PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1777469
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1777469
Global Precision Oncology Market to Reach US$171.7 Billion by 2030
The global market for Precision Oncology estimated at US$112.3 Billion in the year 2024, is expected to reach US$171.7 Billion by 2030, growing at a CAGR of 7.3% over the analysis period 2024-2030. Precision Oncology Therapeutics, one of the segments analyzed in the report, is expected to record a 8.6% CAGR and reach US$121.9 Billion by the end of the analysis period. Growth in the Precision Oncology Diagnostics segment is estimated at 4.6% CAGR over the analysis period.
The U.S. Market is Estimated at US$30.6 Billion While China is Forecast to Grow at 11.7% CAGR
The Precision Oncology market in the U.S. is estimated at US$30.6 Billion in the year 2024. China, the world's second largest economy, is forecast to reach a projected market size of US$36.6 Billion by the year 2030 trailing a CAGR of 11.7% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.6% and 7.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.9% CAGR.
Precision oncology is redefining cancer treatment by leveraging genetic profiling, molecular diagnostics, and targeted therapies to create personalized treatment plans for patients. Unlike traditional one-size-fits-all approaches, precision oncology tailors treatment based on an individual’s genetic mutations, tumor biomarkers, and immune system response. Advances in next-generation sequencing (NGS) and liquid biopsy technologies have enabled oncologists to detect cancer-related genetic alterations early, allowing for more effective intervention strategies. Pharmaceutical companies are increasingly investing in precision medicine-driven drug development, leading to the rise of targeted therapies such as monoclonal antibodies, checkpoint inhibitors, and CAR-T cell therapies that improve treatment efficacy while reducing adverse effects. Additionally, AI-powered analytics and big data platforms are accelerating biomarker discovery, enabling the development of more precise diagnostic tools. As the oncology landscape shifts toward molecularly guided treatment strategies, precision oncology is emerging as a leading force in cancer care, offering patients more personalized and effective treatment options.
Despite its revolutionary potential, precision oncology faces several challenges that hinder its broad adoption in clinical practice. One of the most significant barriers is the high cost of genomic testing and targeted therapies, making them inaccessible to many patients and healthcare systems. The complexity of integrating molecular diagnostics into standard oncology workflows also poses a challenge, as many healthcare providers require specialized training to interpret genetic data effectively. Additionally, regulatory hurdles and lengthy approval processes for targeted therapies slow down market entry, delaying patient access to cutting-edge treatments. Limited availability of high-quality patient data and the need for large-scale clinical trials further complicate the development of precision oncology treatments. Ethical concerns surrounding genetic data privacy and the potential for insurance discrimination also raise concerns among patients. Addressing these challenges will require continued investment in affordable genomic testing, healthcare provider education, regulatory reforms, and stronger patient data protection policies.
Technological advancements in genomics, artificial intelligence, and bioinformatics are accelerating the evolution of precision oncology, improving diagnostic accuracy and treatment efficacy. AI-driven algorithms are enhancing the interpretation of complex genetic datasets, allowing oncologists to identify actionable mutations more efficiently. The integration of liquid biopsy technology is providing non-invasive methods for detecting circulating tumor DNA (ctDNA), enabling real-time monitoring of tumor progression and treatment response. Immunotherapy advancements, including personalized cancer vaccines and adoptive T-cell therapies, are further expanding precision oncology’s capabilities in targeting specific cancer subtypes. Additionally, blockchain technology is being explored to ensure secure and transparent sharing of patient genomic data, improving collaboration between researchers and healthcare providers. The rise of decentralized clinical trials and real-world evidence (RWE) is also contributing to precision oncology’s growth, facilitating faster drug development and regulatory approvals. As digital technologies continue to refine precision oncology approaches, the field is set to become more accessible, cost-effective, and integrated into mainstream cancer treatment.
The growth in the precision oncology market is driven by several factors, including the increasing prevalence of cancer, rising demand for personalized treatment solutions, and continuous advancements in genomics and molecular diagnostics. The rapid expansion of companion diagnostics is fueling the market, as pharmaceutical companies develop targeted therapies that require biomarker-based patient stratification. Government initiatives supporting precision medicine research and funding for genomic sequencing programs are further accelerating market growth. The increasing role of AI and machine learning in oncology research is also enhancing drug discovery and patient management, improving treatment outcomes. Additionally, the expansion of precision oncology services into emerging markets, coupled with rising healthcare expenditure, is creating new growth opportunities. As healthcare systems worldwide shift toward precision-driven cancer care, the precision oncology market is expected to witness sustained expansion, shaping the future of cancer diagnosis and treatment.
SCOPE OF STUDY:
The report analyzes the Precision Oncology market in terms of units by the following Segments, and Geographic Regions/Countries:
Segments:
Type (Precision Oncology Therapeutics, Precision Oncology Diagnostics); Cancer Type (Breast Cancer, Colorectal Cancer, Cervical Cancer, Prostate Cancer, Lung Cancer, Other Cancer Types); End-Use (Hospitals & Diagnostic Laboratories End-Use, Pharma & Biotech Companies End-Use, Healthcare Data Companies End-Use)
Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
Select Competitors (Total 43 Featured) -
AI INTEGRATIONS
We're transforming market and competitive intelligence with validated expert content and AI tools.
Instead of following the general norm of querying LLMs and Industry-specific SLMs, we built repositories of content curated from domain experts worldwide including video transcripts, blogs, search engines research, and massive amounts of enterprise, product/service, and market data.
TARIFF IMPACT FACTOR
Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by increasing the Cost of Goods Sold (COGS), reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.