Precision Oncology Market Size, Share & Trends Analysis Report By Product Type (Diagnostics, Therapeutics), By Cancer Type (Breast Cancer, Cervical Cancer, Prostate Cancer, Lung Cancer), By End-use, By Region,- Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2025-2034

Precision Oncology Market Size and Research

The precision oncology market size was exhibited at USD 115.32 million in 2024 and is projected to hit around USD 250.35 million by 2034, growing at a CAGR of 8.06% during the forecast period 2025 to 2034.

Precision Oncology Market Key Takeaways:

• Based on product type, the therapeutics segment led the market with the largest revenue share of 71.3% in 2024.
• The diagnostics segment is anticipated to grow at the fastest CAGR of 8.6% over the forecast period.
• Based on cancer type, the breast cancer segment led the market with the largest revenue share of 41.7% in 2024.
• The cervical cancer segment is anticipated to witness at the fastest CAGR of 8.7% over the forecast period.
• Based on end-use, the hospitals and diagnostic segment led the market with the largest revenue share of 47.0% in 2024.
• The pharmaceutical & biotechnology companies segment is anticipated to witness at the fastest CAGR of 8.5% over the forecast period.
• North America precision oncology market dominated with the largest revenue share of 45.0% in 2024.

U.S. Precision Oncology Market Size and Growth 2025 to 2034

The U.S. precision oncology market size is evaluated at USD 38.9 million in 2024 and is projected to be worth around USD 84.5 million by 2034, growing at a CAGR of 7.3% from 2025 to 2034.

North America precision oncology market dominated with the largest revenue share of 44.0% in 2024. The market dominance can be attributed to the increasing availability of advanced diagnostic tools that enable personalized treatment approaches. For instance, in August 2024, Illumina Inc. announced the FDA approval of its TruSight Oncology comprehensive test, representing a significant advancement, analyzing over 500 genes in solid tumors to identify actionable biomarkers. With its approval as a companion diagnostic for therapies like Bayer's VITRAKVI and Lilly's RETEVMO, the test enhances the precision of cancer care by matching patients with targeted treatments. Such innovations are propelling the growth of precision oncology in the region by improving diagnostic accuracy and expanding therapeutic options.

U.S. Precision Oncology Market Trends

The U.S. precision oncology market is projected to grow at a significant CAGR during the forecast period. Significant approvals for innovative treatment regimens for various cancers are one of the prime factors driving the market. For instance, AstraZeneca’s Imfinzi (durvalumab) received FDA approval in August 2024 for  use with chemotherapy in treating resectable early-stage non-small cell lung cancer. Based on the AEGEAN Phase III trial, the Imfinzi-based regimen reduced the risk of recurrence, progression, or death by 32% compared to neoadjuvant chemotherapy alone. Such advancements demonstrate the growing adoption of precision therapies that enhance survival rates, driving the demand for personalized cancer treatments in the U.S., and thereby fostering market growth.

Europe Precision Oncology Market Trends

The precision oncology market in Europe is likely to emerge as a lucrative region due to the growing focus on innovative therapies for rare cancers through strategic collaborations and advancements in radioligand treatments. For instance, in September 2024, Sanofi announced a licensing agreement with RadioMedix and Orano Med highlighting the development of AlphaMedix (212Pb-DOTAMTATE), a targeted alpha therapy for somatostatin receptor-expressing neuroendocrine tumors. This next-generation radioligand medicine leverages lead-212 to deliver precise, targeted cancer treatment, addressing the unmet needs of patients with rare and difficult-to-treat cancers. Such initiatives are advancing precision medicine in Europe, driving growth through innovative solutions tailored to specific cancer subtypes.

The UK precision oncology market is projected to grow at a significant CAGR during the forecast period, due to the increasing emphasis on developing advanced antibody-drug conjugates that target specific cancer biomarkers. For instance, GSK's B7-H3-targeted ADC, which received breakthrough therapy designation from the US FDA in August 2024, for relapsed or refractory extensive-stage small-cell lung cancer, highlights the potential of such therapies. This innovation reflects the growing demand for precision treatments that address complex cancer cases, spurring investment and adoption in the UK market to meet evolving healthcare needs.

The precision oncology market in France is expected to grow at the fastest CAGR over the forecast period. The France market is growing due to the expanding adoption of advanced nuclear medicine diagnostics that enable more precise detection and monitoring of cancers. For instance, in May 2024, Curium introduced PYLCLARI (Piflufolastat [18F]), an innovative PET tracer that marked a significant milestone in prostate cancer care. This diagnostic tool helps identify PSMA-positive lesions in high-risk patients and localize recurrence in those with rising PSA levels. By improving diagnostic accuracy, PYLCLARI has enhanced treatment planning and patient outcomes, reinforcing the country’s leadership in precision oncology and driving growth in the adoption of cutting-edge radiopharmaceutical solutions.

The Germany precision oncology market is projected to expand at a significant CAGR during the forecast period. The country's strong emphasis on personalized medicine and its comprehensive healthcare infrastructure, which supports the adoption of innovative cancer treatments, is one of the key market drivers. Germany is a leader in implementing genomic profiling and molecular diagnostics, which are integral to precision oncology. In addition, Germany’s extensive network of academic institutions and research organizations, such as the German Cancer Research Center, plays a crucial role in advancing the development of precision oncology therapies, further driving the market growth.

Asia Pacific Precision Oncology Market Trends

The Asia Pacificprecision oncology market is expected to experience at the fastest CAGR of 9.0% during the forecast period, driven by increasing focus on collaborative international efforts to enhance cancer care and research. For instance, the launch of the Quad Cancer Moonshot initiative by the United States, Australia, India, and Japan is set to strengthen the cancer care ecosystem in the Indo-Pacific. This initiative focuses on improving health infrastructure, expanding research collaborations, and enhancing support for cancer prevention, detection, and treatment. The emphasis on cervical cancer as a starting point, along with the broader commitment to address other cancer types, is expected to drive advancements in precision oncology, improve access to cutting-edge treatments, and foster the development of region-specific diagnostic and therapeutic solutions.

The India precision oncology market is projected to grow at the fastest CAGR throughout the forecast period. The development of accessible and affordable innovative therapies in the country is exemplified by the launch of India’s first home-grown CAR-T cell therapy for cancer. This breakthrough gene therapy, launched in April 2024, is a significant advancement in cancer treatment, offering a promising option for patients who previously lacked access to such therapies due to high costs. As CAR-T cell therapy becomes more affordable, it increases access to cutting-edge treatments, helping to address cancer in the Indian population. This initiative not only demonstrates the country's growing capabilities in biotechnology but also aligns with the broader movements, further driving the market growth in India.

The precision oncology market in Japan is anticipated to grow at a significant CAGR during the forecast period. Japan’s investment in research and development, particularly in biotechnology and diagnostics, supports continuous innovation and market growth.

Latin America Precision Oncology Market Trends

The precision oncology market in Latin Americais expected to experience at a significant CAGR throughout the forecast period. The increasing investment in healthcare infrastructure and the adoption of advanced diagnostic and therapeutic technologies are major market drivers in the region. Countries such as Brazil, and Argentina are expanding access to molecular diagnostics and targeted therapies to address the rising burden of cancer in the region. Initiatives such as public-private partnerships, regional collaborations, and government funding for cancer care are enhancing the availability of precision oncology solutions, driving market growth across Latin America.

The Brazil precision oncology market is anticipated to grow at a substantial CAGR over the forecast period. The Brazil market is growing as initiatives focus on expanding access to advanced cancer treatments. The Oncidium Foundation actively improved accessibility by implementing the RLT-Connect program, a global treatment donation initiative. By partnering with institutions like MND Campinas during the Belgian Economic Mission, the foundation ensured that underserved communities in Brazil could benefit from lifesaving radioligand therapy. This historic agreement demonstrated a strong commitment to equitable cancer care, driving the adoption of innovative precision oncology solutions in the country.

Middle East & Africa Precision Oncology Market Trends

The precision oncology market in the Middle East and Africais expected to grow at the fastest CAGR during the forecast period, due to several driving factors. Increasing availability of innovative cancer therapies through strategic collaborations contributes to the region’s growth. For instance, in November 2024, Pharmaceuticals entered into a collaboration with Pharmalink. With this partnership, Pharmalink received the commercial rights for sugemalimab, an advanced anti-cancer therapy, across key countries in the MENA region and South Africa. This agreement not only ensures the supply and commercialization of sugemalimab but also accelerates access to cutting-edge treatments in countries like Saudi Arabia, UAE, Egypt, and South Africa. Such collaborations are bolstering the precision oncology ecosystem by addressing unmet medical needs and improving cancer care outcomes across the region.

The Saudi Arabia precision oncology market is anticipated to experience at a lucrative CAGR during the forecast period. For instance, in January 2025, Boston Oncology Arabia and SPIMACO Memorandum of Understanding to produce advanced oral oncology treatments within the kingdom. This initiative enhances patient access to cutting-edge therapies, builds local expertise in precision medicine, and strengthens the country’s pharmaceutical infrastructure, driving market growth

Report Scope of Precision Oncology Market

Precision Oncology Market By Product Type Insights

Based on product type, the therapeutics segment led the market with the largest revenue share of 71.3% in 2024, due to the increasing development and approval of targeted treatments tailored to specific genetic mutations. For instance, in October 2024, the FDA approved Genentech, Inc. Itovebi (inavolisib) for advanced hormone receptor-positive, HER2-negative breast cancer with a PIK3CA mutation. Based on Phase III INAVO120 results, Itovebi significantly improved progression-free survival, addressing an unmet need for a common and challenging mutation in breast cancer. Such advancements play a crucial role in therapeutic innovation and help in transforming outcomes for patients with genetically driven cancers. Owing to such regulatory approvals for advanced therapeutics, the segment has dominated the market and is expected to grow significantly during the study period.

The diagnostics segment is anticipated to grow at the fastest CAGR of 8.6% over the forecast period, driven by advancements in AI-driven technologies that enable more accurate and personalized care. For instance, in September 2024,  F. Hoffmann-La Roche Ltd expanded its digital pathology open environment, which is integrating over 20 AI algorithms from eight new collaborators, that showcases the transformative potential of AI in cancer diagnostics. These tools provide high-value insights that enhance pathology, allowing clinicians to identify specific biomarkers and tailor treatments to individual patients. Such innovations not only improve clinical outcomes but also create significant opportunities for growth in the diagnostics sector, solidifying its role as a cornerstone of precision medicine.

Precision Oncology Market By Cancer Type Insights

Based on cancer type, the breast cancer segment led the market with the largest revenue share of 41.7% in 2024, attributed to increasing awareness for breast cancer screening, diagnosis, and surgical and radiation techniques. Likewise, expanding research activities, early breast cancer detection and patient overall prognosis are likely to boost the development of novel methods, such as precision oncology, due to the growing adoption of targeted therapies that improve patient outcomes. For instan ce, Pfizer’s Phase 3 PATINA trial demonstrated that adding IBRANCE (palbociclib) to standard first-line maintenance therapy significantly improved progression-free survival in patients with HR+, and HER2+ metastatic breast cancer. This breakthrough highlights the importance of tailored treatment strategies for this prevalent cancer type, driving innovation and investment in the sector. Such advancements reinforce the segment's leadership in the precision oncology industry by improving survival rates for breast cancer patients.

The cervical cancer segment is anticipated to witness at the fastest CAGR of 8.7% over the forecast period, owing to growing research projects, funding, and product launches that have fueled the market growth in the cervical cancer segment. In addition, advancements in targeted therapies that offer improved survival outcomes for patients contribute to the segment’s growth. For instance, in April 2024, TIVDAK (tisotumab vedotin-tftv) received FDA approval which marked a significant milestone as the first antibody-drug conjugate to demonstrate an overall survival benefit in recurrent or metastatic cervical cancer. Results from the global Phase 3 study showed superior efficacy compared to chemotherapy, addressing a critical unmet need in this challenging cancer type. Such breakthroughs highlight the potential for innovative treatments to transform care, accelerating the market growth of this segment.

Precision Oncology Market By End-use Insights

Based on end-use, the hospitals and diagnostic segment led the market with the largest revenue share of 47.0% in 2024. In hospital and diagnostic, precision oncology products are garnering an increasing amount of interest worldwide as it emphases molecular profiling of tumors to identify alterations in the gene. Focusing on components such as precision planning, precise diagnosis, monitoring, and precise treatment along with expertise, the market has gained increasing importance in hospital and diagnostics laboratories.

The pharmaceutical & biotechnology companies segment is anticipated to witness at the fastest CAGR of 8.5% over the forecast period. In addition, pharmaceutical and biotechnology manufacturers focus on developing customized end-to-end solutions to meet the changing customer requirements. The segment companies are expected to increase large-scale projects that support drug development programs.

Some of the prominent players in the precision oncology market include:

• 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.
• Bioserve
• Relay Therapeutics
• Acrivon Therapeutics

Precision Oncology Market Recent Developments

• In August 2024, The Biden-Harris Administration’s ARPA-H has launched the POSEIDON program to develop a first-of-its-kind, at-home synthetic Multi-Cancer-Early Detection (MCED) test for detecting 30+ solid tumors at stage I using breath and/or urine samples. This initiative is part of the Biden Cancer Moonshot’s goal to significantly impact the global market by enhancing early detection and broadening access to cancer screening.
  
  
• In August 2024, ImCheck Therapeutics was awarded €20.18 million in non-dilutive funding through the “i-Démo” initiative of the France 2030 Plan, managed by Bpifrance. The funding will accelerate the development of ICT01, a γ9δ2 T cell-activating antibody in Phase I/IIa trials for cancer, and support the clinical advancement of ICT41 for infectious diseases.
  
  
• In May 2024, Clasp Therapeutics launched with USD150 million in Series A financing, co-led by Catalio Capital Management, Third Rock Ventures, and Novo Holdings. The company’s platform develops next-generation T cell engagers tailored to oncogenic driver mutations for highly specific tumor targeting, enhancing treatment precision and reducing off-target effects, further advancing personalized cancer care.

Segments Covered in the Report

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2034. For this study, Nova one advisor, Inc. has segmented the precision oncology market

By Product Type

• Diagnostics
• Therapeutics

By Cancer Type

• Breast Cancer
• Colorectal Cancer
• Cervical Cancer
• Prostate Cancer
• Lung Cancer
• Others

By End-use

• Hospitals & Diagnostic Laboratories
• Pharmaceutical & Biotechnology Companies
• Healthcare Data Companies

By Regional

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa (MEA)