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Precision Oncology Market

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 (Hospitals & Diagnostic Laboratories, Pharmaceutical & Biotechnology Companies, and Healthcare Data Companies), By Region, And Segment Forecasts, 2023-2031

Report ID : 1691 | Published : 2024-03-20 | Pages: 180 | Format: PDF/EXCEL

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.

Precision Oncology Market

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

Forecast Year

2023-2031

Report coverage

The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends

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.

Customization scope

Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape.

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

Segmentation of Precision Oncology Market-

By Ecosystem-

  • Precision Therapeutics
    • Clinical Trials
    • Biomarker Testing
    • Drug Discovery and Research
    • Gene Therapy
    • Cell Therapy
  • Applied Sciences
    • Genomics
      • Polymerase Chain Reaction (PCR)
      • Precision Medicine Next-Generation Sequencing
      • Genome Editing
      • Other Technologies
    • Pharmacogenomics
    • Other Applied Sciences
  • Digital Health and Information Technology
    • Clinical Decision Support System (CDSS)
    • Big Data Analytics
    • IT Infrastructure
    • Genomics Informatics
    • In-Silico Informatics
    • Mobile Health
  • Precision Diagnostics
    • Molecular Diagnostics (MDx)
    • Medical Imaging

Precision Oncology Market

By Application-

  • Solid Tumor
    • Breast Cancer
    • Lung Cancer
    • Colorectal Cancer
    • Prostate Cancer
    • Cervical Cancer
    • Other Cancer
  • Hematological Malignancies (HMs)
    • Leukemia
    • Lymphoma
    • Myeloma or Multiple Myeloma (MM)
    • Other Hematological Malignancies

By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and 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:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

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: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

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.

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Frequently Asked Questions

How big is the Precision Oncology Market?

Precision Oncology Market expected to grow at a 10.68% CAGR during the forecast period for 2023-2031

Thermo Fisher Scientific Inc.; Invitae Corporation, Qiagen N.V.; Illumina, Inc.; Laboratory Corporation of America Holding; Exact Sciences Corporat

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