Oncology Companion Diagnostics Market 2024 | Market Brief Analysis, Market Size, Top Leading Companies, Share, Segmentation And Forecast To 2033

The oncology companion diagnostics global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Oncology Companion Diagnostics Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size -
The oncology companion diagnostic market size has grown rapidly in recent years. It will grow from $2.97 billion in 2023 to $3.35 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%.  The growth in the historic period can be attributed to increasing cases of adverse drug reactions, increasing demand for comprehensive genomic testing, the increasing global incidence of cancer, the growing need for targeted therapy, and the growing number of clinical trials.

The oncology companion diagnostic market size is expected to see rapid growth in the next few years. It will grow to $5.49 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%.  The growth in the forecast period can be attributed to the rising importance of personalized medicine, increasing diagnostic tests, increasing focus on personalized cancer therapy, increasing healthcare expenditure, and increasing cancer incidence and awareness. Major trends in the forecast period include advancements in diagnostic technologies, next-generation sequencing (NGS), integration of artificial intelligence (AI), liquid biopsy technologies, the development of point-of-care companion diagnostic devices, and innovative testing technologies.

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Scope Of Oncology Companion Diagnostics Market
The Business Research Company's reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Oncology Companion Diagnostics Market Overview

Market Drivers -
A rise in cancer cases is expected to propel the growth of the oncology companion diagnostics market going forward. Cancer is a complex group of diseases caused by abnormal cells in the body that grow and spread uncontrollably. The increase in cancer cases is due to changes in lifestyle, environmental factors, the obesity epidemic, tobacco use, and genetic factors. Oncology companion diagnostics contribute to precision medicine approaches in oncology, revolutionizing cancer care by enabling personalized treatment selection, improving treatment efficacy, minimizing adverse effects, facilitating clinical trial enrollment, and enhancing treatment monitoring. For instance, in May 2024, according to the National Cancer Institute, a US-based government agency, around 20 million new cases and 9.7 million cancer-related deaths were recorded annually in 2022, and predictions indicate that by 2040, there would be 15.3 million deaths and 29.9 million new cases per year. Therefore, a rise in cancer cases drives the oncology companion diagnostics market.

Market Trends -
Major companies operating in the oncology companion diagnostics market are focused on developing innovative products, such as in vitro diagnostic tests, to sustain their position in the market. Vitro diagnostic tests, commonly referred to as IVD tests, are clinical tests conducted on samples taken from the human body, such as blood or tissue samples, outside of the body in a controlled environment like a laboratory setting. For instance, in May 2022, Illumina Inc., a US-based biotechnology company, launched a new pan-cancer companion diagnostic (CDx) indication to the in-vitro diagnostic TruSight Oncology (TSO) Comprehensive (EU) test. This diagnostic test offers a comprehensive tumor profile by assessing multiple tumor genes and biomarkers, empowering healthcare professionals to make informed decisions about targeted therapy for cancer patients with solid malignant neoplasms. The test provides crucial information, such as the tumor mutational burden (TMB) score and microsatellite instability (MSI) status, elevating the precision and effectiveness of treatment strategies.

The oncology companion diagnostics market covered in this report is segmented –
1) By Product: Instrument, Consumables, Software
2) By Disease Type: Melanoma, Breast Cancer, Colorectal Cancer, Leukemia, Prostate Cancer, Other Disease Types
3) By Technology: Immunohistochemistry (IHC), In Situ Hybridization (ISH) Or Fluorescence In Situ Hybridization (FISH), Polymerase Chain Reaction (PCR), Next-Generation Sequencing (NGS), Other Technologies
4) By End User: Hospital, Pathology Or Diagnostic Laboratory, Academic Medical Center, Other End-Users

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Regional Insights -
North America was the largest region in the oncology companion diagnostic market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the oncology companion diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies -
Major companies operating in the oncology companion diagnostics market are  F. Hoffmann-La Roche AG, Bayer Diagnostic, Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Laboratory Corporation of America Holdings (LabCorp), Quest Diagnostics Incorporated, Eurofins Scientific SE, Agilent Technologies Inc., Illumina Inc., PerkinElmer Inc., bioMérieux SA, Sysmex Corporation, Bio-Rad Laboratories Inc., QIAGEN N.V., Exact Sciences Corporation, BGI Genomics Co. Ltd., Natera Inc., Myriad Genetics Inc., ARUP Laboratories, NeoGenomics Laboratories Inc., Guardant Health, Ambry Genetics Corporation, Biocartis SA, CENTOGENE N.V., Invivoscribe Inc., Pillar Biosciences Inc.

Table of Contents
1. Executive Summary
2. Oncology Companion Diagnostics Market Characteristics
3. Oncology Companion Diagnostics Market Trends And Strategies
4. Oncology Companion Diagnostics Market - Macro Economic Scenario
5. Global Oncology Companion Diagnostics Market Size and Growth

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32. Global Oncology Companion Diagnostics Market Competitive Benchmarking
33. Global Oncology Companion Diagnostics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Oncology Companion Diagnostics Market
35. Oncology Companion Diagnostics Market Future Outlook and Potential Analysis
36. Appendix

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