Oncology Companion Diagnostics Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions | F. Hoffmann-La Roche AG, Bayer Diagnostic, Thermo Fisher Scientific Inc

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Oncology Companion Diagnostics Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $5.49 billion In 2028 At A CAGR Of 13.1% :

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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Oncology Companion Diagnostics Market Major Segments
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

Key Driver - E-Commerce Fuels Expansion Of Call Center Outsourcing Market

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.

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Prominent Trend - Innovative Pan-Cancer Companion Diagnostic Test

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.

Oncology Companion Diagnostics Market Players
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.

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Largest And Fastest Growing Region In The Market
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.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Oncology Companion Diagnostics Market Report Structure
3. Oncology Companion Diagnostics Market Trends And Strategies
4. Oncology Companion Diagnostics Market - Macro Economic Scenario
5. Oncology Companion Diagnostics Market Size And Growth
…..
27. Oncology Companion Diagnostics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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