PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1455680
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1455680
Precision Oncology Market size was valued at USD 69,584.67 Million in 2023, expanding at a CAGR of 11.2% from 2024 to 2032.
Precision oncology, also referred to as personalized or targeted cancer therapy, represents a tailored approach to cancer treatment, wherein medical interventions such as medications and treatment plans are customized to match the individual characteristics of each patient and their specific cancer subtype. This method considers various factors including the tumor's genetic makeup, molecular profile, and the patient's overall health, aiming to pinpoint the most effective treatment options with minimal side effects.
Precision Oncology Market- Market Dynamics
Technological advancements to propel market demand
Key drivers of market growth include technological advancements, a growing demand for diagnostic products delivering effective clinical results, thereby minimizing therapeutic side effects and preventing drug resistance. Similarly, expanding research activities, early detection of breast cancer, and overall patient prognosis are poised to bolster the demand for precision oncology. The COVID-19 pandemic has impacted the precision oncology market due to social distancing measures and lockdowns worldwide. Additionally, clinical trial studies were temporarily halted during the initial phase of the pandemic. However, post-pandemic, hospitals and clinics have experienced a decline in patient flow for precision oncology analysis along with therapeutic treatment. Delayed diagnosis and treatment using precision oncology have significantly affected cancer patient care.
Precision Oncology Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 11.2% over the forecast period (2024-2032)
Based on Product Type segmentation, therapeutics was predicted to show maximum market share in the year 2023
Based on Indication Type segmentation, breast cancer was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Precision Oncology Market is segmented on the basis of Product Type, Indication Type, End Use, and Region.
The market is divided into two categories based on Product Type: diagnostics and therapeutics. In 2023, the therapeutics segment emerged as the market leader, propelled by factors such as the increasing amount of approvals for tumor-agnostic treatments and the unique characteristics of therapeutics tailored to specific proteins or mutations driving cancer growth. Precision oncology-based treatments offer patient-specific cancer treatment based on the DNA fingerprint of individually patient's cancer.
The market is divided into six categories based on Indication Type: breast cancer, colorectal cancer, cervical cancer, lung cancer, prostate cancer, and others. In 2023, breast cancer held the largest market share, attributed to the growing focus on breast cancer screening, diagnosis, and advancements in surgical and radiation techniques. Additionally, expanding research endeavors, early detection of breast cancer, and improved patient prognosis are expected to drive the development of novel methods like precision oncology. Furthermore, the advent of advanced technologies for DNA sequencing has rapidly advanced the treatment of breast cancer patients.
Precision Oncology Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
In the marketplace, companies specializing in precision oncology concentrate on innovating diagnostic tools, molecular profiling technologies, and targeted therapies to optimize cancer treatment outcomes. They allocate resources to research and development endeavors aimed at identifying biomarkers and genetic mutations associated with different cancer types, enabling more accurate diagnosis and treatment selection. Additionally, these companies may provide comprehensive genomic profiling services to healthcare providers, empowering them to make informed treatment decisions based on the molecular characteristics of the patient's tumor. Moreover, marketing initiatives seek to raise awareness among oncologists, healthcare providers, and patients regarding the benefits of precision oncology in enhancing treatment efficacy, minimizing adverse effects, and ultimately improving patient outcomes. Market players in the precision oncology sector are engaging in various innovative strategies such as agreements, new product launches, and expansions to bolster their market presence.
In December 2021, ConcertAI, LLC, along with LabCorp declared a collaboration aimed at enhancing precision oncology research. These companies are collaborating to launch clinical studies that will alleviate the burden on physician practices and improve patient retention, thereby ensuring equitable access to research as a care option and driving patient recruitment.
GLOBAL PRECISION ONCOLOGY MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHT
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
Others