Precision Oncology Market Forecast to Reach US$ 190.46 Billion by 2030 at a CAGR of 9.9% - Key Growth Drivers in Precision Oncology Industry

According to a new report by Maximize Market Research, the global Precision Oncology market was valued at approximately US$ 98.36 billion in 2023 and is projected to reach about US$ 190.46 billion by 2030, growing at a compound annual growth rate (CAGR) of 9.9 % during the forecast period (2024-2030).

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♦ Key Highlights

Market size & CAGR: US$ 98.36 billion in 2023; expected to reach US$ 190.46 billion by 2030, at a CAGR of 9.9 %.

Leading application/segment: The therapeutics segment dominates, accounting for nearly 70 % of the product-type market.

Fastest-growing / largest regional market: North America (led by the U.S.) holds the largest share (~44 %). Asia Pacific is identified as a high-growth region.

Key drivers & trends: Rising global cancer prevalence; advances in genomic sequencing, immunotherapy and gene-editing technologies; increasing adoption of personalised medicine.

Restraints: Persistently high cost of precision oncology treatments and diagnostics; complexity in bioinformatics and tumour heterogeneity challenge adoption.

Key companies: Notable players include Thermo Fisher Scientific, Merck KGaA, Pfizer Inc., Johnson & Johnson and Roche Holdings AG.

♦ Market Outlook

The global precision oncology market is set to experience robust growth through the forecast period. The report by Maximize Market Research identifies a value of US$ 98.36 billion for 2023 and projects expansion to US$ 190.46 billion by 2030, at a CAGR of 9.9 %.
Therapeutics dominate the product segmentation, reflecting the shift towards personalised treatment approaches for cancer care. Diagnostics also remain critical, particularly as companion diagnostics and biomarker testing become integral to targeted therapy adoption.
Further, growing investment in genomic profiling, biomarker discovery and AI-driven analytics are changing the landscape of cancer treatment, enabling more precise interventions. However, limitations related to cost, equitable access and data analytics remain to be addressed.

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♦ Regional Insights

North America remains the leading region for precision oncology, with the U.S. driving much of the market due to mature healthcare infrastructure, strong R&D investment and advanced laboratory capabilities.
Asia Pacific is emerging as the fastest growing region, aided by expanding healthcare systems, increasing cancer incidence and growing adoption of precision diagnostics in countries such as China, Japan and India.
Europe continues to maintain significant share, driven by governmental initiatives, research hubs and adoption of molecular diagnostics. Meanwhile, Middle East & Africa and South America remain nascent but offer future opportunity with improving healthcare access and investment.

♦ Key Players & Competitive Landscape

The competitive landscape of the precision oncology market features global pharmaceutical and diagnostic firms investing heavily in targeted therapies, companion diagnostics and precision medicine platforms. Top companies highlighted in the report include Thermo Fisher Scientific, Merck KGaA, Pfizer, Johnson & Johnson and Roche Holdings AG.
These firms are advancing their portfolios through strategic alliances, acquisitions and R&D efforts addressing tumour heterogeneity, biomarker discovery and data analytics to capture growth in the precision oncology market.

♦ Quote

"Given the rising global cancer burden and the maturation of genomic- and biomarker-driven therapy platforms, the precision oncology market presents a compelling growth opportunity," said Dr. Anita Singh, Lead Healthcare Analyst at Maximize Market Research. "Companies that can combine diagnostics, targeted therapeutics and data analytics stand to benefit from one of the most dynamic segments in oncology today."

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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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