Precision Oncology Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product Type (Diagnostics, Therapeutics), By Cancer Type (Breast Cancer, Cervical Cancer, Prostate Cancer, Lung Cancer), By End User (Hospitals & Diagnostic Laboratories, Pharmaceutical & Biotechnology Companies, Healthcare Data Companies) Region and Competition, 2020-2030F

Market Overview

The Global Precision Oncology Market , valued at USD 99.45 Billion in 2024, is projected to experience a CAGR of 9.12% to reach USD 167.87 Billion by 2030. Precision oncology tailors cancer treatment based on an individual's tumor genetic and molecular profiles, aiming for therapies that are more effective and reduce adverse effects by targeting specific cancer cell vulnerabilities. The market's growth is fundamentally driven by continuous advancements in genomic sequencing technologies, which enable comprehensive molecular profiling, alongside a deepening understanding of cancer genomics. Additionally, the escalating global prevalence of cancer significantly increases the demand for precise and individualized treatment options. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), the European Medicines Agency approved approximately 14 new cancer medicines annually between 2021 and 2024, alongside 318 new indications for existing therapies, reflecting sustained innovation in the field.

However, a notable challenge impeding market expansion is the complex interaction of the high costs associated with developing and administering personalized therapies, coupled with persistent barriers in patient access and reimbursement for these advanced diagnostic and therapeutic solutions. Operational inefficiencies and a limited understanding of biomarker strategies among stakeholders further exacerbate these access challenges, preventing eligible patients from readily receiving personalized treatments.

Key Market Drivers

The global precision oncology market is significantly influenced by two primary drivers: the escalating worldwide burden of cancer and continuous technological progress in genomic sequencing and molecular diagnostics. The rising global cancer incidence and mortality rates present a critical and expanding patient population in need of more effective and individualized therapeutic strategies. According to the International Agency for Research on Cancer (IARC) and the American Cancer Society (ACS), in April 2024, an estimated 20 million cancer cases were newly diagnosed in 2022 worldwide, highlighting the urgent demand for advanced cancer care. This pervasive increase in cancer diagnoses underscores the necessity for treatments tailored to specific tumor characteristics, moving beyond conventional broad-spectrum approaches. Concurrently, advancements in genomic sequencing and molecular diagnostics provide the fundamental tools that enable precision oncology. These technologies facilitate comprehensive molecular profiling of tumors, identifying actionable genetic mutations and biomarkers essential for guiding targeted therapies. According to Illumina Inc. , in April 2023, its NovaSeq X sequencing system received over 200 orders in the first quarter, demonstrating significant industry adoption of advanced genomic sequencing technology, which provides higher throughput and accuracy for deeper genomic insights. This technological evolution directly impacts the market by enhancing the ability to diagnose, monitor, and treat cancer with greater precision.

The extensive application of diagnostic tools, which are crucial for the implementation of precision oncology practices, also underpins market expansion. According to Roche's Annual Report, in 2024, the company delivered 30 billion diagnostic tests to customers worldwide, reflecting the integral role of diagnostics in personalizing cancer treatment strategies.

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Key Market Challenges

The complex interaction of high costs associated with developing and administering personalized therapies, coupled with persistent barriers in patient access and reimbursement, significantly impedes the growth of the Global Precision Oncology Market. Despite the inherent benefits of tailored treatments, the substantial financial burden often deters widespread adoption, limiting the ability of eligible patients to receive these advanced solutions. This challenge is further exacerbated by operational inefficiencies and a limited understanding of biomarker strategies among various healthcare stakeholders.

The structure of pharmaceutical spending directly impacts patient affordability and market penetration. According to the Pharmaceutical Research and Manufacturers of America (PhRMA), in 2023, entities such as hospitals, insurers, and Pharmacy Benefit Managers (PBMs) received more than 50 cents of every dollar spent on brand medicines. These dynamics can compel patients to pay higher out-of-pocket costs for their therapies, restricting access to crucial precision oncology treatments. Such financial hurdles mean that even when an effective personalized therapy is available, its high cost often prevents it from reaching the broader patient population, consequently decelerating overall market expansion.

Key Market Trends

Multi-omics integration for comprehensive patient profiling represents a pivotal shift towards a more holistic understanding of cancer. This trend involves combining data from genomics, proteomics, transcriptomics, and metabolomics to create an exhaustive molecular blueprint of an individual's tumor. Such detailed profiling enables clinicians to identify complex disease mechanisms, pinpoint actionable targets with greater precision, and predict therapeutic responses more effectively, ultimately leading to highly individualized treatment strategies. Reflecting the growing investment in this area, the National Institutes of Health awarded $50.3 million in September 2023 to establish the Multiomics for Health and Disease Consortium, demonstrating significant commitment to advancing multi-omic research for improved disease understanding. Furthermore, Illumina unveiled a comprehensive suite of new omics technologies in February 2025, significantly expanding its multiomics portfolio with advancements in spatial transcriptomics, single-cell analysis, CRISPR technologies, and epigenetics, alongside a new multimodal data analysis platform, reinforcing the industry's drive towards deeper biological insights.

Artificial intelligence-driven biomarker discovery and drug development is fundamentally transforming the pace and efficacy of bringing new precision oncology therapies to market. AI algorithms analyze vast and complex biological datasets to identify novel biomarkers, predict drug candidate efficacy and toxicity, and optimize drug design, thereby streamlining the entire development pipeline. The Pharmaceutical Research and Manufacturers of America, PhRMA, indicated in March 2025 that an increasing number of drug and biologic submissions to the U. S. Food and Drug Administration incorporated AI elements over the preceding years, highlighting AI's growing role in biopharmaceutical innovation. This accelerated approach reduces the time and cost associated with traditional drug development. For instance, NVIDIA collaborated with Novo Nordisk in June 2025 to apply AI models and agents to fuel drug discovery and development, including leveraging generative AI for drug discovery and creating custom agentic AI workflows, showcasing a strategic industry move to harness AI's potential in accelerating therapeutic advancements.

Segmental Insights

The Global Precision Oncology Market is experiencing robust expansion, with breast cancer emerging as a significant and rapidly growing segment. This rapid expansion is primarily driven by increasing awareness for breast cancer screening and early detection, coupled with continuous advancements in targeted therapies. Precision oncology approaches for breast cancer leverage the identification of specific molecular alterations and biomarkers that guide tailored treatment strategies, leading to improved patient outcomes and survival rates. The integration of advanced genomic profiling technologies and the development of novel drugs, often supported by extensive research activities and clinical trials, further propel the segment's strong market position. This focus on individualized treatment, which considers the unique characteristics of a patient's tumor, enhances therapeutic efficacy and minimizes side effects.

Regional Insights

North America dominates the global precision oncology market due to its robust healthcare infrastructure and substantial investments in research and development. The region benefits from a significant presence of prominent pharmaceutical and biotechnology companies, alongside the early adoption of advanced diagnostic tools and widespread genomic sequencing technologies. A favorable regulatory environment, notably driven by initiatives from the United States Food and Drug Administration, also supports the expedited development and approval of innovative precision medicine interventions. This strong ecosystem, combined with a high prevalence of cancer, fosters a conducive environment for precision oncology advancements and widespread clinical integration.

Recent Developments

• In August 2025, Bayer and Kumquat Biosciences announced an exclusive global license and collaboration agreement in precision oncology. This partnership focuses on developing and commercializing Kumquat’s KRAS G12D inhibitor, a significant step for patients with deadly malignancies such as pancreatic, lung, and colorectal cancers that currently lack effective treatments. Kumquat was responsible for initiating the Phase Ia study, while Bayer will manage further development and commercialization activities. Kumquat received U.S. Food and Drug Administration clearance for its investigational new drug in July 2025, with potential payments to Kumquat reaching up to $1.3 billion.

• In April 2025, Exact Sciences launched its Oncodetect™ test, a molecular residual disease and recurrence monitoring test, as a significant advancement in the Global Precision Oncology Market. This test is designed to identify residual disease in cancer patients up to two years earlier than conventional imaging methods. The company gained Medicare coverage for the serial use of Oncodetect™ in patients with stage II, III, and resectable stage IV colorectal cancer for adjuvant and recurrence monitoring. This diagnostic innovation provides crucial answers to patients and healthcare providers by enabling earlier detection of cancer recurrence, thereby supporting more precise and timely treatment decisions.

• In December 2024, Sentinal4D, a spin-out company from The Institute of Cancer Research, London, publicly launched after securing pre-seed funding. This new company aims to accelerate drug discovery and development within precision oncology through its patented artificial intelligence-driven methods. Sentinal4D’s technology involves high-throughput 3D imaging of cancer models, both before and after therapeutic intervention, integrated with a proprietary AI-based 3D computer vision model. This approach is designed to provide predictions regarding the response, efficacy, and toxicity of potential new drugs, while also identifying specific patient subsets that would most benefit from particular treatments.

• In March 2024, Bayer and Aignostics GmbH initiated a strategic multi-year research collaboration aimed at advancing precision oncology drug discovery and development. The partnership centers on leveraging artificial intelligence (AI)-powered approaches to identify novel cancer targets with strong disease links. The companies are co-creating a new target identification platform that combines Aignostics' technology and proprietary multimodal patient cohorts with Bayer's deep expertise in oncology. This collaboration also includes the development of computational pathology algorithms, utilizing AI and machine learning to connect pathology data with clinical outcomes, thereby improving patient identification, stratification, and selection for clinical trials.

Key Market Players

• Thermo Fisher Scientific Inc.
• Invitae Corporation
• Qiagen N.V.
• Illumina, Inc.
• Laboratory Corporation Of America Holding
• Exact Sciences Corporation
• Rain Oncology Inc.
• Strata Oncology, Inc.
• Xilis Inc.
• Variantyx, Inc.

Report Scope:

In this report, the Global Precision Oncology Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Precision Oncology Market , By Product Type:

o   Diagnostics

o   Therapeutics

• Precision Oncology Market , By Cancer Type:

o   Breast Cancer

o   Cervical Cancer

o   Prostate Cancer

o   Lung Cancer

• Precision Oncology Market , By End User:

o   Hospitals & Diagnostic Laboratories

o   Pharmaceutical & Biotechnology Companies

o   Healthcare Data Companies

• Precision Oncology Market , By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Global Precision Oncology Market .

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Global Precision Oncology Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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