Oncology Precision Medicine Market Size

The global oncology precision medicine market size was valued at $141.96 billion in 2024 and is projected to reach $240.71 billion by 2030, growing at a CAGR of 9.2% during the forecast period.

Oncology Precision Medicine Market Overview

Oncology precision medicine, also known as precision oncology, is a tailored approach to cancer treatment that leverages genetic, genomic, and molecular profiling to customize therapies for individual patients based on the unique characteristics of their cancer. This innovative field aims to move away from the traditional 'one-size-fits-all' treatment paradigm, recognizing that even cancers with the same diagnosis can differ significantly at the molecular level. 

By focusing on specific genetic markers, companies can streamline drug development processes, reducing the costs associated with traditional trial-and-error approaches in treatment. This precision can lead to faster regulatory approvals and market entry for new therapies. For instance, drugs like imatinib for chronic myeloid leukemia have shown dramatic clinical benefits when matched with the right genetic profile.

Oncology Precision Medicine Market Dynamics

The oncology precision medicine market is expected to witness significant growth in the future due to the rising prevalence of cancer, increasing demand for personalized treatments, and technological advancements in genomic profiling and targeted therapies. However, the high costs of precision medicine, limited access to genetic testing, and the complexity of interpreting genomic data are restraining the growth of the market.

Furthermore, development of novel biomarkers and companion diagnostics, expansion of precision medicine in emerging markets, integration of artificial intelligence and machine learning in oncology, and the growth in liquid biopsy and non-invasive testing methods are the key trends propelling the oncology precision medicine market. 

Rising Prevalence of Cancer is Driving the Oncology Precision Medicine Market

The rising prevalence of cancer is significantly impacting the oncology precision medicine market, driving demand for personalized treatments and fuelling growth for companies in this space owing to the development of targeted therapies, government initiatives, partnerships, and advancements in genomic profiling technologies. The global population is aging, and cancer is more common in older adults. As the number of elderly individuals increases, so does the prevalence of cancer, thereby driving the demand for precision medicine to cater to this demographic's specific needs.

• According to the World Health Organization, the global cancer burden was estimated at 19.3 million new cases in 2020 and is expected to rise by nearly 60% to 30.2 million new cases annually by 2040.

Increased public awareness and widespread implementation of cancer screening programs lead to higher detection rates. This surge in diagnosed cases directly impacts the demand for precision medicine, which offers more effective and individualized treatment options for patients. Companies at the forefront of this field, such as Amgen, Illumina, and Guardant Health, are well-positioned to capitalize on the growing demand for personalized cancer care.

• In 2022, Illumina and Amgen announced a partnership to develop companion diagnostics for Amgen's oncology pipeline, aiming to match patients with the most appropriate targeted therapies.

• Moerover, Guardant Health, a leading liquid biopsy company, has established partnerships with over 40 biopharmaceutical companies to support their precision oncology drug development programs.

By Type of Cancer, the Breast Cancer Segment is projected to be the Largest Segment in the Oncology Precision Medicine Market

Breast cancer is the largest segment in the oncology precision medicine market, driven by its high prevalence, significant government support, and ongoing innovations in targeted therapies.

• For example in 2020, breast cancer affected 2.3 million women worldwide, representing 12.5% of all new cancer cases annually. This high incidence drives demand for precision medicine approaches tailored to breast cancer patients.

• As of January 2022, there were approximately 4.1 million women living with breast cancer in the U.S., and breast cancer constitutes about 30% of new cancer cases among women annually in the country.

Advances in genomic and molecular diagnostics have enabled the identification of specific biomarkers and genetic mutations associated with breast cancer, allowing for more precise targeting of treatments. Additionally, ongoing research and clinical trials continue to validate the efficacy of precision medicine in breast cancer, further encouraging its adoption. 

• In 2021, the Centers for Medicare and Medicaid Services announced coverage for genetic testing in advanced cancer patients, enhancing access to precision medicine for breast cancer patients and others.

The increasing awareness among patients and healthcare providers about personalized treatment options, coupled with the availability of targeted therapies and companion diagnostics, significantly contributes to the growing demand for precision medicine in the breast cancer segment.

By Geography, North America Holds the Largest Share in the Market Revenue

North America holds the largest share of the oncology precision medicine market, driven by several factors including the high prevalence of cancer, advanced healthcare infrastructure, and significant investment in research and development. In 2023, North America accounted for 49.19% of the total revenue share in the precision medicine market, highlighting its dominance in this sector. 

• According to the CDC, in 2020, there were 1.6 million new cancer cases reported in the U.S., with 602,347 deaths attributed to cancer. This high incidence drives demand for innovative precision medicine solutions 

The region's advanced healthcare infrastructure, coupled with significant investment in cancer research and development, has facilitated the adoption of innovative diagnostic and treatment technologies. The U.S. government initiative aims to accelerate cancer research and improve cancer prevention and treatment strategies. It has led to increased funding and support for precision medicine approaches in oncology. 

• For instance, The Center for Medicare and Medicaid Services announced in 2021 that it would cover genetic testing for advanced cancer patients, which is expected to incur an additional annual cost of $2.5 billion for the agency. This initiative aims to enhance access to precision medicine for cancer patients. This combination of factors positions the region as a leader in the advancement and adoption of precision oncology solutions.

Key Target Audience:

• Pharmaceutical and Biotechnology Companies

• Research Institutions and Academic Centers

• Healthcare Providers 

• Regulatory Bodies (FDA, EMA)

• Contract Research Organizations (CROs)

List of the Key Players Profiled in the Report Includes: 

• Abbott Laboratories

• Agilent Technologies, Inc.

• Almac Group Ltd

• AstraZeneca

• BGI Group

• Bio-Rad Laboratories, Inc

• F. Hoffmann-La Roche Ltd

• Illumina, Inc

• Merck 

• Novartis AG

• Roche

• Thermo Fisher Scientific Inc

Recent Developments:

• In September 2023, Merck and Exscientia entered into a licensing agreement, granting Merck access to Exscientia's AI-powered precision drug design (PDD) and discovery-driven technologies. This collaboration will enable Merck to concentrate on developing drug designs for neuroinflammatory and oncological disorders.

• In February 2023, Roche received European Commission approval for the expansion of its Hemlibra (emicizumab) marketing authorization, further solidifying its position in the precision medicine market.

• In January 2022, AstraZeneca announced a collaboration with Scorpion Therapeutics to develop precision medicines targeting hard-to-treat cancer proteins. This partnership is valued at $75 billion and aims to transform oncology treatment by focusing on specific genetic targets.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Type of Cancer: 

• Skin Cancer

• Lung Cancer

• Head and Neck Squamous Cell Cancer

• Gastrointestinal Cancer

• Cervical Cancer

• Breast Cancer

• Blood / Hematologic Cancer

• Bladder Cancer

• Other Type of Cancers

Market by, Type of Molecule:

• Small Molecules

• Biologics

Market by, Route of Administration: 

• Oral

• Intravenous

• Other Route of Administrations

Market by, Drug Class:

• Kinase Inhibitors

• Enzyme Inhibitors

• Immune Checkpoint Inhibitors

• Other Drug Classes

Market by, Geography:

The oncology precision medicine market report also analyzes the major geographic regions and countries of the market. The regions and countries covered in the study include:

• North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis

• Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis

• Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis

• South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis

• Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis

Scope of the Report:

The report oGlobal Oncology Precision Medicine Market: Industry Analysis, Opportunities and Forecast up to 2030o by Diligence Insights provides a detailed analysis of the present market and future outlook with market estimates and forecasts for all specified segments, encompassing both global and regional perspectives as outlined within the research framework. The study includes historical market data for the years 2022, 2023 and offers revenue estimations for 2024, and project forecasts spanning from 2025 to 2030. It places significant emphasis on the examination of market trends, key industry participants, supply chain developments, technological advancements, pivotal milestones, and prospective strategies. Comprehensive market assessments are carried out across major geographic regions, including North America, Europe, Asia Pacific, South America, and Middle East & Africa. As such, this report constitutes a valuable resource for current industry stakeholders, newcomers to the field, and potential investors.

The study offers an in-depth market analysis, drawing insights from industry experts across the value chain. A special focus has been made on 25 countries, including the United States, Canada, Mexico, the United Kingdom, Germany, Spain, France, Italy, China, Brazil, Saudi Arabia, and South Africa, among others. The market data has been meticulously collected through extensive primary interviews and comprehensive secondary research. Market size determination is rooted in the revenue generated from sales across all the specified segments and sub-segments as defined within the research scope. The market sizing analysis includes both top-down and bottom-up approaches for data validation and accuracy measures.

The report offers insights into the following aspects:

• Analysis of major market trends, factors driving, restraining, threatening, and providing opportunities for the market.

• Analysis of the market structure by identifying various segments and sub-segments of the market.

• Understand the revenue forecast of the market for North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

• Analysis of opportunities by identification of high-growth segments/revenue pockets in the market.

• Understand major player profiles in the market and analyze their business strategies.

• Understand competitive developments such as joint ventures, alliances, mergers and acquisitions, and new product launches in the market.