Precision Oncology Market Is Expected To Reach $ 202.0 Billion By 2030


 San Francisco, 23 December 2024: The Report Precision Oncology Market Size, Share & Trends Analysis Report By Product Type (Diagnostics, Therapeutics), By Cancer Type (Breast Cancer, Cervical Cancer, Prostate Cancer, Lung Cancer), By End-use, By Region, And Segment Forecasts, 2023 - 2030

The global precision oncology market size is expected to reach USD 202.0 billion and expand at a CAGR of 9.7% from 2023 to 2030, based on a new report by Grand View Research, Inc. Precision oncology is a growing field where the market products emphasize on molecular profiling of tumors to identify alterations in the gene. Currently, the industry has witnessed major success with a 95% response rate being observed in patients along with extended quality-adjusted life. The market products offer the potential for improved patient care and a better-informed decision-making experience in hospitals and clinics. Alternatively, the increasing prevalence of cancer across the globe, the rising number of clinical trial studies, and the rapid adoption of technology in precision oncology diagnostic is anticipated to boost the market demand.

Due to the COVID-19 pandemic, the precision oncology market had a huge impact as the pandemic exaggerated healthcare across the globe for people living with cancer, possessing a unique set of challenges. Besides, delayed diagnosis and therapeutics using precision oncology have affected cancer patient diagnosis and treatment to a major extent. However, post-COVID-19 pandemic, the market has gained rapid demand as precision oncology offers better therapeutic outcomes and improves the quality of patient life for cancer patients.

In January 2022, OncXerna Therapeutics, Inc. and Exact Sciences Corp. mentioned the agreement to introduce OncXerna’s TME Panel lab services for patients in the U.S. It is an innovative gene expression score, which helps identify patients to respond to immunotherapies and anti-angiogenic. Further, the company added that it believes to provide clinician access to the Xerna TME Panel through biopharma partners as a companion diagnostic and existing precision oncology team.

Access Research Report of Precision Oncology Market @ https://www.grandviewresearch.com/industry-analysis/precision-oncology-market-report

Precision Oncology Market Report Highlights

  • Based on product type, the therapeutics segment held the majority of the market share of around 71.7% in 2022 attributed to its rising number of approvals of therapies has benefited the market demand
  • Based on cancer type, the breast cancer segment dominated the market in terms of revenue share in 2022 owing to the rising incidence of breast cancer, expanding research activities, evolved diagnostics, and overall patient prognosis is likely to drive the market
  • Based on end-use, the hospitals & clinics segment accounted for the largest market share of around 46.8% in 2022 owing to the growing focus on components such as precision planning, precise diagnosis and monitoring, precise treatment
  • In 2022, North America dominated the market in terms of revenue with a share of around 42.5% due to trending factors such as rising healthcare expenditure, and evolving healthcare landscape, changing competitive landscape of the precision oncology market in U.S. and Canada

Precision Oncology Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 105.66 billion

Revenue forecast in 2030

USD 202.0 billion

Growth rate

CAGR of 9.7% from 2023 to 2030

Base year for estimation

2022

Historic data

2017 - 2020

Forecast period

2023 - 2030

List of Key Players of Precision Oncology Market

  • 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

Access Press Release of Precision Oncology Market @ https://www.grandviewresearch.com/press-release/global-precision-oncology-market

About Grand View Research

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.

For More Information: https://www.grandviewresearch.com/horizon

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