The Precision Oncology Market size was estimated USD 96.5 billion in 2022 and is expected to reach USD 200.9 billion by 2030 at a CAGR of 9.6% during the forecast period of 2023-2030.
Precision oncology is the study of tumor molecular profiles to identify changes that can be targeted. In layman's terms, it is the science of tailoring a patient's treatment to the molecular characteristics of their cancer utilizing the patient's genetic information. The rise of precision oncology and the development of more tailored and targeted treatment options has heralded a new era in the fight against cancer.
DRIVERS
Rising interest in individualized medicine
The growing demand for personalized medicine as a result of the benefits it provides is expected to fuel the expansion of the precision oncology market within the forecast timeframe. Patients are more involved with their treatment plan because they are receiving more personalized information that allows them to make better health decisions. Other benefits of patient involvement include improved patient outcomes, more revenue for healthcare providers, and enhanced patient-therapist relationships. Patients who are highly engaged and activated are more likely to stay to their physical therapy plan. Patient activation refers to a patient's level of knowledge, competence, and self-assurance in managing their own health.
RESTRAIN
Precision medicines connected to biomarkers are scarce.
The availability of precision medications connected to biomarkers is a precondition for biomarker testing, as most clinicians will not order tests unless the data can be used to guide treatment decisions. There are frequently large delays before pharmaceuticals that have been approved by regulatory agencies are released and included to national or regional reimbursement lists. According to the EFPIA's Patients W.A.I.T. indicator Survey, the average wait time for patients to obtain treatments across the European Economic Area and the EU is 504 days; however, this period can range from 127 days in Germany to more than 823 days in Poland. Furthermore, public funding is insufficient in several countries for the prescription of precision medicines.
OPPORTUNITY
Compatibility with other technologies
Precision oncology combined with other technologies such as artificial intelligence, big data analytics, and digital health tools has the potential to enhance patient outcomes and hasten medication development. Nanotechnology and artificial intelligence (AI) have been used as techniques to improve cancer treatment precision as a result of technical advances. As a result of major advancements in acquiring patient data with better nanomaterial designs, tailored precision medicine treatment for cancer patients has improved. Combining AI and nanotechnology has enhanced the precision of diagnostic and treatment platform rational design. Definitive outcomes in nanomedicine, which includes everything from biological and nanomaterial devices to nanoelectronic biosensors, have also showed promise, with the usage of AI receiving specific attention.
CHALLENGES
Precision oncology medicines are expensive.
This treatment is more expensive than standard chemotherapy and radiation. Because precision oncology therapies are typically more expensive, patients who cannot afford them may find them less accessible. This may hinder the growth and adoption of precision oncology in the industry.
The greatest evident impact on healthcare and people in Ukraine is damage to medical facilities. Data on the impact of the war on the Ukrainian health system is constantly changing, making it difficult to determine the entire extent of the impact on health facilities. Prior to the war, Ukraine had a lower availability of oncology treatment centers and physicians, but according to Ukrainian Minister of Health Victor Liashko, in October 2022 there were "Due to Russian bombardment, 1000 medical institutions were damaged, 120 were razed, and 300 are being restored "but only partially". At least one cancer center in Mykolaiv23 was damaged shortly after the war began, while two other oncology centers, one in Kharkiv and one in Mariupol, were entirely devastated by Russian missile strikes and forced to close in May 2022.
IMPACT OF ONGOING RECESSION
cancer research will face one of the most crucial recessions in its history due to the SARS-CoV-2 outbreak, cancer research will face one of the most crucial recessions in its history. The repercussions will be critical not only in the short term (the next few months), but also in the long term (the years to come). Medical research can be financed economically by the government, cancer societies, pharmaceutical firms, or other charity organizations, like in the United Kingdom. Throughout the epidemic, governments in Europe, the United Kingdom, the United States, and Australia maintained financing for biomedical research, extended grant submission deadlines, and virtualized peer-review panels. However, research driven by charitable organizations or public fundraising was vulnerable to funding constraints as a result of the COVID-19 outbreak's impact on economic growth.
By Product Type
In 2022, the therapeutics segment is expected to held the highest market growth rate of 71.8% during the forecast period due to the therapy is driven by factors such as the increasing number of approvals for tumor-agnostic medicines, as well as novel therapeutic features based on specific proteins or mutations that cause cancer growth. Precision oncology-based medicines deliver patient-specific cancer treatment based on each patient's cancer's DNA fingerprint.
By Cancer Type
In 2022, the breast cancer segment is expected to dominate the market growth of 41.7% during the forecast period owing to rising emphasis for breast cancer screening, diagnosis and surgery and radiation treatments. Expansion of research activities, early breast cancer detection, and patient overall prognosis are also likely to spur the development of novel methods such as precision oncology. Furthermore, new improved DNA sequencing technologies have resulted in significant advancements in the treatment of breast cancer patients.
By End Use
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In 2022, the hospitals & diagnostic laboratories segment is expected to dominate the market growth of 46.9% during the forecast period due to precision oncology solutions are gaining popularity in hospitals and diagnostic settings globally, as they focus on molecular profiling of malignancies to discover gene changes. The market has grown in importance in hospital and diagnostics laboratories by focusing on components such as precision planning, exact diagnosis, monitoring, precise treatment, and expertise.
North America held a significant market share of 42.6% in 2022 owing to the most of the key market players are present, including Thermo Fisher Scientific Inc., Invitae Corporation, Illumina, Inc., and Laboratory Corporation of America Holding. Furthermore, the growing cancer burden, numerous research efforts, the development of a new diagnostic software platform, and rising healthcare spending have provided new potential prospects for the precision oncology industry.
Asia-Pacific is witness to expand fastest CAGR rate of 10.8% during the forecast period due to the presence of a developed biotechnology sector, developing healthcare facilities, and increased awareness of precision oncology. Bioserve Biotechnologies India Pvt. Ltd, for example, announced in August 2022 that it has achieved National Accreditation Board for Testing and Calibration Laboratories Accreditation for medical testing in genomics services testing. Furthermore, the scope of certification includes the BRCA 1 & 2 gene sequencing test, a precision oncology service supplied by the company.
REGIONAL COVERAGE
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
The major key players are 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, and Others.
In April 2023, Agilent SureSelect Cancer CGP Assay was released by Agilent Technologies Inc. for somatic variation profiling in a variety of solid tumor types. The pan-cancer test is built on an NGS panel of 679 genes carefully selected from the world's top cancer datasets in collaboration with leading clinical cancer researchers.
In August 2022, Thermo Fisher Scientific will release the CE-IVD (IVDD) NGS (next generation sequencing) test. In addition, the company has introduced analysis software to broaden its access to precision oncology biomarker testing. Furthermore, the exam has a single software interface, and the entire process takes only 20 minutes to complete.
ConcertAI, LLC, and LabCorp established a collaboration in December 2021 to improve precision oncology research. The companies are collaborating to launch clinical trials that will help to alleviate the pressure on physician practices. It will also help to increase patient retention and equal access to research as a treatment option, as well as boost patient recruitment.
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Report Attributes |
Details |
|
Market Size in 2022 |
US$ 96.5 billion |
|
Market Size by 2030 |
US$ 200.9 billion |
|
CAGR |
CAGR of 9.6% From 2023 to 2030 |
|
Base Year |
2022 |
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Forecast Period |
2023-2030 |
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Historical Data |
2019-2021 |
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Report Scope & Coverage |
Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
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Key Segments |
By Product Type (Diagnostics, Therapeutics), By Cancer Type (Breast Cancer, Colorectal Cancer, Cervical Cancer, Prostate Cancer, Lung Cancer, Others), By End Use (Hospitals & Diagnostic Laboratories, Pharmaceutical & Biotechnology Companies, Healthcare Data Companies) |
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Regional Analysis/Coverage |
North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
|
Company Profiles |
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 |
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Market Opportunties |
•Compatibility with other technologies |
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Market Restrain |
•Precision medicines connected to biomarkers are scarce. |
Precision Oncology market is anticipated to expand by 9.6% from 2023 to 2030.
Precision Oncology market size was valued at USD 96.5 billion in 2022.
The growth rate of Precision Oncology market is expected to grow USD 200.9 billion by 2030.
Precision medicines connected to biomarkers are scarce.
Compatibility with other technologies.
Table of Content
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Ukraine- Russia war
4.2 Impact of ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Precision Oncology Market Segmentation, By Product Type
8.1 Diagnostics
8.2 Therapeutics
9. Precision Oncology Market Segmentation, By Cancer Type
9.1 Breast Cancer
9.2 Colorectal Cancer
9.3 Cervical Cancer
9.4 Prostate Cancer
9.5 Lung Cancer
9.6 Others
10. Precision Oncology Market Segmentation, By End Use
10.1 Hospitals & Diagnostic Laboratories
10.2 Pharmaceutical & Biotechnology Companies
10.3 Healthcare Data Companies
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Precision Oncology Market by Country
11.2.2North America Precision Oncology Market by Type
11.2.3 North America Precision Oncology Market by Cancer Type
11.2.4 North America Precision Oncology Market by End Use
11.2.5 USA
11.2.5.1 USA Precision Oncology Market by Type
11.2.5.2 USA Precision Oncology Market by Cancer Type
11.2.5.3 USA Precision Oncology Market by End Use
11.2.6 Canada
11.2.6.1 Canada Precision Oncology Market by Type
11.2.6.2 Canada Precision Oncology Market by Cancer Type
11.2.6.3 Canada Precision Oncology Market by End Use
11.2.7 Mexico
11.2.7.1 Mexico Precision Oncology Market by Type
11.2.7.2 Mexico Precision Oncology Market by Cancer Type
11.2.7.3 Mexico Precision Oncology Market by End Use
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Eastern Europe Precision Oncology Market by Country
11.3.1.2 Eastern Europe Precision Oncology Market by Type
11.3.1.3 Eastern Europe Precision Oncology Market by Cancer Type
11.3.1.4 Eastern Europe Precision Oncology Market by End Use
11.3.1.5 Poland
11.3.1.5.1 Poland Precision Oncology Market by Type
11.3.1.5.2 Poland Precision Oncology Market by Cancer Type
11.3.1.5.3 Poland Precision Oncology Market by End Use
11.3.1.6 Romania
11.3.1.6.1 Romania Precision Oncology Market by Type
11.3.1.6.2 Romania Precision Oncology Market by Cancer Type
11.3.1.6.4 Romania Precision Oncology Market by End Use
11.3.1.7 Turkey
11.3.1.7.1 Turkey Precision Oncology Market by Type
11.3.1.7.2 Turkey Precision Oncology Market by Cancer Type
11.3.1.7.3 Turkey Precision Oncology Market by End Use
11.3.1.8 Rest of Eastern Europe
11.3.1.8.1 Rest of Eastern Europe Precision Oncology Market by Type
11.3.1.8.2 Rest of Eastern Europe Precision Oncology Market by Cancer Type
11.3.1.8.3 Rest of Eastern Europe Precision Oncology Market by End Use
11.3.2 Western Europe
11.3.2.1 Western Europe Precision Oncology Market by Type
11.3.2.2 Western Europe Precision Oncology Market by Cancer Type
11.3.2.3 Western Europe Precision Oncology Market by End Use
11.3.2.4 Germany
11.3.2.4.1 Germany Precision Oncology Market by Type
11.3.2.4.2 Germany Precision Oncology Market by Cancer Type
11.3.2.4.3 Germany Precision Oncology Market by End Use
11.3.2.5 France
11.3.2.5.1 France Precision Oncology Market by Type
11.3.2.5.2 France Precision Oncology Market by Cancer Type
11.3.2.5.3 France Precision Oncology Market by End Use
11.3.2.6 UK
11.3.2.6.1 UK Precision Oncology Market by Type
11.3.2.6.2 UK Precision Oncology Market by Cancer Type
11.3.2.6.3 UK Precision Oncology Market by End Use
11.3.2.7 Italy
11.3.2.7.1 Italy Precision Oncology Market by Type
11.3.2.7.2 Italy Precision Oncology Market by Cancer Type
11.3.2.7.3 Italy Precision Oncology Market by End Use
11.3.2.8 Spain
11.3.2.8.1 Spain Precision Oncology Market by Type
11.3.2.8.2 Spain Precision Oncology Market by Cancer Type
11.3.2.8.3 Spain Precision Oncology Market by End Use
11.3.2.9 Netherlands
11.3.2.9.1 Netherlands Precision Oncology Market by Type
11.3.2.9.2 Netherlands Precision Oncology Market by Cancer Type
11.3.2.9.3 Netherlands Precision Oncology Market by End Use
11.3.2.10 Switzerland
11.3.2.10.1 Switzerland Precision Oncology Market by Type
11.3.2.10.2 Switzerland Precision Oncology Market by Cancer Type
11.3.2.10.3 Switzerland Precision Oncology Market by End Use
11.3.2.11. Austria
11.3.2.11.1 Austria Precision Oncology Market by Type
11.3.2.11.2 Austria Precision Oncology Market by Cancer Type
11.3.2.11.3 Austria Precision Oncology Market by End Use
11.3.2.12 Rest of Western Europe
11.3.2.12.1 Rest of Western Europe Precision Oncology Market by Type
11.3.2.12.2 Rest of Western Europe Precision Oncology Market by Cancer Type
11.3.2.12.3 Rest of Western Europe Precision Oncology Market by End Use
11.4 Asia-Pacific
11.4.1 Asia-Pacific Precision Oncology Market by Country
11.4.2 Asia-Pacific Precision Oncology Market by Type
11.4.3 Asia-Pacific Precision Oncology Market by Cancer Type
11.4.4 Asia-Pacific Precision Oncology Market by End Use
11.4.5 China
11.4.5.1 China Precision Oncology Market by Type
11.4.5.2 China Precision Oncology Market by Cancer Type
11.4.5.3 China Precision Oncology Market by End Use
11.4.6 India
11.4.6.1 India Precision Oncology Market by Type
11.4.6.2 India Precision Oncology Market by Cancer Type
11.4.6.3 India Precision Oncology Market by End Use
11.4.7 Japan
11.4.7.1 Japan Precision Oncology Market by Type
11.4.7.2 Japan Precision Oncology Market by Cancer Type
11.4.7.3 Japan Precision Oncology Market by End Use
11.4.8 South Korea
11.4.8.1 South Korea Precision Oncology Market by Type
11.4.8.2 South Korea Precision Oncology Market by Cancer Type
11.4.8.3 South Korea Precision Oncology Market by End Use
11.4.9 Vietnam
11.4.9.1 Vietnam Precision Oncology Market by Type
11.4.9.2 Vietnam Precision Oncology Market by Cancer Type
11.4.9.3 Vietnam Precision Oncology Market by End Use
11.4.10 Singapore
11.4.10.1 Singapore Precision Oncology Market by Type
11.4.10.2 Singapore Precision Oncology Market by Cancer Type
11.4.10.3 Singapore Precision Oncology Market by End Use
11.4.11 Australia
11.4.11.1 Australia Precision Oncology Market by Type
11.4.11.2 Australia Precision Oncology Market by Cancer Type
11.4.11.3 Australia Precision Oncology Market by End Use
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Precision Oncology Market by Type
11.4.12.2 Rest of Asia-Pacific Precision Oncology Market by Cancer Type
11.4.12.3 Rest of Asia-Pacific Precision Oncology Market by End Use
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.1 Middle East Precision Oncology Market by Country
11.5.1.2 Middle East Precision Oncology Market by Type
11.5.1.3 Middle East Precision Oncology Market by Cancer Type
11.5.1.4 Middle East Precision Oncology Market by End Use
11.5.1.5 UAE
11.5.1.5.1 UAE Precision Oncology Market by Type
11.5.1.5.2 UAE Precision Oncology Market by Cancer Type
11.5.1.5.3 UAE Precision Oncology Market by End Use
11.5.1.6 Egypt
11.5.1.6.1 Egypt Precision Oncology Market by Type
11.5.1.6.2 Egypt Precision Oncology Market by Cancer Type
11.5.1.6.3 Egypt Precision Oncology Market by End Use
11.5.1.7 Saudi Arabia
11.5.1.7.1 Saudi Arabia Precision Oncology Market by Type
11.5.1.7.2 Saudi Arabia Precision Oncology Market by Cancer Type
11.5.1.7.3 Saudi Arabia Precision Oncology Market by End Use
11.5.1.8 Qatar
11.5.1.8.1 Qatar Precision Oncology Market by Type
11.5.1.8.2 Qatar Precision Oncology Market by Cancer Type
11.5.1.8.3 Qatar Precision Oncology Market by End Use
11.5.1.9 Rest of Middle East
11.5.1.9.1 Rest of Middle East Precision Oncology Market by Type
11.5.1.9.2 Rest of Middle East Precision Oncology Market by Cancer Type
11.5.1.9.3 Rest of Middle East Precision Oncology Market by End Use
11.5.2 Africa
11.5.2.1 Africa Transfusion Diagnostics Market by Country
11.5.2.2 Africa Precision Oncology Market by Type
11.5.2.3 Africa Precision Oncology Market by Cancer Type
11.5.2.4 Africa Precision Oncology Market by End Use
11.5.2.5 Nigeria
11.5.2.5.1 Nigeria Precision Oncology Market by Type
11.5.2.5.2 Nigeria Precision Oncology Market by Cancer Type
11.5.2.5.3 Nigeria Precision Oncology Market by End Use
11.5.2.6 South Africa
11.5.2.6.1 South Africa Precision Oncology Market by Type
11.5.2.6.2 South Africa Precision Oncology Market by Cancer Type
11.5.2.6.3 South Africa Precision Oncology Market by End Use
11.5.2.7 Rest of Africa
11.5.2.7.1 Rest of Africa Precision Oncology Market by Type
11.5.2.7.2 Rest of Africa Precision Oncology Market by Cancer Type
11.5.2.7.3 Rest of Africa Precision Oncology Market by End Use
11.6 Latin America
11.6.1 Latin America Precision Oncology Market by Country
11.6.2 Latin America Precision Oncology Market by Type
11.6.3 Latin America Precision Oncology Market by Cancer Type
11.6.4 Latin America Precision Oncology Market by End Use
11.6.5 Brazil
11.6.5.1 Brazil Precision Oncology Market by Type
11.6.5.2 Brazil Precision Oncology Market by Cancer Type
11.6.5.3 Brazil Precision Oncology Market by End Use
11.6.6 Argentina
11.6.6.1 Argentina Precision Oncology Market by Type
11.6.6.2 Argentina Precision Oncology Market by Cancer Type
11.6.6.3 Argentina Precision Oncology Market by End Use
11.6.7 Colombia
11.6.7.1 Colombia Precision Oncology Market by Type
11.6.7.2 Colombia Precision Oncology Market by Cancer Type
11.6.7.3 Colombia Precision Oncology Market by End Use
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Precision Oncology Market by Type
11.6.8.2 Rest of Latin America Precision Oncology Market by Cancer Type
11.6.8.3 Rest of Latin America Precision Oncology Market by End Use
12. Company profile
12.1 Thermo Fisher Scientific Inc.
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Product/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Invitae Corporation
12.2.1 Company Overview
12.2.2 Financials
12.2.3 Product/ Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Qiagen N.V.
12.3.1 Company Overview
12.3.2 Financials
12.3.3 Product/ Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Illumina, Inc.
12.4.1 Company Overview
12.4.2 Financials
12.4.3 Product/ Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Laboratory Corporation of America Holding
12.5.1 Company Overview
12.5.2 Financials
12.5.3 Product/ Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Exact Sciences Corporation
12.6.1 Company Overview
12.6.2 Financials
12.6.3 Product/ Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Rain Oncology Inc.
12.7.1 Company Overview
12.7.2 Financials
12.7.3 Product/ Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Strata Oncology, Inc.
12.8.1 Company Overview
12.8.2 Financials
12.8.3 Product/ Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Xilis, Inc.
12.9.1 Company Overview
12.9.2 Financials
12.9.3 Product/ Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Variantyx, Inc.
12.10.1 Company Overview
12.10.2 Financials
12.10.3 Product/ Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View
12.11 Bioserve
12.11.1 Company Overview
12.11.2 Financials
12.11.3 Product/ Services Offered
12.11.4 SWOT Analysis
12.11.5 The SNS View
12.12 Relay Therapeutics
12.12.1 Company Overview
12.12.2 Financials
12.12.3 Product/ Services Offered
12.12.4 SWOT Analysis
12.12.5 The SNS View
12.13 Acrivon Therapeutics
12.13.1 Company Overview
12.13.2 Financials
12.13.3 Product/ Services Offered
12.13.4 SWOT Analysis
12.13.5 The SNS View
13. Competitive Landscape
13.1 Competitive Bench marking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Cases and Best Practices
15. Conclusion
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