Precision Oncology Market - By Product Type (Diagnostics {Genetic Tests, Biomarker-based Tests}, Therapeutics), Cancer Type (Breast, Lung, Colorectal, Skin, Prostrate, Stomach), End-user (Hospitals, Diagnostic Centers), Global Forecast 2023-2032

Precision Oncology Market - By Product Type (Diagnostics {Genetic Tests, Biomarker-based Tests}, Therapeutics), Cancer Type (Breast, Lung, Colorectal, Skin, Prostrate, Stomach), End-user (Hospitals, Diagnostic Centers), Global Forecast 2023-2032

Precision Oncology Market is set to expand at 10.6% CAGR from 2023 and 2032 propelled by the continuous advancements in genomic research. Recent breakthroughs in understanding the genetic basis of cancers is enabling the precise identification of molecular alterations and driving the development of targeted therapies. The ongoing evolution of technologies like next-generation sequencing is also providing comprehensive genomic profiling. Several oncologists are tailoring these therapies based on individual patient profiles to provide personalized and targeted cancer care.

Furthermore, several companies are expanding their oncology services by adding superior, late-stage precision oncology assets to their business profiles through strategic efforts, such as collaborations and acquisitions for business development, augmenting the industry outlook. For instance, in March 2022, Bristol Myers Squibb acquired Turning Point Therapeutics, a leading precision oncology company.

The overall industry is segmented into product type, cancer type, end-user, and region.

Based on product type, the precision oncology market from the diagnostic segment is projected to grow at 11.7% CAGR from 2023-2032. Advanced diagnostic tools and technologies, including next-generation sequencing, molecular imaging, and liquid biopsy assays, are contributing to the increasing adoption of precision oncology. The continuous evolution of diagnostic products for offering higher accuracy and efficiency is enhancing their adoption in oncology settings. Additionally, the surging need to enable comprehensive genomic profiling, tumor characterization, and early cancer detection for supporting personalized treatment strategies will drive the segment growth.

As per end-user, the precision oncology industry from the diagnostic centers is expected to depict 11.4% growth rate through 2032. The increasing number of cancer incidences is resulting in the rising demand for precise and personalized diagnostic solutions. Diagnostic centers also play a pivotal role in offering advanced molecular profiling and genetic testing services for enabling targeted cancer therapies. The rising awareness of the benefits associated with the use of precision medicine for more effective cancer treatments will further amplify the use of diagnostic services in oncology.

Regionally, the Asia Pacific precision oncology market is set to exhibit an 11.4% growth rate between 2023 and 2032 attributed to the increasing cancer incidences, rising awareness, and the rapid advancements in genomic research. For instance, according to NCBI estimates, India reported 14,61,427 incidence cases of cancer in 2022. Moreover, several governments and healthcare institutions in APAC are investing in precision oncology initiatives, further fostering personalized cancer treatment approaches. Additionally, the diverse patient populations in the region is offering valuable genetic insights for encouraging the adoption of precision medicine, accelerating the regional industry expansion.