Press release
Precision Oncology Market to Surpass USD 190.46 Billion by 2030
Precision Oncology Market
The global precision oncology market is projected to grow from USD 98.36 billion in 2023 to approximately USD 190.46 billion by 2030, registering a robust CAGR of 9.9%. This growth is fueled by advancements in genomic sequencing, personalized medicine approaches, and increasing investments in targeted cancer therapies.
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◉ Precision Oncology Market Competitive Landscape
Leading companies in the precision oncology sector include Foundation Medicine, Guardant Health, Illumina, Inc., Roche Molecular Systems, and Tempus Labs. These organizations are at the forefront of developing innovative diagnostic tools and therapeutic solutions, contributing significantly to market expansion.
◉ Precision Oncology Market Country-Specific Insights
Growth Opportunities in Vietnam
Vietnam is emerging as a potential market for precision oncology, with increasing awareness and investments in healthcare infrastructure. Collaborations with international organizations aim to enhance cancer care and research capabilities in the region.
Market Trends in Thailand
Thailand's precision oncology market is witnessing growth due to government initiatives promoting personalized medicine and the integration of advanced diagnostic technologies in healthcare facilities.
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Innovation Growth in Japan
Japan's precision oncology market is anticipated to grow at a significant CAGR, driven by substantial investments in research and development, particularly in biotechnology and diagnostics. In April 2024, Ono Pharmaceutical Co. announced the acquisition of U.S.-based Deciphera Pharmaceuticals for $2.4 billion, aiming to expand its oncology portfolio and presence in the U.S. and Europe.
Consolidation Trends in South Korea
South Korea is focusing on consolidating its position in the precision oncology market through investments in advanced research facilities and fostering partnerships between public and private sectors to develop innovative cancer treatments.
Updation Trends in Singapore
Singapore is updating its healthcare strategies to incorporate precision oncology, emphasizing the development of personalized treatment plans and the integration of genomic data into clinical practice.
Market Opportunities in the United States
The United States leads the global precision oncology market, supported by advanced healthcare infrastructure and substantial investments in research and development. In August 2024, Illumina Inc. received FDA approval for its TruSight Oncology comprehensive test, analyzing over 500 genes in solid tumors to identify actionable biomarkers, enhancing the precision of cancer care.
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Expansion Trends in Europe
Europe's precision oncology market is expanding, with countries like Germany, the United Kingdom, France, and Switzerland contributing significantly due to strong healthcare systems, research capabilities, and government initiatives promoting precision medicine.
◉ Precision Oncology Market Mergers & Acquisitions
In July 2023, NeoGenomics expanded its global presence through strategic acquisitions in Europe and Asia, positioning itself as a prominent provider of cancer testing services.
In April 2024, Ono Pharmaceutical Co. acquired U.S.-based Deciphera Pharmaceuticals for $2.4 billion, aiming to enhance its oncology portfolio and expand its presence in the U.S. and European markets.
Reuters
◉ Precision Oncology Market Segmentation :
by Products
Diagnostics
Therapeutics
by Cancer Types
Breast Cancer
Lung Cancer
Cervical cancer
Colorectal Cancer
Prostate Cancer
by End User
Pharmaceutical & Biotechnology Companies
Diagnostic Centres
Healthcare Data Companies
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◉ Key Recent Developments
In June 2023, Illumina launched new sequencing instruments and data analysis tools, reinforcing its commitment to advancing genomic solutions for personalized cancer care.
The Asia-Pacific region is experiencing rapid growth in the precision oncology market, with initiatives like the Quad Cancer Moonshot by the United States, Australia, India, and Japan aiming to enhance cancer care and research collaborations in the Indo-Pacific.
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