Precision Oncology Market Size & Share, by Type (Genomic Sequencing, Immunotherapy); End User (Hospitals, Diagnostic Laboratories, Biotechnology Companies); Cancer Type (Breast Cancer, Lung Cancer, Colorectal Cancer); Product Type (Genetic Tests, Biomarker-based Tests, Therapeutics) - Global Supply & Demand Analysis & Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5663
  • Published Date: May 07, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

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.

precision oncology market
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Precision Oncology Sector: Growth Drivers and Challenges

Growth Drivers

  • Burgeoning prevalence of cancers - One of the main objectives of precision oncology is simply to provide the correct cancer treatment to a particular patient at a suitable dosage and time by leveraging genomic and molecular information.

    Due to the rising prevalence of cancer globally, there is a high demand for precision oncology to accurately diagnose the specific type of cancer in a patient, especially in medium Human Development Index (HDI) countries. For instance, an expected 20 million cases of cancer were recorded in the year 2022. Two types of medicine are mainly used in precision oncology namely targeted drug therapy (drugs designed to attack a specific target on cancer cells) and immunotherapy (medicines used to help the body's immune system attack the cancer).
  • Advancements in precision oncology - The proliferation of targeted treatments marks a paradigm shift in cancer treatment. These medicines, which selectively interfere with specific biochemical pathways involved in cancer growth, have more efficacy with fewer side effects than standard chemotherapy.

    The FDA's regular clearance of novel targeted treatments highlights the growing importance of precision oncology in mainstream cancer care, providing clinicians with a diverse and expanding arsenal of therapeutic options.
  • Government initiatives and funding towards precision oncology - Various initiatives have aided the precision oncology market revenue to grow tremendously over the years. These initiatives establish guidelines for the prevention and better healthcare delivery, such as Canada: Genomic Medicine, UNICANCER, the German Medical Informatics Initiative, and CANCER-ID, and are also set to propel the market growth in the forecast period.


  • Data privacy and security concerns - The massive amount of patient data generated through genomic sequencing and other diagnostic technologies raises concerns about data privacy and security. Protecting sensitive information from unauthorized access and ensuring secure data storage are critical challenges in precision oncology.

    Privacy breaches could erode patient trust, impede research collaborations, and hinder the sharing of crucial data for advancing precision medicine. Integrating diverse sources of healthcare data, including genomic information, electronic health records (EHRs), and imaging data, remains a significant challenge. Lack of standardization and interoperability hampers seamless data sharing and collaborative research efforts.
  • Interoperability and Data Integration is also slated to hinder the growth of the market.
  • Costs and Reimbursement Challenges set to hamper the precision oncology industry.

Precision Oncology Market: Key Insights

Base Year


Forecast Year




Base Year Market Size (2023)

USD 23 Billion

Forecast Year Market Size (2036)

USD 40 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Precision Oncology Segmentation

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:


  • Genomic Sequencing
  • Immunotherapy

     End User

  • Hospitals
  • Diagnostic Laboratories
  • Biotechnology Companies

     Cancer Type

  • Breast Cancer
  • Lung Cancer
  • Colorectal Cancer

     Product Type

  • Genetic Tests
  • Biomarker-based Tests
  • Therapeutics

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Precision Oncology Industry - Regional Synopsis

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.

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Companies Dominating the Precision Oncology Landscape

    • Illumina, Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Thermo Fisher Scientific Inc.
    • Roche Holding AG
    • Qiagen N.V.
    • Foundation Medicine, Inc.
    • Guardant Health, Inc.
    • Myriad Genetics, Inc.
    • Agilent Technologies, Inc.
    • Personalis, Inc.
    • NeoGenomics Laboratories, Inc.

In the News

  • Roche Holding AG entered into collaboration with PathAI in order to expand the digital pathology capabilities for companion diagnostics
  • Illumina, Inc., continues investing in and supporting initiatives that advance precision medicine by developing innovative sequencing technologies and partnering with research institutions and healthcare providers.

Author Credits:  Radhika Gupta, Shivam Bhutani

  • Report ID: 5663
  • Published Date: May 07, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing demand for the healthcare sector is the major factor driving the market growth.

The market size of precision oncology is anticipated to attain a CAGR of 8% over the forecast period, i.e., 2024-2036.

The major players in the market are Illumina, Inc., Thermo Fisher Scientific Inc., Roche Holding AG, Qiagen N.V., Foundation Medicine, Inc., Guardant Health, Inc., and others.

The hospital segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share of 43% by the end of 2036 and provide more business opportunities in the future.
Precision Oncology Market Report Scope

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