Oncology Companion Diagnostics Market 2024: Future Industry Scope, Growth Opportunities, and Forecast Through 2024-2031

DataM Intelligence has released a new research report on the Oncology Companion Diagnostics market. The report provides a detailed analysis of current and emerging trends, offering insights into the market dynamics. It utilizes Porter's Five Forces model to assess key factors such as supplier and customer relationships, risks from various agents, competitive intensity, and opportunities for new entrants. The study also includes research data from various companies, analyzing factors like benefits, gross margins, and strategic decisions in the global market. The report is enriched with tables, charts, and infographics for a clear presentation of the findings.

The Oncology Companion Diagnostics Market is anticipated to reach at a CAGR of 12% during the forecast period.

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The oncology companion diagnostics market focuses on the development and commercialization of diagnostic tests that help identify patients who are most likely to benefit from specific cancer therapies. These tests are designed to detect biomarkers, genetic mutations, or other molecular characteristics that inform treatment decisions, particularly in precision medicine.

List of the Key Players in the Oncology Companion Diagnostics Market:

Agilent Technologies, Inc., Illumina, Inc., QIAGEN N.V., Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche Ltd., ARUP Laboratories, Abbott, Myriad Genetics, Inc., bioMérieux SA, Invivoscribe, Inc., Pillar Biosciences, Inc.

Market Dynamics:

Increasing Demand for Companion Diagnostics for Cancer Expected to Drive Market Growth

The growing demand for companion diagnostics (CDx) in oncology is anticipated to significantly propel market growth during the forecast period. Companion diagnostics offer numerous financial benefits by shortening clinical trial timelines, making them increasingly attractive to pharmaceutical companies. These assays enhance treatment outcomes by providing clinicians with clear evidence for diagnosis and treatment, which optimizes patient resource management and national insurance policies. By reducing the use of unnecessary and costly targeted chemotherapy drugs, companion diagnostics play a crucial role in improving patient care.

Furthermore, companion diagnostics enable physicians to identify patients who are likely to benefit from FDA-approved treatment options. As the landscape of targeted therapies in oncology expands rapidly, the need for information critical to the safe and effective use of these therapies becomes increasingly important. The rise in demand for companion diagnostics has also led to a surge in FDA approvals, further supporting market growth.

For example, on July 29, 2020, Roche's VENTANA HER2 Dual ISH DNA Probe Cocktail assay received FDA approval as a companion diagnostic to detect the HER2 biomarker in breast cancer, aiding in the management of patients undergoing Herceptin (trastuzumab) therapy. The detection and inhibition of the human epidermal growth factor receptor 2 (HER2) biomarker are crucial for healthcare providers in effectively managing this aggressive form of cancer.

As the reliance on companion diagnostics continues to grow, the market is poised for significant expansion in the coming years, driven by advancements in oncology and the increasing emphasis on personalized medicine.

Research Process:

Both primary and secondary data sources have been used in the global Oncology Companion Diagnostics Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

Segment Covered in the Oncology Companion Diagnostics Market:

By Product: Instrument, Consumables, Software.

By Technology: Immunohistochemistry (IHC), Polymerase Chain Reaction (PCR), Next-Generation Sequencing (NGS), In situ hybridization (ISH)/Fluorescence in situ hybridization (FISH), Other.

By End User: Hospital, Diagnostic Laboratory, Other.

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Regional Analysis:

➣ North America (US, Canada, Mexico)

➣ Europe (Germany, Russia, UK, France, Italy, Spain, Rest of Europe)

➣ Asia-Pacific (China, India, Japan, Australia, Rest of Asia Pacific)

➣ South America (Brazil, Argentina, Rest of South America)

➣ Middle East and Africa

**The full version of the report includes an in-depth analysis of emerging players and startups, which will provide valuable insights into the evolving market landscape and key strategies being adopted**

Chapter Outline:

⏩ Market Overview: It contains five chapters, as well as information about the research scope, major manufacturers covered, market segments, Oncology Companion Diagnostics market segments, study objectives, and years considered.

⏩ Market Landscape: The competition in the Global Oncology Companion Diagnostics Market is evaluated here in terms of value, turnover, revenues, and market share by organization, as well as market rate, competitive landscape, and recent developments, transaction, growth, sale, and market shares of top companies.

⏩ Companies Profiles: The global Oncology Companion Diagnostics market's leading players are studied based on sales, main products, gross profit margin, revenue, price, and growth production.

⏩ Market Outlook by Region: The report goes through gross margin, sales, income, supply, market share, CAGR, and market size by region in this segment. North America, Europe, Asia Pacific, Middle East & Africa, and South America are among the regions and countries studied in depth in this study.

⏩ Market Segments: It contains the deep research study which interprets how different end-user/application/type segments contribute to the Oncology Companion Diagnostics Market.

⏩ Market Forecast: Production Side: In this part of the report, the authors have focused on production and production value forecast, key producers forecast, and production and production value forecast by type.

⏩ Research Findings: This section of the report showcases the findings and analysis of the report.

⏩ Conclusion: This portion of the report is the last section of the report where the conclusion of the research study is provided.

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The Research Report Offers Answers To The Following Questions:

☛ What is the expected growth rate of the global market for the forecast period?

☛ What are the key driving factors that are responsible to shape the fate of the Oncology Companion Diagnostics market during the forecast period?

☛ What will be the overall size of the market during the analysis period?

☛ What are the prominent market trends which influence the development of the Oncology Companion Diagnostics market across various regions?

☛ Who are the key market players and the market strategies that have helped them to secure the leading position in the global market?

☛ What are the challenges and threats that are likely to act as a barrier to the growth of the Oncology Companion Diagnostics market?

☛ What are the major opportunities that the companies can get to attain success in the world?

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