Rising Partnership and Clinical Trial Activity Reflect Growing Interest in the Oncology Precision Medicine Market
The global oncology precision medicine market size is estimated to grow from USD 130 billion in 2023 to USD 364 billion by 2035, representing a CAGR of 8.93% during the forecast period 2023-2035. This research study consists of industry trends, detailed market analysis, partnerships and collaborations analysis, and clinical trial analysis. The growth in the oncology precision medicine market size over the next decade is likely to be the result of an anticipated increase in patient population and rise in the demand for personalized medicine in oncology for precision cancer care.
Cancer is recognized as one of the deadliest diseases due to the high prevalence and mortality rates across the globe. According to the World Health Organization, in the year 2020, the global cancer burden was estimated to be 20 million new cases and 10 million deaths, annually, and is anticipated to rise by nearly 60%, by 2040. The key factors contributing to the growing prevalence and pathogenesis of cancer include alcohol intake, obesity, viral infections, radiation and chemical exposure. Currently, there are several conventional approaches, including surgery, radiation therapy, and chemotherapy that are used for the treatment of cancer. In addition, there are several nonconventional or complementary therapeutic methods that are being employed in cancer treatment, such as hormone therapy, immunotherapy and nanotherapy. However, these approaches have been found to be incompetent for dealing with intrinsic carcinogenic genetic abnormalities, which can arise from patient-specific mutations in oncogenes, tumor suppressor genes and DNA repair genes.
In order to address abovementioned limitation of existing treatment options, the concept of precision medicine, often known as personalized medicine, has emerged as a possible solution, which utilizes genomic knowledge to develop gene-targeted therapeutics. The development process of precision medicine involves the study of tumor features, genetic data, lifestyle of patients and environmental effects to provide tailored medicines, which hold significant potential in treating oncological disorders by shifting away from a one-size-fits-all approach. Individuals with a family history of certain types of cancer are more likely to be at risk of inheriting the condition. In such cases, precision oncology aids individuals to take genetic testing and become aware of the associated risk. Further, prior screening for cancer can help in detection of the disease at an early stage, providing a much better chance of successful treatment.
It is worth highlighting that there are number of precision cancer centers, such as MD Anderson Cancer Center in US, Memorial Sloan Kettering Cancer Center in New York and Mayo Clinic Cancer Center in US, that offer advanced technologies and treatments that are suitable for patients with rare or difficult-to-treat cancers. Further, the oncology precision medicines have shown high efficiency during clinical trials due to which the participation of volunteers in such trials has increased. This has resulted in a higher patient pool in clinical trials, helping the researchers in better decision making for the evaluated drug or technology. With continuous research efforts and innovation in this field, it is anticipated that the adoption of such targeted drugs will increase significantly, driving the oncology precision medicine market growth during the forecast period.
Market Share Insights
The oncology precision medicine market report presents an in-depth analysis of various precision medicine oncology companies in this domain, across different segments, as defined below:
- Historical Trend: 2018-2022
- Base Year: 2022
- Forecast Period: 2023-2035
- Market Size 2023: $130 Billion
- CAGR: 8.93%
- PowerPoint Presentation (Complimentary)
- Customization Scope: 15% Free Customization
- Type of Cancer Targeted
- Bladder Cancer
- Blood / Hematologic Cancer
- Breast Cancer
- Cervical Cancer
- Gastrointestinal Cancer
- Head and Neck Squamous Cell Cancer
- Lung Cancer
- Skin Cancer
- Others
- Route of Administration
- Oral
- Intravenous
- Others
- Type of Molecule
- Small Molecules
- Biologics
- Drug Class
- Kinase Inhibitors
- Enzyme Inhibitors
- Immune Checkpoint Inhibitors
- Others
- Leading Drug Developers
- Merck
- Pfizer
- AstraZeneca
- Johnson $ Johnson Innovative Medicine
- Genentech
- Key Geographical Regions
- North America (US, Canada)
- Europe (France, Germany, Italy, Spain and UK)
- Asia (China, Japan, Korea and India)
- Middle East and North Africa (UAE, Israel, Qatar and Rest of Middle East and North Africa)
- Latin America (Brazil, Argentina, Chile and Rest of Latin America)
- Key Precision Medicine Oncology Companies Profiled
- AbbVie
- Anticancer Bioscience
- Astellas Pharma
- Astrazeneca
- Bayer
- Blueprint Medicines
- Bristol Myers Squibb
- Eli Lilly
- Erasca
- Genentech
- GlaxoSmithKline
- Hutchmed
- IDEAYA Biosciences
- Jiangsu Hengrui Pharmaceuticals
- Johnson & Johnson Innovative Medicine
- Merck
- Novartis
- Pfizer
- Repare Therapeutics
- Roche
- Seagen
- SpringWorks Therapeutics
- Takeda Pharmaceutical
- VERAXA Biotech GmbH
- VRise Therapeutics
- (Full list of >125 precision medicine oncology companies captured in the market landscape analysis of the report)
- Excel Data Packs: (Complimentary)
- Market Landscape
- Partnerships and Collaborations
- Clinical Trial Analysis
- Case Study: Oncology Precision Medicine Assay Kits
- Market Forecast and Opportunity Analysis
Market Segmentation Overview
Market Share by Target Cancer
This section includes segment of oncology precision medicine market based on target cancer, including bladder cancer, blood / hematologic cancer, breast cancer, cervical cancer, gastrointestinal cancer, head and neck squamous cell cancer, lung cancer, skin cancer and others. Among these the blood / hematologic cancer holds the maximum share (~55%) in the current precision oncology market. This can be attributed to the high incidence of blood / hematologic cancer, accounting for around 1.25 million cases worldwide per year. Further, precision oncology market for gastrointestinal cancer is estimated to grow at the highest CAGR (>10%) from 2023 to 2035.
Market Share by Route of Administration
The global oncology precision medicine market is categorized into oral and intravenous route of administration. Owing to their comfortable and convenient nature, the segment for oral route of administration is likely to grow at a higher CAGR (9.18%) as compared to other routes of administration in the coming years.
Market Share by Type of Molecule
The global oncology precision medicine market is segmented into small molecules and biologics. The small molecules segment occupies the highest share in 2023 and expected to remain dominant during the forecast period. This can be primarily attributed to the fact that small molecules can pass the cellular membranes and disrupts the intracellular protein-protein interactions. This interference affects the crucial cellular processes, such as signalling pathways, protein functions and ultimately impact the normal functioning of the cell.
Market Share by Drug Class
This section includes the segmentation of global oncology precision medicine market across different drug classes, such as kinase inhibitors, enzyme inhibitors, immune checkpoint inhibitors and others. The kinase inhibitor drug class segment occupies the highest share in 2023 and is expected to witness substantial growth in the coming years. It is worth noting that majority of kinase inhibitors target mutated protein growth factors, such as EGFR and FGFR.
Market Share by Key Geographical Regions
This segment highlights the distribution of oncology precision medicine market across key geographical regions, including North America (US and Canada), Europe (France, Germany, Italy, Spain and UK), Asia (China, Japan, Korea and India), Middle East and North Africa (UAE, Israel, Qatar, Rest of Middle East and North Africa) and Latin America (Brazil, Argentina, Chile and Rest of Latin America). It is worth highlighting that North America captures 42% of the current total oncology precision medicine market. Further, oncology precision medicine market in Asia-Pacific is expected to grow with a CAGR of more than 14.37%. This can be attributed to the fact that Asian countries, including China, Japan, Korea and India have a growing economy, and thus require low-cost investment for conducting clinical trials. Further, several investments and initiatives taken by government authorities in the Asian countries promote the oncology precision medicine market.
Key Market Insights
The market report features an extensive study of the current market landscape, market size, market share, market analysis, market forecast and future opportunities for the precision medicine oncology companies involved in the development of oncology precision medicine. The oncology precision medicine market research report highlights the efforts of several oncology precision medicine developers engaged in this rapidly emerging market segment of the pharmaceutical industry. Key takeaways of the oncology precision medicine market research report are briefly discussed below.
Competitive Landscape of Oncology Precision Medicine Developers
The oncology precision medicine is among the most promising domains in the healthcare industry. Currently, over 125 precision medicine oncology companies are involved in developing various personalized medicines for oncology. In addition, around 145 personalized medicines have been commercialized for targeting various cancer indications. Further, more than 100 personalized medicines targeting oncological disorders are in the early (pre-clinical and discovery phase) stages of development.
Oncology Precision Medicine Market Trends Analysis: Increase in Partnership and Clinical Trials Activity Reflect the Rising Interest in this Industry
The demand for personalized medicines for treating oncological disorders is growing with time. To meet the growing demand, several alliances have been forged by various stakeholders over the past few years. These partnerships have enabled the stakeholders to enhance their existing capabilities and drug portfolios, and strengthen their presence in the oncology precision medicine domain. Drug licensing agreements, clinical trial agreements, and research and development agreements are the most common types of partnerships signed by stakeholders in the precision medicine in oncology domain. Most of these partnerships are focused on targeting cancers, including gastrointestinal cancer (23%), lung cancer (23%), hematologic cancer and breast cancer (15%, each).
Further, it is worth noting that there has been a notable rise in the number of clinical trials evaluating precision medicines for oncology. Around 6,500 clinical trials related to precision medicine in oncology have been registered in the past six years, indicating the substantial research in this domain. Among these, about 60% of these clinical trials are actively recruiting to evaluate drugs for various types of cancer targeted.
Regional Analysis: North America Emerged as the Hub of Oncology Precision Medicine; Europe to be the Fastest Growing Market
In 2024, North America is anticipated to capture close to 42% market share of the overall oncology precision medicine market. In recent years, demand for oncology precision medicine has witnessed a tremendous increase in North America. Further, it is worth highlighting that, owing to the rising demand for oncology precision medicines, market in Asia is likely to grow at a higher CAGR as compared to other regions in the coming years.
Key Precision Medicine Oncology Companies Involved in Oncology Precision Medicine Market
Examples of key oncology precision medicine companies (the complete list of companies is available in the full report) include AbbVie, Anticancer Bioscience, Astellas Pharma, Astrazeneca, Bayer, Blueprint Medicines, Bristol Myers Squibb, Eli Lilly, Erasca, Genentech, GlaxoSmithKline, Hutchmed, IDEAYA Biosciences, Jiangsu Hengrui Pharmaceuticals, Johnson & Johnson Innovative Medicine, Merck, Novartis, Pfizer, Repare Therapeutics, Roche, Seagen, SpringWorks Therapeutics, Takeda Pharmaceutical, VERAXA Biotech and VRise Therapeutics. This global oncology precision medicine market research report includes an easily searchable excel database of all the companies that have capability to offer oncology precision medicines.
Recent Developments in Oncology Precision Medicine Market
Several recent developments have taken place in the field of precision medicines for oncology. the analyst has outlined some of these initiatives below. These developments substantiate the overall market trends that have been outlined in the analysis:
- In September 2023, Exscientia entered into a licensing agreement with Merck providing its AI-powered precision drug design (PDD) and discovery-driven technologies. The agreement will enable Merck to focus on developing drug design for neuroinflammatory and oncological disorders.
- In August 2023, IDEAYA Biosciences announced the clearance of an investigational new drug (IND) application of GSK101 (IDE705) from the FDA. This clinical trial is to be sponsored by GlaxoSmithKline for the treatment of cancer patients with BRCA, homologous recombination and homologous recombination deficiency mutations.
- In April 2023, Tango Therapeutics received the IND clearance from FDA for TNG260, an CoREST complex (Co-repressor of Repressor Element-1 Silencing Transcription) for the treatment of STK11-mutant cancers.
Report Coverage
The market report presents an in-depth analysis, highlighting the capabilities of various stakeholders engaged in this industry, across different geographies. Amongst other elements, the market report includes:
- A preface providing an introduction to the full report, Oncology Precision Medicine Market, 2018-2022 (Historical Trends) and 2023-2035 (Forecasted Estimates).
- An outline of the systematic research methodology adopted to conduct the study on oncology precision medicine market, providing insights on the various assumptions, methodologies, and quality control measures employed to ensure accuracy and reliability of the findings.
- An overview of economic factors that impact the overall oncology precision medicine industry, including historical trends, currency fluctuation, foreign exchange impact, recession, and inflation measurement.
- An executive summary of the key insights captured during the research, offering a high-level view on the current landscape of oncology precision medicine and its likely evolution in the short to mid and long term.
- A general overview of precision medicine and oncology precision medicine, along with its comparison with traditional cancer medicines. Additionally, it features the steps involved in development of oncology precision medicines. Further, the chapter discusses the advantages offered by oncology precision medicine that are anticipated to play a crucial role in shaping the future of personalized medicines, along with the challenges associated with it.
- A comprehensive assessment of the overall market landscape of commercialized and clinical stage oncology precision medicines, based on several relevant parameters, such as stage of development (commercialized, phase I, phase II, phase III), approval body, approval region (North America, Europe, Asia-Pacific, Middle East and North Africa, and Latin America), drug designation (accelerated approval, accelerated assessment, breakthrough therapy, fast track, orphan drug, priority review and other designations), type of molecule (small molecules and biologics), drug class (antibody drug conjugates, bispecific T-cell engagers, cell therapy, enzyme inhibitors, immune checkpoint inhibitors, kinase inhibitors, monoclonal antibodies and others), route of administration (intramuscular, intravenous, oral and subcutaneous), dosage regimen, patient population (pediatric, young, middle-aged and geriatric) and type of cancer targeted (bladder cancer, blood / hematologic cancer, breast cancer, cervical cancer, central nervous system (CNS) cancer, gastrointestinal cancer, head and neck squamous cell cancer, kidney / renal cancer, lung cancer, neuroblastoma, neuroendocrine cancer, reproductive cancer, skin cancer / melanoma, thyroid cancer, unspecified solid tumors and others). Additionally, the chapter presents a detailed analysis of the current landscape of discovery and preclinical stage oncology precision medicines, based on several relevant parameters, such as stage of development (discovery, lead optimization, target identification, IND-enabling, IND-approved and preclinical), type of molecule (small molecules and biologics), drug class (antibody drug conjugates, enzyme inhibitors, kinase inhibitors and others) and type of cancer targeted (bladder cancer, blood / hematologic cancer, breast cancer, central nervous system (CNS) cancer, gastrointestinal cancer, head and neck squamous cell cancer, lung cancer, neuroblastoma, reproductive cancer, skin cancer / melanoma, thyroid cancer, unspecified solid tumors and others). Further, the chapter features information on various drug developers, along with analysis based on multiple parameters, such as year of establishment, company size and location of headquarters.
- Elaborate profiles of prominent companies (shortlisted based on drug portfolio strength) engaged in oncology precision medicine market. Each profile features a brief overview of the company (including information on year of establishment, number of employees, location of headquarters and leadership team), financial information (if available), details related to oncology precision medicine portfolio, recent developments and an informed future outlook.
- A detailed analysis of the partnerships inked between stakeholders in oncology precision medicine market, since 2018, covering clinical trial agreement, commercialization agreement, drug development agreement, drug development and commercialization agreement, drug distribution agreement, drug licensing agreement, manufacturing agreement, merger / acquisition, process development and manufacturing agreement, research agreement, research and development agreement, service agreement, technology utilization agreement and others.
- An insightful clinical trial analysis of completed / ongoing clinical trials related to oncology precision medicine, based on various relevant parameters, such as trial registration year, number of patients enrolled, trial phase, trial status, target patient population, patient gender, type of cancer targeted, type of sponsor / collaborator, study design (type of trial masking, type of intervention model, type of intervention and trial purpose), most active sponsor / collaborator (leading industry and non-industry players based on the number of clinical trials sponsored), emerging focus areas and geography.
- A case study on the precision oncology assay kit developers, providing detailed analysis on various parameters such as stage of development (commercialized and under development), regulatory certification / compliance, regional availability (North America, Europe, Asia-Pacific, Middle East and North Africa, and Latin America), type of test (diagnostic, prognostic and predictive disease risk assessment), type of sample (ascites, blood, bone marrow, buccal swab, cerebrospinal fluid, cytology cell block, DNA, fibroblast, nucleic acid, peripheral blood leukocytes, plasma, pleural effusion, RNA, saliva, tissue and urine), principle of biomarker detection (amplicon-based next generation sequencing, amplicon-based targeted sequencing, capture sequencing, crytogenomic array, flow cytometry, epigenomics, exome sequencing, fluorescence in situ hybridization, genomics, genotyping, high-throughput genotyping array, halo-shape annealing and defer-ligation enrichment system technology, immunohistochemistry, liquid biopsy, next-generation sequencing, polymerase chain reaction, proteomics, reverse transcription-polymerase chain reaction, real-time polymerase chain reaction, sanger sequencing, tag sequencing technology, transcriptome sequencing and tissue biopsy), turnaround time (1-10 days, 11-20 days, 21-30 days and more than 30 days), type of cancer targeted (bladder cancer, blood / hematologic cancer, breast cancer, cervical cancer, central nervous system (CNS) cancer, gastrointestinal cancer, head and neck squamous cell cancer, kidney / renal cancer, lung cancer, neuroendocrine cancer, reproductive cancer, skin cancer / melanoma, thyroid cancer, unspecified solid tumors and others) and end-user (hospitals, diagnostics centers, research and medical institutes, biopharma companies and patients). Further, the chapter features information on various assay kit developers, along with analysis based on multiple parameters, such as year of establishment, company size and location of headquarters.
- An in-depth analysis of the factors that can impact the growth of oncology precision medicine market. It also features identification and analysis of key drivers, potential restraints, emerging opportunities, and existing challenges.
- A detailed estimate of the current market size, opportunity and the future growth potential of the oncology precision medicine market over the next 12 years. Based on multiple parameters, likely adoption trends and through primary validations, the analyst has provided an informed estimate on the market evolution during the forecast period 2023-2035. The report also features the likely distribution of the current and forecasted opportunity within the oncology precision medicine market. Further, in order to account for future uncertainties and to add robustness to the model, the analyst has provided three forecast scenarios, namely conservative, base and optimistic scenarios, representing different tracks of the industry’s growth.
- Detailed projections of the current and future oncology precision medicine market across types of cancer targeted, such as bladder cancer, blood / hematologic cancer, breast cancer, cervical cancer, gastrointestinal cancer, head and neck squamous cell cancer, lung cancer, skin cancer and others.
- Detailed projections of the current and future oncology precision medicine market across routes of administration, such as oral, intravenous and others.
- Detailed projections of the current and future oncology precision medicine market across types of molecules, such as small molecules and biologics.
- Detailed projections of the current and future oncology precision medicine market across drug class, such as kinase inhibitors, enzyme inhibitors, immune checkpoint inhibitors and others.
- Detailed projections of the current and future oncology precision medicine market across key geographical regions, such as North America (US and Canada), Europe (France, Germany, Italy, Spain and UK), Asia (China, Japan, Korea and India), Middle East and North Africa (UAE, Israel, Qatar, Rest of Middle East and North Africa) and Latin America (Brazil, Argentina, Chile and Rest of Latin America).
- Detailed projections of the current and future revenues from the sales of around 20 top-selling drugs developed by the leading players in the oncology precision medicine market, including Merck, Pfizer, AstraZeneca, Johnson & Johnson Innovative Medicine and Genentech.
One of the key objectives of this market report was to estimate the current market size, opportunity and the future growth potential of the oncology precision medicine market, over the forecast period. Based on multiple parameters, likely adoption trends and through primary validations, the analyst has provided an informed estimate on the market evolution during the forecast period 2023-2035.
The market report also features the likely distribution of the current and forecasted opportunity within the oncology precision medicine market across various segments, such as type of cancer targeted (bladder cancer, blood / hematologic cancer, breast cancer, cervical cancer, gastrointestinal cancer, head and neck squamous cell cancer, lung cancer, skin cancer and others) route of administration (oral, intravenous and others), type of molecule (small molecules and biologics), drug class (kinase inhibitors, enzyme inhibitors, immune checkpoint inhibitors and others), key geographical regions (North America (US, Canada), Europe (France, Germany, Italy, Spain and UK), Asia (China, Japan, Korea and India), Middle East and North Africa (UAE, Israel, Qatar, Rest of Middle East and North Africa) and Latin America (Brazil, Argentina, Chile and Rest of Latin America), leading drug developers and sales forecast. In order to account for future uncertainties and to add robustness to the model, the analyst has provided three market forecast scenarios, namely conservative, base and optimistic scenarios, representing different tracks of the industry’s growth.
The opinions and insights presented in this study were influenced by discussions conducted with multiple stakeholders in the oncology precision medicine market. In addition, the research report features detailed transcripts of interviews held with the following industry stakeholders (arranged on the basis of designation):
- Chief Scientific Officer and Founder, Very Small Company, US
- Vice President, Mid-sized Company, US
Further, all actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this report are in USD, unless otherwise specified.
Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- AbbVie
- Allarity Therapeutics
- Anticancer Biosciences
- Astellas Pharma
- AstraZeneca
- Bayer
- Blueprint Medicines
- Bristol Myers Squibb
- Elephas
- Eli Lilly
- Erasca
- Genentech
- GlaxoSmithKline
- Hutchmed
- IDEAYA Biosciences
- Jiangsu Hengrui Pharmaceuticals
- Johnson & Johnson Innovative Medicine
- Merck
- Novartis
- Pfizer
- Repare Therapeutics
- Roche
- Seagen
- SpringWorks Therapeutics
- Takeda Pharmaceutical
- VERAXA Biotech GmbH
- VRise Therapeutics
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 468 |
| Published | February 2024 |
| Forecast Period | 2023 - 2035 |
| Estimated Market Value ( USD | $ 130 Billion |
| Forecasted Market Value ( USD | $ 364 Billion |
| Compound Annual Growth Rate | 8.9% |
| Regions Covered | Global |
