New York, United States , May 26, 2024 (GLOBE NEWSWIRE) -- The Global Precision Oncology Market Size is to Grow from USD 98.5 Billion in 2023 to USD 260.5 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 10.21% during the projected period.
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Precision oncology is an innovative approach to the treatment of cancer that ensures specific designed and targeted treatment for the unique form of cancer. The goal of precision medicine is to deliver the right patient at the right dose and at the right time. There is use of genetics to guide cancer prevention and treatment, maximizing positive outcomes, and minimizing adverse events. The use of innovative tools CE-marked AI-enabled products for the radiological image analysis demonstrated the improved diagnosis compared to standard care, giving precision diagnosis of cancer that ultimately leads to enhanced efficiency of the healthcare system. Further, the enhancement in the ability to probe beyond single DNA alterations for influencing tumor behavior and representing targets for new therapeutics is a clear sight with the rapid improvement in technology. The increasing prevalence of cancer according to the global statistics for the year 2022 is driving the market demand for precision oncology. The rising technological advancements and innovations are helping to accelerate progress against cancer. The growing demand for personalized medicine owing to fewer side effects leads to propel the market growth. On the contrary, the high cost of precision medicine owing to the expensive gene testing, and the targeted therapy or immunotherapy treatment hampering the market.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Precision Oncology Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Therapeutics and Diagnostics), By Cancer Type (Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Skin Cancer, Stomach Cancer, and Others), By End-User (Hospitals, Diagnostic Centers, Research & Academic Institutes, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The therapeutics segment dominates the market with the largest revenue share through the forecast period.
Based on product type, the global precision oncology market is segmented into therapeutics and diagnostics. Among these, the therapeutics segment dominates the market with the largest revenue share through the forecast period. Treatment based on precision oncology offers a customized approach based on the unique genetic profile of each patient’s cancer. The development of several targeted medicines and the rising number of tumor-agonistic therapies are anticipated to enhance the market growth.
The breast cancer segment dominated the global precision oncology market in 2023.
Based on the cancer type, the global precision oncology market is segmented into breast cancer, lung cancer, colorectal cancer, prostate cancer, skin cancer, stomach cancer, and others. Among these, the breast cancer segment dominated the global precision oncology market in 2023. With over 7.8 million cases identified in the last five years, breast cancer is the most common cancer worldwide. The introduction of new technology and increasing awareness of the disease are driving the breast cancer segment market.
The hospitals segment is anticipated to hold the largest market share through the forecast period.
Based on the end-user, the global precision oncology market is segmented into hospitals, diagnostic centers, research & academic institutes, and others. Among these, the hospitals segment is anticipated to hold the largest market share through the forecast period. Hospitals are well-positioned to actively participate in clinical trials of novel precision medicines and provide integrated precision oncology care.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. the growing cases of cancer with the increasing research activities for the development of treatment regime are anticipated to enhance the market growth. The presence of several market players such as Thermo Fisher Scientific Inc., Invitae Corporation, Illumina, Inc., Laboratory Corporation of America Holding that are responsible for driving the market in the region. In addition, the increased healthcare expenditure and the development of a new diagnostic software platform are also driving the market in the region.
Asia-Pacific region is expected to grow the fastest during the forecast period. The growing awareness about the precision oncology for the treatment of cancer are driving the market in the region. The presence of a developed biotechnology sector with the ongoing development of healthcare facilities are driving the market
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global precision oncology market are Thermo Fisher Scientific Inc., Variantyx, Inc., Invitae Corporation, Rain Oncology Inc., Strata Oncology, Inc., Qiagen N.V., Illumina, Inc., Relay Therapeutics, Acrivon Therapeutics, Laboratory Corporation of America Holding, Xilis, Inc., Bioserve, Novartis AG, Erasca Inc., and Other Key Players.
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Recent Developments
- In August 2022, Thermo Fisher Scientific launched CE-IVD (IVDD) next-generation sequencing test and analysis software to expand access to precision oncology biomarker testing.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global Precision Oncology market based on the below-mentioned segments:
Global Precision Oncology Market, Product Type
- Therapeutics
- Diagnostics
Global Precision Oncology Market, Cancer Type
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Prostate Cancer
- Skin Cancer
- Stomach Cancer
- Others
Global Precision Oncology Market, End-User
- Hospitals
- Diagnostic Centers
- Research & Academic Institutes
- Others
Global Precision Oncology Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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