The global precision oncology market size was valued at USD 95.5 Billion in 2022 and is likely to reach USD 99.80 Billion by 2031, expanding at a CAGR of 9.6% during the forecast period, 2023–2031. Increasing demand for diagnostics products is likely drive the market. Precision oncology is a field of medicine that uses genetic information to adapt cancer treatment to an individual’s specific tumor and biology. It is also known as personalized medicine or precision medicine.
Increasing demand for personalized medicine is expected to boost the precision oncology market. In these treatments, cancer therapeutics are efficiently designed based on the characteristics of cancer development in an individual. Cancer conditions such as breast cancer can be better personalized by prognosis and specific gene-targeted therapeutics.
The growing prevalence of various types of cancer, rising government initiatives to fight cancer, and the adoption of advanced oncology solutions by healthcare facilities are expected to further propel the precision oncology market during the assessment period.
- In July 2023, the US government introduced a precision cancer surgery effort under its new science agency ARPA-H. This is intended to support surgeons in better eliminating cancerous tumors without affecting blood vessels, nerves, and other healthy tissue. It is the first cancer program for the multi-billion-dollar advanced research projects agency for health and is paired with the “Cancer moonshot” as part of President Biden’s unity agenda aimed at cutting the cancer death rate in half over 25 years.
Precision oncology techniques include genomic profiling, which analyzes the genetic makeup of a tumor, and liquid biopsies, which detect tumor DNA in the bloodstream. This information can be used to match patients with targeted therapies that are designed to specifically target the molecular abnormalities in their tumor.
The market report finds that the COVID-19 pandemic has hampered the precision oncology market. The clinical trials were suspended, due to the lockdown imposed by the government which impeded the market. During the pandemic, hospitals and clinics were focusing on COVID patients and lessening their ability to focus on precision oncology diagnosis patients.
Impact of Artificial Intelligence on Precision Oncology Market
Artificial intelligence (AI) technology is anticipated to fuel the precision oncology market during the forecast period. AI has allowed the detection of unseen patterns from numerous sources of information, including pathology, molecular profiling, and medical imaging, as well as the integration of omics data to offer a wide understanding of cancer.
AI in precision medicine identifies patterns by using models and algorithms that can be used to make predictions. These predictions are primarily executed and then perfected by machine learning (ML) over the software’s learning algorithms.
Precision Oncology Market Dynamics
Major Drivers
Increasing prevalence of cancer is the major factor driving the precision oncology market. Cancer is the second-leading cause of death all over the world. According to National Cancer Institute, roughly 1.9 Million people are diagnosed with cancer in the United States.
Around 287,850 women and 2,710 men are diagnosed with breast cancer each year, which makes it a common cancer. Prostate cancer is the second most common diagnosis overall with 268,490 expected cases and it is a leading cancer diagnosis among men. However, an increasing number of clinical trial studies and technological advancements are expected to drive the market.
Restraints
High cost of precision medicine and the limited availability of diagnostic tests are expected to restrain the growth of the market. Patients who are not able to afford these drugs may find them less accessible, as precision oncology treatments are often more expensive, which is expected to hamper the market.
Precision oncology relies on reliable diagnostic testing to detect genetic alterations and biomarkers that can inform therapy choices. However, the limited availability of trained manpower to manage the data and algorithms and the security concerns of big data are the key factors hindering the growth of the market.
Opportunities
Increasing research & development (R&D) activities for the development of precision medicine is expected to create lucrative opportunities in the market. As precision oncology expands, there is a growing need for companion diagnostics that can help identify patients who are most likely to benefit from targeted therapy.
Several companies and government initiatives are focusing on developing personalized medicines and launching artificial intelligence (AI) based technologies, which is expected to boost the market.
- In May 2023, Pathos announced that it has entered into a license agreement to improve FT-7051, a small molecule CBP/p300 inhibitor program. FT-7051 was developed by Form Therapeutics, which was acquired by Nova Nordisk and is currently in phase I development.
- In June 2023, Dartmouth launched its Center for Precision Health and Artificial Intelligence (CPHAI), which aims to boost the utilization of biomedical data and innovative technologies to improve care. The center’s research focuses on enhancing public health and healthcare delivery while sustaining accurate ethical standards for health AI.
Scope of Precision Oncology Market Report
The market report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Precision Oncology Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Product Type (Diagnostics and Therapeutics), Cancer Type (Colorectal, Prostate, Breast, Cervical, Lung, and Others), and End-user (Pharmaceutical & Biotechnology Companies, Hospitals & Diagnostic Laboratories, and Healthcare Data Companies)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Thermo Fisher Scientific Inc.; Invitae Corporation; QIAGEN; Illumina, Inc.; Laboratory Corporation of America® Holdings; Exact Sciences Corporation; Rain Oncology; Strata Oncology, Inc.; Variantyx, Inc.; Bio-Serv; Relay Therapeutics; and Acrivon Therapeutics
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Precision Oncology Market Segment Insights
Product Type Segment Analysis
Based on product type, the precision oncology market is divided into diagnostics and therapeutics. The therapeutics segment is expected to expand at a significant pace during the projection period, increasing the number of approvals for tumor-agnostic therapies. These therapies provide patient-specific cancer treatment based on DNA testing from patients’ tumors to identify the mutations that drive their cancer.
Cancer Type Segment Analysis
On the basis of cancer type, the market is segregated into colorectal, prostate, breast, cervical, lung, and others. The breast segment is projected to register a considerable CAGR during the forecast period, due to the increasing attention to breast cancer screening, surgical & diagnostics, and radiation techniques. Rising research activities, increasing emphasis on breast cancer detection, and growing number of patients are likely to fuel the breast segment.
- According to Breastcancer.org, breast cancer is a commonly recognized cancer among American women. According to estimates, around 30% of newly detected cancers in women were breast cancer in 2022.
End-user Segment Analysis
Based on end-user, the precision oncology market is categorized as pharmaceutical & biotechnology companies, hospitals & diagnostic laboratories, and healthcare data companies. The hospitals & diagnostics segment is projected to expand at a rapid pace during the forecast period. In hospitals, precision oncology products are gathering to increase the amount of interest worldwide, as they emphasize molecular profiling of tumors to identify alternations in the genes.
- In July 2023, Children’s Hospital Colorado, launched the precision medicine institute, which allows professionals to more proficiently integrate precision medicine into care provided to patients throughout the hospital. The Precision Medicine Institute uses innovative technology to combine big data, including genomic data, into each patient's care plan to regulate the best treatment for each patient.
Regional Analysis
In terms of region, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period, due to the growing demand for precision oncology in well-established end-user activities. In the US, increasing indigenous and industrial construction activities are expected to offer lucrative opportunities for precision the market players.
The market in Asia Pacific is anticipated to expand at a rapid pace in the coming years, due to the presence of a developed biotechnology sector, increasing awareness for precision oncology, and rapid developments in healthcare facilities.
- In August 2022, Bioserve Biotechnologies India Pvt Ltd. received the National Accreditation Board for Testing and Calibration Laboratories (NABL) for medical testing in the field of genomics testing services. The accreditation is in agreement with ISO 15189: 2012 “Medical laboratories-requirements for quality and competence”.
Segments
The global precision oncology market has been segmented on the basis of
Product Type
Cancer Type
- Colorectal
- Prostate
- Breast
- Cervical
- Lung
- Others
End-user
- Pharmaceutical & Biotechnology Companies
- Hospitals & Diagnostic Laboratories
- Healthcare Data Companies
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Thermo Fisher Scientific Inc.
- Invitae Corporation
- QIAGEN
- Illumina, Inc.
- Laboratory Corporation of America® Holdings
- Exact Sciences Corporation
- Rain Oncology
- Strata Oncology, Inc.
- Variantyx, Inc.
- Bio-Serv
- Relay Therapeutics
- Acrivon Therapeutics
Competitive Landscape
Key players in the global precision oncology market are Acrivon TherapeuticsBio-Serv; Exact Sciences Corporation; Illumina, Inc.; Invitae Corporation; Laboratory Corporation of America Holdings; QIAGEN; Rain Oncology; Relay Therapeutics; Strata Oncology, Inc.; Thermo Fisher Scientific Inc.; and Variantyx, Inc.
These players are adopting strategies such as acquisitions, partnerships, collaboration, mergers, R&D investments, and product launches to increase their market share.
- In March 2022, Thermo Fisher Scientific launched the CE-IVD marking for the Ion Torrent Genexus Dx Integrated Sequencer. It is an automated, next-generation sequencing (NGS) platform that delivers results in a single day.
- In December 2021, LabCorp collaborated with ConcertAI, LLC to optimize precision oncology research.
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