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Oncology Companion Diagnostics Market: Comprehensive Analysis, Industry Demand, and Emerging Trends
Oncology Companion Diagnostics Market
As per the report, 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 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%.
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Rise In Cancer Cases Fuels Growth In Oncology Companion Diagnostics 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.
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.
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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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.
Contents of the report:
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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