information Or Data Analysis
                       2.3.1 Data Analysis Models
                   2.4 Market Formulation & Validation
                   2.5 Model Details
                       2.5.1 Commodity Flow Analysis (Model 1)
                       2.5.2 Volume Price Analysis (Model 2)
                   2.6 List Of Secondary Sources
Chapter 3 Executive Summary
                   3.1 Market Outlook
                   3.2 Segment Outlook
                       3.2.1 Product Type
                       3.2.2 Cancer Type
                       3.2.3 End-Use
                       3.2.4 Region
                   3.3 Competitive Insights
                   3.4 Precision Oncology Market Outlook, 2023
Chapter 4 Market Variables, Trends & Scope
                   4.1 Market Lineage Outlook
                       4.1.1 Parent Market Outlook
                       4.1.2 Ancillary Market Outlook
                   4.2 Precision Oncology Market Dynamics
                       4.2.1 Market Driver Analysis
                       4.2.2 Market Restraint Analysis
                   4.3 Precision Oncology Market: Business Environment Analysis Tools
                       4.3.1 Porter’s Five Forces Analysis
                       4.3.2 Threat Of New Entrants
                       4.3.3 Bargaining Power Of Suppliers
                       4.3.4 Bargaining Power Of Buyers
                       4.3.5 Competitive Rivalry
                       4.3.6 Threat Of Substitutes
                       4.3.7 Pestel Analysis
                           4.3.7.1 Political & Legal Landscape
                           4.3.7.2 Economic Landscape
                           4.3.7.3 Technological Landscape
                   4.4 Penetration & Growth Prospect Mapping
                   4.5 Impact Of Covid-19 On Precision Oncology Market
Chapter 5 Precision Oncology Market: Product Type Analysis
                   5.1 Precision Oncology Market Share Analysis, 2023 & 2032
                   5.2 Precision Oncology Market: Segment Dashboard:
                   5.3 Market Size & Forecasts And Trend Analyses, 2020 To 2032 For The Product Type Segment
                       5.3.1 Diagnostics
                           5.3.1.1 Diagnostics Market, 2020 - 2032
                       5.3.2 Therapeutics
                           5.3.2.1 Therapeutics Market, 2020 - 2032
Chapter 6 Precision Oncology Market: Cancer Type Analysis
                   6.1 Precision Oncology Cancer Type Market Share Analysis, 2023 & 2032
                   6.2 Precision Oncology Cancer Type Market: Segment Dashboard:
                   6.3 Market Size & Forecasts And Trend Analyses, 2020 To 2032 For The Cancer Type Segment
                       6.3.1 Breast Cancer
                           6.3.1.1 Breast Cancer Market, 2020 - 2032
                       6.3.2 Colorectal Cancer
                           6.3.2.1 Colorectal Cancer Market, 2020 - 2032
                       6.3.3 Cervical Cancer
                       6.3.4 Cervical Cancer Market, 2020 - 2032
                       6.3.5 Prostate Cancer
                           6.3.5.1 Prostate Cancer Market, 2020 - 2032
                       6.3.6 Lung Cancer
                           6.3.6.1 Lung Cancer Market, 2020 - 2032
                       6.3.7 Others Cancer
                           6.3.7.1 Others Cancer Market, 2020 - 2032
Chapter 7 Precision Oncology Market: End-Use Analysis
                   7.1 Precision Oncology End-Use Market Share Analysis, 2023 & 2032
                   7.2 Precision Oncology End-Use Market: Segment Dashboard:
                   7.3 Market Size & Forecasts And Trend Analyses, 2020 To 2032 For The End-Use Segment
                       7.3.1 Hospitals & Diagnostic Laboratories
                       7.3.2 Hospitals & Diagnostic Laboratories Market, 2020 - 2032
                       7.3.3 Pharmaceutical & Biotechnology Companies
                           7.3.3.1 Pharmaceutical & Biotechnology Companies Market, 2020 - 2032
                       7.3.4 Healthcare Data Companies
                       7.3.5 Healthcare Data Companies Market, 2020 - 2032
Chapter 8 Precision Oncology Market: Regional Analysis
                   8.1 Precision Oncology Regional Market Share Analysis, 2023 & 2032
                   8.2 Regional Market Snapshot
                   8.3 North America
                       8.3.1 North America Precision Oncology Market, 2020 - 2032
                       8.3.2 U.S.
                           8.3.2.1 U.S. Precision Oncology Market, 2020 - 2032
                       8.3.3 Canada
                           8.3.3.1 Canada Precision Oncology Market, 2020 - 2032
                   8.4 Europe
                       8.4.1 Europe Precision Oncology Market, 2020 - 2032
                       8.4.2 U.K.
                           8.4.2.1 U.K. Precision Oncology Market, 2020 - 2032
                       8.4.3 Germany
                           8.4.3.1 Germany Precision Oncology Market, 2020 - 2032
                       8.4.4 France
                           8.4.4.1 France Precision Oncology Market, 2020 - 2032
                       8.4.5 Italy
                           8.4.5.1 Italy Precision Oncology Market, 2020 - 2032
                       8.4.6 Spain
                           8.4.6.1 Spain Precision Oncology Market, 2020 - 2032
                       8.4.7 Denmark
                       8.4.8 Denmark Precision Oncology Market, 2020 - 2032
                       8.4.9 Sweden
                       8.4.10 Sweden Precision Oncology Market, 2020 - 2032
                       8.4.11 Norway
                       8.4.12 Norway Precision Oncology Market, 2020 - 2032
                   8.5 Asia Pacific
                       8.5.1 Asia Pacific Precision Oncology Market, 2020 - 2032
                       8.5.2 Japan
                           8.5.2.1 Japan Precision Oncology Market, 2020 - 2032
                       8.5.3 China
                           8.5.3.1 China Precision Oncology Market, 2020 - 2032
                       8.5.4 India
                           8.5.4.1 India Precision Oncology Market, 2020 - 2032
                       8.5.5 Australia
                           8.5.5.1 Australia Precision Oncology Market, 2020 - 2032
                       8.5.6 Thailand
                       8.5.7 Thailand Precision Oncology Market, 2020 - 2032
                       8.5.8 South Korea
                           8.5.8.1 South Korea Precision Oncology Market, 2020 - 2032
                   8.6 Latin America
                       8.6.1 Latin America Precision Oncology Market, 2020 - 2032
                       8.6.2 Brazil
                           8.6.2.1 Brazil Precision Oncology Market, 2020 - 2032
                       8.6.3 Mexico
                           8.6.3.1 Mexico Precision Oncology Market, 2020 - 2032
                       8.6.4 Argentina
                           8.6.4.1 Argentina Precision Oncology Market, 2020 - 2032
                   8.7 Middle East And Africa (Mea)
                       8.7.1 Mea Precision Oncology Market, 2020 - 2032
                       8.7.2 South Africa
                           8.7.2.1 South Africa Precision Oncology Market, 2020 - 2032
                       8.7.3 Saudi Arabia
                           8.7.3.1 Saudi Arabia Precision Oncology Market, 2020 - 2032
                       8.7.4 UAE
                           8.7.4.1 UAE Precision Oncology Market, 2020 - 2032
                       8.7.5 Kuwait
                       8.7.6 Kuwait Precision Oncology Market, 2020 - 2032
Chapter 9 Competitive Analysis
                   9.1 Recent Developments & Impact Analysis, By Key Market Participants
                   9.2 Company Profiles
                       9.2.1 THERMO FISHER SCIENTIFIC INC.
                           9.2.1.1 Company overview
                           9.2.1.2 Financial performance
                           9.2.1.3 Product Benchmarking
                           9.2.1.4 Strategic initiatives
                       9.2.2 INVITAE CORPORATION
                           9.2.2.1 Company overview
                           9.2.2.2 Product Benchmarking
                           9.2.2.3 Strategic initiatives
                       9.2.3 QIAGEN N.V.
                           9.2.3.1 Company overview
                           9.2.3.2 Product Benchmarking
                           9.2.3.3 Strategic initiatives
                       9.2.4 ILLUMINA, INC.
                           9.2.4.1 Company overview
                           9.2.4.2 Product Benchmarking
                           9.2.4.3 Strategic initiatives
                       9.2.5 LABORATORY CORPORATION OF AMERICA HOLDING
                           9.2.5.1 Company overview
                           9.2.5.2 Product Benchmarking
                           9.2.5.3 Strategic initiatives
                       9.2.6 EXACT SCIENCES CORPORATION
                           9.2.6.1 Company overview
                           9.2.6.2 Product Benchmarking
                           9.2.6.3 Strategic initiatives
                       9.2.7 RAIN ONCOLOGY INC.
                           9.2.7.1 Company overview
                           9.2.7.2 Product Benchmarking
                           9.2.7.3 Strategic initiatives
                       9.2.8 STRATA ONCOLOGY, INC.
                           9.2.8.1 Company overview
                           9.2.8.2 Product Benchmarking
                           9.2.8.3 Strategic initiatives
                       9.2.9 XILIS, INC.
                           9.2.9.1 Company overview
                           9.2.9.2 Product Benchmarking
                           9.2.9.3 Strategic initiatives
                       9.2.10 VARIANTYX, INC.
                           9.2.10.1 Company overview
                           9.2.10.2 Product Benchmarking
                           9.2.10.3 Strategic initiatives
                       9.2.11 BIOSERVE
                           9.2.11.1 Company overview
                           9.2.11.2 Product Benchmarking
                           9.2.11.3 Strategic initiatives
                       9.2.12 RELAY THERAPEUTICS
                           9.2.12.1 Company overview
                           9.2.12.2 Product Benchmarking
                           9.2.12.3 Strategic initiatives
                       9.2.13 ACRIVON THERAPEUTICS
                           9.2.13.1 Company overview
                           9.2.13.2 Product Benchmarking

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