New York, April 11, 2023 (GLOBE NEWSWIRE) -- According to Market.us, The Precision Oncology Market was worth US$ 81.37 billion in 2022 and is expected to reach US$ 202.5 billion by 2032 with a CAGR of 9.8% between 2023 and 2032. The market for precision oncology includes the use of advanced technology and methods to personalize cancer treatment depending on the genetic makeup of a patient's tumor. In the future years, the precision oncology market is expected to experience significant expansion due to factors including rising cancer incidence, increased usage of precision medicine, and technological advancements.
Another factor propelling the precision oncology market is the rising use of liquid biopsies, which can detect cancer at an earlier stage than traditional tissue biopsies. Non-invasive liquid biopsies can provide a lot of details about a patient's illness, including the disease's genetic makeup and likely response to treatment.
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Key Takeaway:
- By product, in 2022, the precision oncology market was dominated by therapeutics.
- By cancer type, the breast cancer segment dominated with the largest market share
- By end-user, the hospitals & diagnostic laboratories segment dominated with a 40% market share in end-user analysis
- In 2022, North America dominated the market with the highest revenue share of 42.5%.
Factors affecting the growth of the precision oncology industry
There are several factors that can have an impact on the precision oncology growth of the industry. Some of these factors include:
- Growing demand for personalized cancer treatments: Patients are increasingly looking for cancer treatments that are personalized for them based on their unique genomic profiles. Companies operating in this market are focusing on personalized treatment and are developing products for this need.
- Advances in genomic technology: A cancer cell's entire genome can now be quickly sequenced due to advances in genomic technology (NGS). This allows for a more in-depth understanding of the genetic mutations responsible for the disease.
- Growing investment in precision medicine: Both public and commercial financing has been helping research and development in the field of precision oncology medicine during the past few years.
- Increased availability of data: The expansion of electronic medical records and other data sources has produced information about cancer patients that can be used to detect trends and create more efficient treatments.
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Market Growth
Personalized cancer treatments based on a person's genetic composition and other biomarkers are the goal of the developing area of precision oncology. The demand for individualized cancer therapies, technological advancements in genomics, and growing cancer patient and healthcare provider awareness of the advantages of precision medicine are a few of the factors driving the predicted rapid growth of the precision oncology market in the coming years.
Regional Analysis
In 2022, North America was dominant the global precision oncology market, accounting for 42.5% of the total revenue share. Since the majority of the key market rivals, such as Thermo Fisher Scientific Inc., Invitae Corporation, Illumina, Inc., and Laboratory Corporation of America Holding, operate in this region, the market there is extremely competitive. The Asia-Pacific area is predicted to experience the fastest growth rate of 10.9% over the projected timeframe thanks to a strong high-tech sector, expanding healthcare facilities, and growing awareness of precision oncology.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | US$ 81.37 billion |
| Market Size (2032) | US$ 202.5 billion |
| CAGR (from 2023 to 2032) | 9.8% |
| North America Revenue Share | 42.5% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
As genomics, proteomics, and other molecular diagnostic tools have been developed, it has become simpler to identify genetic mutations and biomarkers that can be used to personalize cancer therapy. Targeted medicines that can selectively destroy cancer cells while sparing healthy cells have also been made possible by these developments. With a predicted, 19.3 million new cases and an estimated 10.3 million cancer-related deaths, the frequency of cancer is increasing globally. Conventional chemotherapy and radiation treatments have the potential to be seriously harmful to some people and may not be therapeutic for all. To directly target cancer cells while harming healthy cells as little as possible, there is an increasing demand for tailored medications.
Market Restraints
Precision oncology therapies are usually more expensive than standard chemotherapy and radiation treatments, which may make them less accessible to patients who cannot afford these medications. Precision oncology's market expansion and uptake could be constrained by this factor. It also depends on reliable diagnostic testing to locate the genetic alterations and biomarkers that can inform therapy choices. Precision oncology may not be widely used if any of these tests are not generally accessible or reimbursed by insurance.
Market Opportunities
Precision oncology is projected to become more widely used in cancer therapy as increasing cancer patients across the world. For businesses that can create opportunities to expand their business. Outside cancer, a variety of diseases, including genetic abnormalities and autoimmune diseases, have the potential to be treated more effectively due to precision medicine. Companies that can create precision medicine solutions for these disorders will have a lot of opportunities as a result. There will be a rising need for companion diagnostics that can help to identify patients who are most likely to benefit from targeted therapy as precision oncology spreads. Increasing research and development spending on precision oncology is significant from all sources, including governments, pharmaceutical firms, and venture capitalists. This is a chance for businesses that can create advanced precision oncology therapies and technologies.
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Report Segmentation of the precision oncology Market
Product Insight
The precision oncology market is divided into diagnostics and therapeutics segments based on product type. With a market share of 71.7% in 2022, the therapeutics sector led the market. Many factors, such as the increase in tumor-agnostic therapy approvals and the different properties of treatments based on the specific proteins or mutations that fuel the development of cancer, are what motivate the need for medicines. Precision oncology-based medications provide cancer treatment customized to the unique patient based on the DNA fingerprint of each patient's condition. On the other hand, a CAGR of 10.4% is anticipated for the market for diagnostic tools between 2023 and 2030. The diagnosis products in this market are essential for verification and validation processes since the findings should always depend on the tests performed.
Cancer Type Insight
The market is divided into segments based on the different cancer types, such as prostate, lung, colorectal, cervical, and breast cancer. The breast cancer category is predicted to be the most lucrative market segment in the global precision oncology market, with a market share of 41.6% in 2022. It can be attributed to increased awareness of breast cancer screening, detection, and alternative treatments including radiation and surgery. Similarly to this, it is expected that developing research efforts, early breast cancer detection, and patient prognosis would drive the development of advanced therapies like precision oncology and prompt advancements in breast cancer patient care. Increasing research initiatives, funding, and product development have been the primary drivers of the cervical cancer category.
End-User Insight
Depending on the type of end-user, the market is segmented into diagnostic laboratories & hospitals, healthcare data businesses, pharmaceutical & biotechnology companies, and other end-users. The diagnostic laboratories & hospitals category is anticipated to be the most profitable one in the global precision oncology market, with the largest revenue share of 40% among these end-users. Precision oncology products are becoming more popular in the medical and diagnostic sector as they are used for molecular profiling of malignancies to detect gene changes. In hospitals and diagnostics laboratories, the market increases as a consequence of its focused-on elements such as precision planning, precision diagnosis, monitoring, and expertise.
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Market Segmentation
Based on Product
- Diagnostics
- Therapeutics
Based on Cancer Type
- Breast Cancer
- Colorectal Cancer
- Cervical Cancer
- Prostate Cancer
- Lung Cancer
- Other Cancer Type
Based on End-User
- Hospitals & Diagnostic Laboratories
- Pharmaceutical & Biotechnology Companies
- Healthcare Data Companies
- Other End-Users
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The precision oncology market is a rapidly evolving and highly competitive market. Some of the major players in the market include:
- 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
- Other Key Market Players
Recent Development of the Precision Oncology Market
- Several precision oncology medications that selectively target specific genetic defects in cancer cells have received FDA approval. For instance, in 2021 the FDA approved targeted therapy for people with a certain genetic mutation and non-small cell lung cancer.
- Recently, Roche and GE Healthcare joined to look into the potential for digital cancer care, and Illumina and Amgen recently collaborated to examine precision oncology drugs.
Browse More Related Reports:
- Precision Medicine Market is expected to be worth around USD 254 Billion by 2032 from USD 83.4 Billion in 2022, growing at a CAGR of 12.1%
- Companion Diagnostics Market size is expected to be worth around USD 4,786 Million by 2032 from USD 2,452 Million in 2022, growing at a CAGR of 7.1%
- Cancer Diagnostics Market size is expected to be worth around USD 332.4 Billion by 2032 from USD 171.6 Billion in 2022, growing at a CAGR of 7%
- Liquid Biopsy Market size is expected to be worth around USD 28,308 Million by 2032 from USD 7,979.00 Million in 2021, growing at a CAGR of 13.50%
- Drug Discovery Informatics Market is estimated to be worth US$ 2.532 Billion by 2021 with a CAGR of 9.3% between 2023-2032.
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