Precision Oncology Market Synopsis

Precision Oncology Market Size Was Valued at USD 68.9 Billion in 2022 and is Projected to Reach USD 166.97 Billion by 2030, Growing at a CAGR of 11.7% From 2023-2030.

Precision oncology is a rapidly evolving field within cancer care that tailors treatment strategies based on the unique genetic and molecular characteristics of an individual's cancer. This approach aims to optimize therapeutic outcomes by identifying specific genetic alterations driving the growth of cancer cells and targeting them with precision therapies.

• The Precision Oncology market has experienced significant growth thanks to advancements in genomics, molecular profiling technologies, and personalized medicine. The increasing understanding of the genetic basis of cancer has paved the way for the development of targeted therapies and immunotherapies, leading to more effective and less toxic treatment options.
• The Precision Oncology market includes molecular diagnostics, next-generation sequencing (NGS), biomarker analysis, and targeted therapies. Molecular diagnostics and NGS play a crucial role in identifying genetic mutations, alterations, and other molecular abnormalities in a patient's tumor, providing valuable information for personalized treatment decisions.
• Biomarker analysis is another integral aspect, as it involves the identification and validation of specific biomarkers associated with certain cancers. Biomarkers aid in predicting a patient's response to a particular treatment, helping oncologists make informed decisions about the most suitable therapeutic approach.
• Targeted therapies are drugs designed to specifically target the molecular or genetic abnormalities driving cancer growth. These therapies have shown remarkable success in certain cancer types, leading to improved patient outcomes and reduced side effects compared to traditional chemotherapy.
• The Precision Oncology market is fueled by ongoing research and development efforts, collaborations between pharmaceutical companies and diagnostic firms, and a growing emphasis on integrating genomic information into clinical practice. Additionally, the increasing prevalence of cancer and the rising demand for personalized treatment options contribute to the expansion of this market. This graph shows total oncology spending worldwide, including spending on supportive care, from 2017 to 2023. In 2022, global oncology spending totaled 193 billion U.S. dollars.

Precision Oncology Market Trend Analysis

Rising Incidence of Cancer

• The rising incidence of cancer is driving the growth of the Precision Oncology Market. Cancer continues to be a global health challenge, with an increasing number of cases reported annually. Precision oncology, also known as personalized medicine, has emerged as a revolutionary approach to cancer treatment, tailoring therapies to individual patients based on their genetic makeup, molecular characteristics, and other unique factors.
• Cancer is the second leading cause of death globally, accounting for an estimated 9.6 million deaths, or 1 in 6 deaths, in 2018. Lung, prostate, colorectal, stomach, and liver cancer are the most common types of cancer in men, while breast, colorectal, lung, cervical, and thyroid cancer are the most common among women.         
• Advancements in genomic and molecular profiling technologies have played a crucial role in the development of precision oncology. These technologies allow healthcare professionals to analyze the genetic alterations within a patient's tumor, enabling the identification of specific biomarkers and the selection of targeted therapies. Precision oncology has shown remarkable success in improving treatment outcomes, minimizing side effects, and enhancing overall patient survival rates.
• Additionally, the growing understanding of the heterogeneity of cancer and the identification of novel therapeutic targets contribute to the increasing adoption of precision oncology. Pharmaceutical companies and research institutions are investing heavily in developing targeted therapies and companion diagnostics, further propelling the precision oncology market.
• As the global burden of cancer continues to rise, precision oncology stands out as a promising solution, offering personalized and effective treatment strategies. The increasing demand for targeted therapies, coupled with ongoing research and technological advancements, positions precision oncology as a key player in the future of cancer treatment.

Drug Development and Clinical Trials Create an Opportunity for Precision Oncology Market

• Drug development and clinical trials represent opportunities for the Precision Oncology Market, a field that tailors medical treatment to the individual characteristics of each patient and their cancer. Precision oncology leverages advances in genomics, molecular biology, and data analytics to develop targeted therapies that are more effective and less toxic than traditional treatments.
• In drug development, precision oncology plays a pivotal role in identifying specific genetic mutations or biomarkers associated with cancer. This enables researchers to design drugs that selectively target these abnormalities, leading to more precise and personalized treatments. The use of genomic profiling in clinical trials allows for the identification of patient subgroups that are more likely to respond positively to a particular drug. This enhances the chances of success in clinical trials and accelerates the drug development process by focusing on those patients most likely to benefit.
• Clinical trials in precision oncology are crucial for testing the safety and efficacy of new targeted therapies. These trials often involve a smaller, more homogenous group of patients selected based on specific genetic characteristics, allowing for a more accurate assessment of the drug's performance. Adaptive trial designs, enabled by real-time molecular profiling, also facilitate adjustments during the trial based on emerging data. This flexibility enhances the efficiency of clinical trials, reducing time and resource requirements.
• Moreover, precision oncology contributes to the concept of "basket" and "umbrella" trials. Basket trials evaluate a targeted therapy across multiple cancer types that share a common genetic alteration, while umbrella trials investigate multiple targeted therapies within a specific cancer type based on distinct molecular subtypes. This approach maximizes the potential for finding effective treatments for a variety of cancers.
• The integration of artificial intelligence (AI) and machine learning in the analysis of vast datasets further enhances the precision oncology landscape. These technologies help identify novel biomarkers, predict patient responses, and optimize treatment strategies, making drug development and clinical trial processes more efficient and effective.

Precision Oncology Market Segment Analysis:

The Precision Oncology Market is Segmented into Product Type, Cancer Type, and End-User.

By Product Type, the Therapeutics segment is expected to dominate the market during the forecast period

• The therapeutics segment is poised to assert dominance, representing a significant share of the industry. Precision oncology, also known as personalized medicine, revolves around tailoring treatment approaches based on individual patient characteristics, including genetic makeup, lifestyle, and environmental factors.
• The Therapeutics segment encompasses a diverse range of precision oncology treatments designed to target specific genetic mutations or molecular abnormalities driving cancer growth. This approach enables healthcare professionals to develop more effective and personalized treatment plans, ultimately improving patient outcomes.
• Precision oncology therapeutics leverage advanced technologies such as genomic profiling, molecular diagnostics, and targeted therapies. These innovations allow for a more precise understanding of the molecular underpinnings of cancer, facilitating the development of highly targeted and individualized treatment strategies.
• As the demand for more effective and personalized cancer treatments continues to grow, the Therapeutics segment is expected to maintain its dominance in the Precision Oncology Market. Ongoing advancements in genomics, biomarker identification, and drug development are likely to further enhance the efficacy and adoption of precision oncology therapeutics, solidifying its position as a cornerstone in the evolving landscape of cancer care.

By Cancer Type, Breast segment held the largest share of 42.17% in 2022

• The Precision Oncology Market is anticipated to dominate the Breast Cancer segment. Breast cancer is one of the most prevalent forms of cancer globally, affecting a substantial number of individuals. The rising incidence of breast cancer cases, coupled with the increasing awareness and early detection initiatives, has led to a significant demand for precision oncology solutions tailored specifically for breast cancer patients.
• Precision oncology in the context of breast cancer involves the use of advanced molecular profiling and genetic testing to understand the unique characteristics of an individual's tumor. This allows for the identification of specific biomarkers and genetic mutations, enabling personalized treatment strategies. The effectiveness of precision oncology in improving treatment outcomes for breast cancer patients has garnered substantial attention and support from both healthcare professionals and patients alike.
• In 2020, there were 2.3 million women diagnosed with breast cancer and 685,000 deaths globally. As of the end of 2020, there were 7.8 million women alive who were diagnosed with breast cancer in the past 5 years, making it the world's most prevalent cancer. Breast cancer occurs in every country of the world in women at any age after puberty but with increasing rates in later life.
• WHO Global Breast Cancer Initiative (GBCI) aims to reduce global breast cancer mortality by 2.5% per year, thereby averting 2.5 million breast cancer deaths globally between 2020 and 2040. Reducing global breast cancer mortality by 2.5% per year would avert 25% of breast cancer deaths by 2030 and 40% by 2040 among women under 70 years of age. Ongoing research and development activities focused on advancing precision medicine technologies for breast cancer are expected to further propel the dominance of the Breast Cancer segment in the Precision Oncology Market.

Precision Oncology Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast period

• North America is anticipated to assert its dominance in the Precision Oncology Market owing to a combination of advanced healthcare infrastructure, significant investments in research and development, and a robust regulatory framework. The region's leading position is reinforced by a surge in collaborations between pharmaceutical companies, research institutions, and healthcare providers, fostering innovation and technological advancements in precision oncology.
• The United States, in particular, plays a pivotal role in steering the market's growth, with a well-established healthcare system and a high prevalence of cancer cases driving the demand for personalized and targeted therapies. Moreover, the presence of key market players and a supportive reimbursement landscape further contribute to North America's preeminence.
• Colorectal cancer (CRC) incidence rate in the US was 33% higher in men (41.5 per 100,000) than in women (31.2 per 100,000) during 2015-2019 likely reflecting differences in risk factor prevalence, such as excess body weight and processed meat consumption. In 2023, there were 153,020 new cases of colorectal cancer (CRC) diagnosed in the US and 52,550 people died from the disease, including 19,550 diagnoses and 3,750 deaths in individuals younger than age 50 years of age.
• Rising awareness about the benefits of precision oncology, coupled with increasing initiatives to integrate genomic information into cancer treatment strategies, is propelling the region's market dominance. As precision oncology continues to revolutionize cancer care by tailoring treatments to individual genetic profiles, North America is poised to remain at the forefront of this transformative healthcare paradigm.
• In 2023, it was around 59,910 women in the United States would die of lung and bronchial cancer. This graph shows the estimated number of cancer deaths among women in the U.S. in 2023, by cancer type.

Precision Oncology Market Top Key Players:  

• Foundation Medicine (USA)
• Guardant Health (USA)
• Illumina, Inc. (USA)
• Roche Molecular Systems (USA)
• Tempus Labs (USA)
• Myriad Genetics (USA)
• Personal Genome Diagnostics Inc. (USA)
• Exact Sciences Corporation (USA)
• Thermo Fisher Scientific Inc. (USA)
• Qiagen (Netherlands)
• Agilent Technologies (USA)
• Natera (USA)
• Strata Oncology (USA)
• NeoGenomics (USA)
• Adaptive Biotechnologies (USA)
• Caris Life Sciences (USA)
• F. Hoffmann-La Roche AG (Switzerland)
• Sysmex Corporation (Japan)
• Bio-Rad Laboratories, Inc. (USA)
• Bristol Myers Squibb (USA), and Other Major Players.

Key Industry Developments in the Precision Oncology Market:

• In July 2023, NeoGenomics bolstered its global presence through strategic acquisitions in Europe and Asia, positioning itself as a prominent provider of cancer testing services. This expansion marks a significant step for the company in its quest to lead the industry on a global scale.
• In June 2023: Illumina the company launched new sequencing instruments and data analysis tools, furthering its position in the precision oncology market. The company's latest offerings enhance its position in the market, reinforcing its commitment to advancing genomic solutions for personalized cancer care.

1. INTRODUCTION
   1. RESEARCH OBJECTIVES
   2. RESEARCH METHODOLOGY
   3. RESEARCH PROCESS
   4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
   5. MARKET SEGMENTATION
2. EXECUTIVE SUMMARY
3. MARKET OVERVIEW
4. GROWTH OPPORTUNITIES BY SEGMENT
5. MARKET LANDSCAPE
   1. PORTER’S FIVE FORCES ANALYSIS
      1. Bargaining Power Of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
   2. INDUSTRY VALUE CHAIN ANALYSIS
   3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   4. MARKET TREND ANALYSIS
   5. REGULATORY LANDSCAPE
   6. PESTLE ANALYSIS
   7. PRICE TREND ANALYSIS
   8. PATENT ANALYSIS
   9. TECHNOLOGY EVALUATION
   10. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
       1. Geopolitical Market Disruptions
       2. Supply Chain Disruptions
       3. Instability in Emerging Markets
   11. ECOSYSTEM
6. PRECISION ONCOLOGY MARKET BY POWER PRODUCT TYPE (2016-2030)
   1. PRECISION ONCOLOGY MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. DIAGNOSTICS
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2016 – 2030F)
      3. Historic And Forecasted Market Size in Volume (2016 – 2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. THERAPEUTICS
7. PRECISION ONCOLOGY MARKET BY CANCER TYPE (2016-2030)
   1. PRECISION ONCOLOGY MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. BREAST
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2016 – 2030F)
      3. Historic And Forecasted Market Size in Volume (2016 – 2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. LUNG
   5. COLORECTAL
   6. SKIN
   7. PROSTRATE
   8. STOMACH
8. PRECISION ONCOLOGY MARKET BY END-USER  (2016-2030)
   1. PRECISION ONCOLOGY MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. HOSPITALS
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2016 – 2030F)
      3. Historic And Forecasted Market Size in Volume (2016 – 2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4.  DIAGNOSTIC CENTERS
9. COMPANY PROFILES AND COMPETITIVE ANALYSIS
   1. COMPETITIVE LANDSCAPE
      1. Competitive Positioning
      2. Precision Oncology Market Share By Manufacturer (2022)
      3. Industry BCG Matrix
      4. Heat Map Analysis
      5. Mergers & Acquisitions
   2. FOUNDATION MEDICINE (USA)
      1. Company Overview
      2. Key Executives
      3. Company Snapshot
      4. Role of the Company in the Market
      5. Sustainability and Social Responsibility
      6. Operating Business Segments
      7. Product Portfolio
      8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
      9. Key Strategic Moves And Recent Developments
      10. SWOT Analysis
   3. GUARDANT HEALTH (USA)
   4. ILLUMINA, INC. (USA)
   5. ROCHE MOLECULAR SYSTEMS (USA)
   6. TEMPUS LABS (USA)
   7. MYRIAD GENETICS (USA)
   8. PERSONAL GENOME DIAGNOSTICS INC. (USA)
   9. EXACT SCIENCES CORPORATION (USA)
   10. THERMO FISHER SCIENTIFIC INC. (USA)
   11. QIAGEN (NETHERLANDS)
   12. AGILENT TECHNOLOGIES (USA)
   13. NATERA (USA)
   14. STRATA ONCOLOGY (USA)
   15. NEOGENOMICS (USA)
   16. ADAPTIVE BIOTECHNOLOGIES (USA)
   17. CARIS LIFE SCIENCES (USA)
   18. F. HOFFMANN-LA ROCHE AG (SWITZERLAND)
   19. SYSMEX CORPORATION (JAPAN)
   20. BIO-RAD LABORATORIES, INC. (USA)
   21. BRISTOL MYERS SQUIBB (USA), AND OTHER MAJOR PLAYERS.
10. GLOBAL PRECISION ONCOLOGY MARKET BY REGION
    1. OVERVIEW
    2. NORTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Product Type 
       4. Historic And Forecasted Market Size By Cancer Type
       5. Historic And Forecasted Market Size By End-User
       6. Historic And Forecasted Market Size By Country
          1. USA
          2. Canada
          3. Mexico
    3. EASTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Russia
          2. Bulgaria
          3. The Czech Republic
          4. Hungary
          5. Poland
          6. Romania
          7. Rest Of Eastern Europe
    4. WESTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Germany
          2. United Kingdom
          3. France
          4. The Netherlands
          5. Italy
          6. Spain
          7. Rest Of Western Europe
    5. ASIA PACIFIC
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. China
          2. India
          3. Japan
          4. South Korea
          5. Malaysia
          6. Thailand
          7. Vietnam
          8. The Philippines
          9. Australia
          10. New-Zealand
          11. Rest Of APAC
    6. MIDDLE EAST & AFRICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Turkey
          2. Bahrain
          3. Kuwait
          4. Saudi Arabia
          5. Qatar
          6. UAE
          7. Israel
          8. South Africa
    7. SOUTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Brazil
          2. Argentina
          3. Rest of South America
11. INVESTMENT ANALYSIS
12. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies