The Global Precision Oncology Market Size is valued at 94.27 billion in 2022 and is predicted to reach 230.71 billion by the year 2031 at a 10.68% CAGR during the forecast period for 2023-2031.
One of the primary factors driving the precision oncology market expansion is the rising need for diagnostics products that deliver promising clinical findings, further lowering treatment side effects in cancer patients and avoiding specific medication resistance. Increased demand for the precision oncology market includes growing research efforts, early breast cancer detection, and patient overall prognosis.
The COVID-19 pandemic impacted the precision oncology sector due to global lockdowns and societal withdrawal. Moreover, clinical trial investigations were put on hold during the earlier phases of the COVID-19 outbreak; nevertheless, following the pandemic, hospitals and clinics have seen a decrease in the count of patients seeking precision oncology diagnoses and treatments. Moreover, precision oncology therapies and delayed diagnoses have significantly impacted the diagnosis and treatment of cancer patients.
The Precision Oncology market is segmented on the basis of product type, cancer type, and end user. Based on product type, the market is segregated as Diagnostics and Therapeutics. By cancer type, the market is segmented into Breast Cancer, Colorectal Cancer, Cervical Cancer, Prostate Cancer, Lung Cancer, and Others. By end user, the market is divided into Hospitals & Diagnostic Laboratories, Pharmaceutical & Biotechnology Companies, and Healthcare Data Companies.
Due to increased awareness of breast cancer screening, diagnosis, and treatment options such as surgery and radiation, breast cancer accounted for the biggest market share. Similarly, increasing research efforts, early breast cancer detection, and general patient prognosis will likely encourage the development of cutting-edge techniques like precision oncology. In addition, rapid advancements in the treatment of breast cancer patients have been made thanks to new, sophisticated DNA sequencing technologies.
In terms of revenue share, the hospitals & diagnostic laboratories sector dominated the market. Precision oncology products for diagnostic and hospital use are attracting more and more interest globally as they focus on molecular profiling of malignancies to find gene changes. The market has grown in importance in hospitals and diagnostics laboratories by focusing on elements including precision planning, precision diagnosis, monitoring, and expertise.
With a sales share, North America dominated the precision oncology market. Since the majority of the key market players, including Thermo Fisher Scientific Inc., Invitae Corporation, Illumina, Inc., and Laboratory Corporation of America Holdings, operate in this area, the market in this region is very competitive. Also, a number of research initiatives, the creation of a new diagnostic software platform, the rising cost of healthcare, and the growing incidence of cancer in the population have opened up new growth prospects for the precision oncology market.
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Report Attribute |
Specifications |
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Market size value in 2022 |
USD 94.27 Bn |
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Revenue forecast in 2031 |
USD 230.71 Bn |
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Growth rate CAGR |
CAGR of 10.68% from 2023 to 2031 |
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Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
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Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Product Type, Cancer Type, And End User |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
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Competitive Landscape |
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. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Precision Oncology Market Snapshot
Chapter 4. Global Precision Oncology Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. Market Segmentation 1: by Ecosystem Estimates & Trend Analysis
5.1. by Ecosystem & Market Share, 2019 & 2031
5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Ecosystem:
5.2.1. Precision Therapeutics
5.2.1.1. Clinical Trials
5.2.1.2. Biomarker Testing
5.2.1.3. Drug Discovery and Research
5.2.1.4. Gene Therapy
5.2.1.5. Cell Therapy
5.2.2. Applied Sciences
5.2.2.1. Genomics
5.2.2.1.1. Polymerase Chain Reaction (PCR)
5.2.2.1.2. Precision Medicine Next-Generation Sequencing
5.2.2.1.3. Genome Editing
5.2.2.1.4. Other Technologies
5.2.2.2. Pharmacogenomics
5.2.2.3. Other Applied Sciences
5.2.3. Digital Health and Information Technology
5.2.3.1. Clinical Decision Support System (CDSS)
5.2.3.2. Big Data Analytics
5.2.3.3. IT Infrastructure
5.2.3.4. Genomics Informatics
5.2.3.5. In-Silico Informatics
5.2.3.6. Mobile Health
5.2.4. Precision Diagnostics
5.2.4.1. Molecular Diagnostics (MDx)
5.2.4.2. Medical Imaging
Chapter 6. Market Segmentation 2: by Application Estimates & Trend Analysis
6.1. by Application & Market Share, 2019 & 2031
6.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Application:
6.2.1. Solid Tumor
6.2.1.1. Breast Cancer
6.2.1.2. Lung Cancer
6.2.1.3. Colorectal Cancer
6.2.1.4. Prostate Cancer
6.2.1.5. Cervical Cancer
6.2.1.6. Other Cancer
6.2.2. Hematological Malignancies (HMs)
6.2.2.1. Leukemia
6.2.2.2. Lymphoma
6.2.2.3. Myeloma or Multiple Myeloma (MM)
6.2.2.4. Other Hematological Malignancies
Chapter 7. Precision Oncology Market Segmentation 4: Regional Estimates & Trend Analysis
7.1. North America
7.1.1. North America Precision Oncology Market Revenue (US$ Million) Estimates and Forecasts by Ecosystem, 2023-2031
7.1.2. North America Precision Oncology Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
7.1.3. North America Precision Oncology Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
7.2. Europe
7.2.1. Europe Precision Oncology Market Revenue (US$ Million) Estimates and Forecasts by Ecosystem, 2023-2031
7.2.2. Europe Precision Oncology Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
7.2.3. Europe Precision Oncology Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
7.3. Asia Pacific
7.3.1. Asia Pacific Precision Oncology Market Revenue (US$ Million) Estimates and Forecasts by Ecosystem, 2023-2031
7.3.2. Asia Pacific Precision Oncology Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
7.3.3. Asia Pacific Precision Oncology Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
7.4. Latin America
7.4.1. Latin America Precision Oncology Market Revenue (US$ Million) Estimates and Forecasts by Ecosystem, 2023-2031
7.4.2. Latin America Precision Oncology Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
7.4.3. Latin America Precision Oncology Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
7.5. Middle East & Africa
7.5.1. Middle East & Africa Precision Oncology Market Revenue (US$ Million) Estimates and Forecasts by Ecosystem, 2023-2031
7.5.2. Middle East & Africa Precision Oncology Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
7.5.3. Middle East & Africa Precision Oncology Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
Chapter 8. Competitive Landscape
8.1. Major Mergers and Acquisitions/Strategic Alliances
8.2. Company Profiles
8.2.1. Abbott Laboratories
8.2.2. Acrivon Therapeutics
8.2.3. Agilent Technologies, Inc.
8.2.4. Almac Group Ltd.
8.2.5. AstraZeneca
8.2.6. ASURAGEN, INC.
8.2.7. BGI Group
8.2.8. Bio-Rad Laboratories, Inc.
8.2.9. Bioserve
8.2.10. Bristol-Myers Squibb
8.2.11. Eli Lilly
8.2.12. Exact Sciences Corporation
8.2.13. F Hoffmann-La Roche AG
8.2.14. Gilead Sciences, Inc.
8.2.15. Illumina, Inc.
8.2.16. Invitae Corporation
8.2.17. Laboratory Corporation Of America Holding
8.2.18. MDxHealth
8.2.19. Myriad Genetics, Inc.
8.2.20. Novartis AG
8.2.21. OPKO Health, Inc.
8.2.22. Pacific Biosciences of California, Inc.
8.2.23. PerkinElmer Inc.
8.2.24. Qiagen N.V.
8.2.25. Quest Diagnostics Incorporated
8.2.26. Rain Oncology Inc.
8.2.27. Relay Therapeutics
8.2.28. Strata Oncology, Inc.
8.2.29. Thermo Fisher Scientific Inc.
8.2.30. Variantyx, Inc.
8.2.31. Xilis, Inc.
8.2.32. Other Prominent Players
By Ecosystem-
By Application-
By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
