The global oncology precision medicine market is anticipated to grow at a CAGR of 8.50% during the forecast period of 2025-2034, driven by the increasing prevalence of cancer across the globe.
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Rising cancer prevalence and the advancement of biomarker-based tests are driving the adoption of precision medicine, enabling targeted and effective cancer treatments.
Liquid biopsies are garnering attention, owing to their non-invasive nature to detect cancer mutations. Consequently, providing dynamic disease management, and improving patient outcomes and thus revitalizing the oncology market.
The North American region is expected to lead the market share based on region. The market value can be accredited to a well-established healthcare infrastructure, technical advancements, and numerous key pharmaceutical players driving innovation in precision medicine.
Oncology precision medicine modifies cancer treatments according to an individual's genetic profile to improve efficacy and reduce side effects. The growing prevalence of cancer around the world and the acceptance of biomarker-based tests have created a significant impact on the market value. Innovations such as next-generation sequencing and liquid biopsies are improving diagnosis and treatment modalities. Other innovations, coupled with enhanced investments, have increased market growth and reshaped the cancer management scenario worldwide.
Rising Prevalence of Cancer Incidence Drives Market Growth
The increasing prevalence of cancer globally is driving the demand for precision medicine that offers more advanced and effective treatments compared to standard methods. According to the American Cancer Society, it was estimated that there would be 1,958,310 new cancer cases and 609,820 cancer deaths in the United States in 2023. The expanding number of patients is emphasizing the requirement for precision medicine, which can enhance the treatment process and thus speed up the growth of the market.
Several trends and developments are being observed in the market to enhance the current situation. The following are some of the noteworthy trends.
The report offers a detailed analysis of the market based on the following segments:
Market Breakup by Product
Market Breakup by Cancer Type
Market Breakup by End User
Market Breakup by Region
Market Segmentation Based on the Cancer Type Set to Witness Substantial Growth
Based on cancer type, the market is segmented into breast cancer, lung cancer, colorectal cancer, prostate cancer, stomach cancer, skin cancer and others. Among these, breast cancer is expected to dominate the market because of its widespread global occurrence and the growing emphasis on targeted therapy solutions. Gene therapies for breast cancer target particular genetic mutations, providing personalized and efficient treatments.
Based on region, the market report covers North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these, North America is expected to lead the market share, owing to high cancer prevalence and increasing advancements in healthcare innovation in the region. Furthermore, a strong healthcare infrastructure, including established healthcare systems, and hospitals, also plays a significant role in driving market growth.
The key features of the market report include patent analysis, grants analysis, funding and investment analysis, and strategic initiatives by the leading players. The major companies are:
Based in New York and a top provider in the realm of precision medicine for oncology, Bristol-Myers Squibb creates various kinds of drugs, one of which is Opdivo (nivolumab). Opdivo is a medication that works by engaging with the PD-1 receptor to enhance the body's ability to recognize and eliminate cancerous cells.
Illumina, Inc., headquartered in San Diego, California, is a top developer of sequencing and array-based solutions for genetic analysis. Their technologies play a crucial role in precision medicine for oncology by allowing for thorough genomic profiling of tumors. Illumina's technology helps find genetic mutations and biomarkers for personalized cancer treatments and research progress.
The company was established in the city of New York in the year 1849. Their product portfolio includes treatments such as Ibrance (palbociclib) have been created for HR-positive, and HER2-negative breast cancer. It is used alongside hormone therapy as a CDK4/6 inhibitor.
Novartis AG is an international pharmaceutical company headquartered in Basel, Switzerland. The company's focus has been on Kymriah (tisagenlecleucel), a CAR-T cell therapy with promising potential in treating different cancer types.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other companies include Roche Holding AG, Thermo Fisher Scientific, Inc., AstraZeneca plc, Guardant Health, Inc., Exact Sciences Corporation, and Caris Life Sciences.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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| REPORT FEATURES | DETAILS |
| Base Year | 2024 |
| Historical Period | 2018-2024 |
| Forecast Period | 2025-2034 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product |
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| Breakup by Cancer Type |
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| Breakup by End User |
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| Breakup by Region |
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| Market Dynamics |
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| Supplier Landscape |
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| Companies Covered |
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-723-689-1189
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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