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.
Recent Developments:
- In December 2022, By the end of 2023, according to Roche, a medication for the uncommon autoimmune condition neuromyelitis optica spectrum disease (NMOSD) would be available in India. Precision medicine is the emphasis of this medication.
Competitive Landscape:
Some of the Precision Oncology market players are:
- Acrivon Therapeutics
- AstraZeneca
- Bioserve
- Bristol-Myers Squibb
- Eli Lilly
- Exact Sciences Corporation
- F Hoffmann-La Roche AG
- Illumina, Inc.
- Invitae Corporation
- Laboratory Corporation Of America Holding
- Novartis AG
- Qiagen N.V.
- Quest Diagnostics
- Rain Oncology Inc.
- Relay Therapeutics
- Strata Oncology, Inc.
- Thermo Fisher Scientific Inc.
- Variantyx, Inc.
- Xilis, Inc.
Market Segmentation:
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.
Based On Cancer Type, The Breast Cancer Segment Is Valued As A Major Contributor In The Precision Oncology Market
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.
The Hospital & Diagnostics Laboratories Segment To Witness Growth At A Rapid Rate
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.
The North America Precision Oncology Market Holds A Significant Revenue Share In The Region
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.
Precision Oncology Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 94.27 Bn |
|
Revenue forecast in 2031 |
USD 230.71 Bn |
|
Growth rate CAGR |
CAGR of 10.68% from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
|
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 |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
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 |
|
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. |
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