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, And Segment Forecasts, 2023 - 2030

Report Overview

The global precision oncology market size was valued at USD 96.4 billion in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 9.7% during the forecast period from 2023 to 2030. The key drivers include advances in technology; rapid demand for diagnostics products providing effective clinical results, further minimizing side effects of therapeutics in cancer patients, and avoiding specific drug resistance has uplifted the market growth.

Likewise, expanding research activities, early breast cancer detection, and patient overall prognosis are likely to boost the requirement for the precision oncology market. Due to the COVID-19 pandemic, the precision oncology market was affected due to social distancing and lockdowns across the world. Furthermore, during the initial phase of the COVID-19 outbreak, the clinical trials studies were on hold, however, post-pandemic the hospitals and clinics have witnessed a decline in the flow of patients for precision oncology diagnosis and therapeutic treatment. Besides, delayed diagnosis and therapeutics using precision oncology have affected cancer patient diagnosis and treatment to a major extent

Product Type Insights

Based on product type, the precision oncology market is segmented into diagnostics and therapeutics. In 2022, the therapeutics segment dominated the market with a share of 71.7%. The therapeutics is driven by factors such as the growing number of approvals for tumor-agnostic therapies, and unique features of therapeutics according to specific proteins or mutations driving cancer’s growth. Precision oncology-based therapies provide patient-specific cancer treatment based DNA fingerprint of each patient's cancer.

On the other hand, the diagnostic tools segment is anticipated to witness growth at a rapid pace with a CAGR of 10.4% from 2023 - 2030. The diagnosis products in this market play a key role in verification and validation activities as the results ideally rely on the tests performed. Alternatively, with advances in technology, diagnostics products have resulted in effective decisions further optimizing the clinical outcomes, and unnecessary therapies, minimizing side effects and avoiding drug resistance.

Cancer Type Insights

Based on cancer type, the precision oncology market is segmented into breast cancer, colorectal cancer, cervical cancer, lung cancer, prostate cancer, and others. In 2022, breast cancer accounted largest market share of 41.6% attributing to increasing attention for breast cancer screening, diagnosis and surgical and radiation techniques. Likewise, expanding research activities, early breast cancer detection, and patient overall prognosis are likely to boost the development of novel methods such as precision oncology. Besides, new advanced technologies for DNA sequencing have led to rapid advancement in the treatment of breast cancer patients.

The cervical cancer segment is anticipated to witness the fastest CAGR of 10.5% over the forecast period owing to growing research projects, funding, and product launches that have fueled the market growth in the cervical cancer segment. For instance, the CDC announced USD 215 million in funding awards under three national cancer programs.

End-use Insights

Based on end-use, the market is segmented into hospitals & diagnostic laboratories, pharmaceutical & biotechnology companies, healthcare data companies. The hospitals & diagnostic laboratories segment dominated the market in terms of the revenue share of 46.8% in 2022. In hospital and diagnostic, precision oncology products is garnering an increasing amount of interest worldwide as it emphases on molecular profiling of tumors to identify alterations in the gene. Focusing on components such as precision planning, precise diagnosis, monitoring, precise treatment along with expertise, the market has gained increasing importance in hospital and diagnostics laboratories.

The pharmaceutical & biotechnology companies are anticipated to witness a CAGR of 10.3% over the forecast period. In addition, pharmaceutical and biotechnology manufacturers key focus on developing customized end-to-end solutions to meet the changing customer requirement. The segment companies are expected to increase large-scale projects that support drug development programs.

Regional Insights

In 2022, North America dominated the precision oncology market with a revenue share of 42.5%. The market in this region is competitive since most of the major market players such as Thermo Fisher Scientific Inc., Invitae Corporation, Illumina, Inc., Laboratory Corporation of America Holding is operating in this region. Additionally, the growing burden of the cancer population, several research activities, developing a new diagnostic software platform and rising healthcare expenditure have created new growth opportunities for the precision oncology market.

The market in Asia Pacific is anticipated at the fastest CAGR of 10.9% over the forecast period owing to the presence of a developed biotechnology sector, developing healthcare facilities, and growing awareness for precision oncology. For instance, in August 2022, Bioserve Biotechnologies India Pvt. Ltd mentioned that it has received National Accreditation Board for Testing and Calibration Laboratories Accreditation for medical testing in genomics services testing. In addition, the area of scope under accreditation is the BRCA 1 & 2 gene sequencing test, a service provided by the company in the area of precision oncology.

Key Companies & Market Share Insights

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. Some of the key players operating in the global precision oncology market are:

• 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 Market Report Scope

Global Precision Oncology Market Segmentation

This report forecasts revenue growth and provides an analysis of the latest trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global precision oncology market report based on product type, cancer type, end-use, and region:

• Product Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Diagnostics

  • Therapeutics

• Cancer Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Breast Cancer

  • Colorectal Cancer

  • Cervical Cancer

  • Prostate Cancer

  • Lung Cancer

  • Others

• End-use Outlook (Revenue, USD Million, 2017 - 2030)

  • Hospitals & Diagnostic Laboratories

  • Pharmaceutical & Biotechnology Companies

  • Healthcare Data Companies

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait