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Key Influencer in the Oncology Companion Diagnostics Market 2025: Rise In Cancer Cases Fuels Growth In Oncology Companion Diagnostics Market Driver
Oncology Companion Diagnostics Market
The increasing incidence of cancer is expected to drive the growth of the oncology companion diagnostics market. As cancer cases rise due to lifestyle changes, environmental factors, and genetic predispositions, oncology companion diagnostics are crucial for personalized cancer treatments. The National Cancer Institute's May 2024 report forecasted 20 million new cancer cases by 2022, with projections indicating 29.9 million cases by 2040. The growing cancer incidence is driving the demand for oncology companion diagnostics.
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How will the growth rate of the oncology companion diagnostics market shape industry trends by 2034?
The oncology companion diagnostics market has expanded rapidly, growing from $3.35 billion in 2024 to $3.8 billion in 2025 at a CAGR of 13.4%. Key growth factors include rising cases of adverse drug reactions, increasing demand for comprehensive genomic testing, the growing incidence of cancer, the need for targeted therapies, and a surge in clinical trials.
The Oncology Companion Diagnostics Market is projected to reach $6.21 billion by 2029, with a CAGR of 13.0%. Factors contributing to growth include the increasing importance of personalized medicine, rising diagnostic test usage, a growing focus on individualized cancer therapies, higher healthcare spending, and increasing cancer incidence and awareness. Key trends include advancements in diagnostic technologies, next-generation sequencing (NGS), AI integration, liquid biopsy innovations, development of point-of-care diagnostic devices, and emerging testing technologies.
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What are the most significant trends transforming the oncology companion diagnostics market today?
Major companies in the oncology companion diagnostics market are working on innovative products like in vitro diagnostic tests to maintain their market position. IVD tests are clinical tests done on samples outside the body in a controlled environment. In May 2022, Illumina, a US-based biotechnology company, launched a new pan-cancer companion diagnostic indication for its TruSight Oncology (TSO) Comprehensive test. This test profiles tumors by assessing multiple genes and biomarkers, enabling healthcare providers to make more informed decisions about targeted cancer therapies. The test includes crucial information like tumor mutational burden (TMB) score and microsatellite instability (MSI) status, improving treatment precision.
Which primary segments of the oncology companion diagnostics market are driving growth and industry transformations?
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
Subsegments:
1) By Instrument: Polymerase Chain Reaction (Pcr) Instruments, Next-Generation Sequencing (Ngs) Systems, Immunohistochemistry (Ihc) Instruments, Fluorescence In Situ Hybridization (Fish) Instruments, Microarray Platforms
2) By Consumables: Reagents And Kits (Dna Or Rna Extraction Kits, Pcr Reagents), Biopsy Needles, Testing Slides And Chips, Control And Calibration Samples
3) By Software: Data Analysis Software, Bioinformatics Software ( For Gene Expression Analysis), Companion Diagnostic Decision Support Software, Clinical Workflow Management Software
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What regions are leading the charge in the oncology companion diagnostics market?
North America was the largest region in the oncology companion diagnostic market in 2024. 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.
Who are the influential players reshaping the oncology companion diagnostics market landscape?
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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What Is Covered In The Oncology Companion Diagnostics Global Market Report?
•Market Size Forecast: Examine the oncology companion diagnostics market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the oncology companion diagnostics market for a structured understanding.
•Key Players Overview: Analyze major players in the oncology companion diagnostics market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the oncology companion diagnostics market.
•Segment Contributions: Evaluate how different segments drive overall growth in the oncology companion diagnostics market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the oncology companion diagnostics market.
•Industry Challenges: Identify potential risks and obstacles affecting the oncology companion diagnostics market.
•Competitive Landscape: Review strategic developments in the oncology companion diagnostics market, including expansions, agreements, and new product launches.
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