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Oncology Precision Medicine Market to Record 12.6% CAGR Growth Through 2029 | Global Analysis Report
Oncology Precision Medicine Market
Oncology Precision Medicine Market Outlook: How is the Market Expected to Grow by 2025?
The size of the oncology precision medicine market has seen swift expansion in the last few years. It is predicted to expand from $110.90 billion in 2024 to $125.14 billion in 2025, translating to a compound annual growth rate (CAGR) of 12.8%. This historical growth trend can be ascribed to factors such as an increase in cancer incidences, adoption of targeted therapies, burgeoning investment in genomic research, advancements in healthcare infrastructures, and greater understanding of personalized medicine.
Oncology Precision Medicine Market Forecast: What Size Will It Reach By 2029?
The future predicts a swift expansion for the oncology precision medicine market, which is anticipated to surge to $201.40 billion in 2029 with a compound annual growth rate (CAGR) of 12.6%. This predicted growth within the forecast period can be ascribed to the growing demand for non-invasive cancer diagnosis and an increasing inclination towards personalized treatment strategies. Other contributing factors include the higher utilization of companion diagnostics, the burgeoning pipeline of precision oncology medications, and the rising clinical application of AI tools. The period is likely to witness significant technological advancements in liquid biopsy platforms, breakthroughs in next-generation sequencing, progress in AI for data processing, research enhancements in biomarker discovery, and the incorporation of multi-omics into clinical oncology.
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Which Key Market Drivers Will Shape Oncology Precision Medicine Industry Trends in 2025-2029?
The growing prevalence of cancer is expected to propel the growth of the oncology precision medicine market going forward. Cancer is a disease in which abnormal cells grow uncontrollably and can spread to other parts of the body, disrupting normal bodily functions. The growing prevalence of cancer is due to aging populations, as prolonged lifespans lead to the accumulation of deoxyribonucleic acid (DNA) mutations, diminished repair systems, chronic inflammaging, weakening immune surveillance, and tissue microenvironments that increasingly support tumor growth. Oncology precision medicine is useful for cancer by providing personalized treatments based on the unique genetic makeup of each tumor, improving effectiveness and reducing side effects. For instance, in February 2024, according to the World Health Organization (WHO), a Switzerland-based intergovernmental organization, the estimated 20 million new cases of cancer in 2022 are expected to rise by 77% to over 35 million cases in 2050. Therefore, the growing prevalence of cancer is driving the growth of the oncology precision medicine market.
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What Are the High-Growth Segments in the Oncology Precision Medicine Market?
The oncology precision medicine market covered in this report is segmented -
1) By Product Type: Diagnostics, Therapeutics, Inhibitor Drugs, Monoclonal Antibodies, Cell And Gene Therapy, Antiviral And Anti-Retroviral Drugs
2) By Technology: Genomics, Proteomics, Bioinformatics, Other Technologies
3) By Biomarker Types: Genetic Biomarkers, Protein Biomarkers, Epigenetic Biomarkers, Metabolic Biomarkers, Other Biomarker Types
4) By Applications: Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Cervical Cancer, Kidney Cancer, Liver Cancer, Bladder Cancer, Other Applications
5) By End-Users: Hospitals, Diagnostic Laboratories, Research Institutions, Pharmaceutical Companies, Other End-Users
Subsegments:
1) By Diagnostics: Companion Diagnostics, Molecular Diagnostics, Liquid Biopsy, Imaging Diagnostics, Next-Generation Sequencing Assays
2) By Therapeutics: Tyrosine Kinase Inhibitors (TKIs), Poly ADP-Ribose Polymerase Inhibitors (PARP Inhibitors), Cyclin-Dependent Kinase 4 And 6 Inhibitors (CDK4/6 Inhibitors), B-Raf Proto-Oncogene Serine Or Threonine Kinase Inhibitors (BRAF Inhibitors), Mitogen-Activated Protein Kinase Kinase Inhibitors (MEK Inhibitors)
3) By Inhibitor Drugs: Tyrosine Kinase Inhibitors (TKIs), Poly ADP-Ribose Polymerase Inhibitors (PARP Inhibitors), Cyclin-Dependent Kinase 4 And 6 Inhibitors (CDK4/6 Inhibitors), B-Raf Proto-Oncogene Serine Or Threonine Kinase Inhibitors (BRAF Inhibitors), Mitogen-Activated Protein Kinase Kinase Inhibitors (MEK Inhibitors)
4) By Monoclonal Antibodies: Naked Monoclonal Antibodies, Conjugated Monoclonal Antibodies, Bispecific Antibodies, Immune Checkpoint Inhibitors, Radiolabeled Antibodies
5) By Cell And Gene Therapy: CAR-T Cell Therapies, T-Cell Receptor (TCR) Therapies, Tumor-Infiltrating Lymphocyte (TIL) Therapies, Oncolytic Viral Therapies, Gene Editing And Replacement Therapies
6) By Antiviral And Anti-Retroviral Drugs: Reverse Transcriptase Inhibitors, Protease Inhibitors, Integrase Strand Transfer Inhibitors, Entry Inhibitors, Antiviral Agents Targeting Virus-Related Cancers
Which Global Trends Are Driving Oncology Precision Medicine Market Expansion?
Leading firms in the oncology precision medicine market are presently concentrating on creating innovative methodologies such as molecular tumor board programs to promote interdisciplinary teamwork and improve personalised treatment plans. These molecular tumor boards consist of a diverse group of professionals who scrutinise and explain complex genetic and molecular exam results to suggest customised cancer therapy strategies. To illustrate, McKesson Corporation, a healthcare services and information technology firm based in the US, announced the Precision Care Companion initiative in April 2025. The initiative assists biomarker-driven cancer care by offering education, technological advancements, and operational support to oncology practices. This all-inclusive program brings together doctors, clinical staff, business leaders, and pharmaceutical partners to facilitate a collective environment that expedites the incorporation of advanced genomic testing and targeted therapies. This helps providers to offer more customised, efficient cancer treatments, thereby enhancing patient results.
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Who Are the Fastest-Growing Companies in the Oncology Precision Medicine Industry?
Major companies operating in the oncology precision medicine market are Roche Holding AG, Bristol Myers Squibb Company, Abbott Laboratories, Novartis AG, Gilead Sciences Inc., Laboratory Corporation of America Holdings, Quest Diagnostics Inc., Agilent Technologies Inc., Illumina Inc., bioMérieux S.A., Bio-Rad Laboratories Inc., Exact Sciences Corporation, Almac Group Limited, OPKO Health Inc., Natera Inc., Myriad Genetics Inc., Pacific Biosciences of California Inc., Asuragen Inc., BGI Group, ANGLE plc.
What Is the Regional Outlook for the Oncology Precision Medicine Market by 2029?
North America was the largest region in the oncology precision medicine market in 2024. The regions covered in the oncology precision medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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