Precision Oncology Market size is anticipated to reach USD 40 billion by the end of 2036, growing at a CAGR of 8% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of precision oncology was over USD 23 billion. Advances in genomic sequencing technologies are a primary driver of progress in precision oncology.
The ongoing development of sequencing techniques has transformed the ability to comprehend tumors' complex genetic makeup providing oncologists with unparalleled insights for customized cancer treatment. Increasing understanding of disease mechanisms and allowing the identification of the distinct molecular markers for disease subtypes, as a result, medical professionals can treat individuals according to their features. As per a recent survey, 55 % of the patients had a survival of three years who received personalized cancer therapy as compared to 25 % of patients who received therapy with low degrees of matching.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
8% |
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Base Year Market Size (2023) |
USD 23 Billion |
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Forecast Year Market Size (2036) |
USD 40 Billion |
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Regional Scope |
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Type (Genomic Sequencing, Immunotherapy)
In precision oncology market, immunotherapy segment is likely to hold over 60% share by the end of 2036. The clinical success and efficacy of immunotherapy have been instrumental in driving its growth, due to the numerous studies and clinical trials that have shown significant and durable responses in subsets of patients with various cancers.
The ability of immunotherapy to achieve high response rates, particularly in certain malignancies such as melanoma and lung cancer, has instilled confidence among clinicians and patients. This success is a key motivator for the continued exploration and adoption of immunotherapy across diverse oncological settings. According to a report, the overall response rate for immunotherapy across various cancer types was approximately 20%, with certain cancers demonstrating response rates exceeding 40%. Checkpoint inhibitors, such as anti-PD-1 and anti-CTLA-4 antibodies, have revolutionized immunotherapy by releasing the brakes on the immune system.
End Users (Hospitals, Diagnostic Laboratories, Biotechnology Companies)
The hospitals segment is assessed to garner a significant share in the year 2036. The rising incidence of cancer globally is a significant growth driver for the hospital segment. As more individuals are diagnosed with cancer, the demand for comprehensive and specialized cancer care provided by hospitals increases.
Hospitals play a central role in cancer diagnosis, treatment, and management, making them pivotal in addressing the growing burden of cancer cases worldwide. The integration of advanced diagnostic technologies has revolutionized cancer diagnosis and staging.
Hospitals equipped with state-of-the-art imaging and diagnostic tools can offer more accurate and timely cancer assessments. These technologies enhance the precision of treatment planning and contribute to improved patient outcomes, positioning hospitals at the forefront of providing cutting-edge diagnostic services.
Our in-depth analysis of the global precision oncology market includes the following segments:
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Type |
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End User |
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Cancer Type |
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Product Type |
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APAC Market Forecast
By the end of 2036, Asia Pacific region is projected to hold over 43% precision oncology market share. The rising frequency of cancer incidence rates in the Asia Pacific region is one of the main factors for the significant growth driver for the precision oncology industry in the region.
Due to the considerable concentration of cancer patients in the region, there is an increasing need for advanced and personalized cancer care. Precision oncology can adapt treatments based on individuals' specific genetic profiles, which has become important in tackling the region's diverse and increasing cancer frequency. According to studies, in 2022, India alone had more than 1.4 million new cancer cases and over 900,000 lakh deaths due to the disease. Consequently, in China a predicted 4 million cases of cancer were recorded in 2022.
In addition to that the growing awareness among patients about the benefits of precision oncology has created an increased demand for personalized cancer treatments in the Asia Pacific region. Patients are becoming more proactive in seeking information about genomic testing and targeted therapies, as a result, healthcare providers have started to incorporate precision oncology into their cancer care treatment.
North American Market Statistics
The precision oncology market in the North America region is foreseen to hold the second-largest share through 2036. The persistently high and increasing cancer incidence rates in North America underscore the pressing need for advanced and personalized cancer care solutions. Precision oncology, with its focus on tailoring treatments based on individual genetic profiles, becomes instrumental in addressing the rising cancer burden in the region.
The rapid adoption of genomic sequencing technologies, particularly NGS, is a key driver for precision oncology in North America. The substantial growth rate signifies the increasing integration of advanced sequencing techniques in clinical settings.
Author Credits: Radhika Gupta, Shivam Bhutani
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