Precision Oncology Market - Databook 2025 to 2034

The global precision oncology market size accounted for USD 121.02 billion in 2024 and is predicted to touch around USD 313.33 billion by 2034, growing at a CAGR of 9.98% from 2025 to 2034.

Precision Oncology Market Report Highlights

• By region, North America dominated the market and accounted for the highest revenue share in 2024.
• By region, Asia Pacific is expected to grow fastest during the forecast period.
• By product, the therapeutics segment dominated the precision oncology market in 2024 with the highest revenue share.
• By product, the diagnostics segment is expected to grow at the fastest rate in the market during the forecast period of 2025 to 2034.
• By cancer type, the breast cancer segment accounted for a considerable share of the market in 2024.
• By cancer type, the lung cancer segment is set to experience the fastest rate of market growth from 2025 to 2034.
• By end use, the hospitals & diagnostic laboratories segment dominated the precision oncology market.
• By end use, the pharmaceutical & biotechnology companies segment will gain a significant share of the market over the studied period of 2025 to 2034.

Industry Valuation and Growth Rate Projection

The precision oncology market refers to the production, distribution, and application of precision oncology, which is the most successful approach to cancer care that medical science has to offer. Precision oncology is the molecular profiling of tumors to identify targetable alterations. In simple terms, it is the science of using a patient’s genetics to create a treatment plan targeted to the molecular characteristics of their cancer. 

Molecular testing allows the classification and diagnosis of cancers with greater precision, potentially enhancing prognosis, therapeutic decision-making, and outcomes while sparing patients from treatments that may confer less clinical benefit. Precision oncology produces higher survival rates, faster successful treatment outcomes, and fewer side effects than standard care.

Precision medicines in cancer care rely on the use of genomic technologies at the point of care to inform clinical treatment decisions. This allows for more accurate and efficient prediction of individualized therapies that are most suited for specific patients. The benefits of precision medicines in cancer patients include the treatment of each patient can be focused on drugs most likely to benefit him or her, sparing the patient the cost and potential harmful side effects from drugs that are unlikely to be beneficial.

Rising government initiatives and funding are driving the growth of the precision oncology market. Under the precision medicine initiative, NCI will assemble and analyze additional genomic data sets to increase our understanding of cancer genomes and their relationship to gene variants that a patient may have inherited. The future of precision medicine or the aim of precision medicine initiative includes it will allow healthcare providers to tailor treatment and prevention strategies to people’s unique characteristics involving their genome sequence, diet, lifestyle, health history, and microbes’ composition. Precision oncology funding aims to foster outstanding traditional cancer research projects. Funding benefits include providing access to capital that can be used for many purposes, like starting a new business, expanding an existing one, or funding research and development. It can help to reduce the risk of a venture by spreading the financial burden among multiple investors.

Advancements in technologies are driving the growth of the precision oncology market. Recent developments in molecular technologies have allowed the ever more accurate and complex characterization of human cancers, while the identification of new targets for some patients delivered the promise of precision oncology, showing enhanced response rates while mitigating safety concerns. Technology has enhanced cancer treatment in many ways. Cancer drugs are more effective and targeted, reducing the side effects of treatment and improving the quality of life for many people. Imaging technologies have also improved, making it easier to detect and diagnose cancer early and monitor its progression.

The next-generation sequencing testing is used to support large ‘basket’ clinical trials for precision oncology. Basket studies use genomic testing to direct patients to a targeted therapy that matches their molecular profile, independent of tumor histology. Precision medicine seeks to use genomic data to help provide the right treatment to the right patient at the right time. Next-generation sequencing technology allows for the rapid and accurate sequencing of many genes at once. AI also plays an important role in precision oncology; it can improve human capabilities by allowing the incorporation of increasingly complex knowledge into clinical decision-making. It facilitates the interpretation of increasingly diverse and complex data and its application for personalized management.