Soaring Demand Set to Propel Oncology Companion Diagnostics Market to $6.21 Billion by 2029

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What Is the Expected CAGR for the Oncology Companion Diagnostics Market Through 2025?
The market size for oncology companion diagnostics has expanded swiftly in the past few years. The growth from $3.35 billion in 2024 to $3.8 billion in 2025, with a CAGR of 13.4%, is expected. The historic growth is linked to surges in negative drug reactions, growing demand for extensive genomic testing, an increased worldwide frequency of cancer, an increased need for focused therapy, and a surge in the number of clinical trials.

What's the Projected Size of the Global Oncology Companion Diagnostics Market by 2029?
The market size of oncology companion diagnostics is predicted to undergo rapid expansion in the coming years. The estimation is of it reaching $6.21 billion in 2029, with a compound annual growth rate (CAGR) of 13.0%. This growth during the projected period is linked to the growing significance of personalized medicine, the rise in diagnostic tests as well as emphasis on personalized cancer treatment, increased spending on healthcare, and a rise in cancer incidence and education. Key trends expected during this forecast period consist of improvements in diagnostic technologies, the advent of next-generation sequencing (NGS), the incorporation of artificial intelligence (AI), advancements in liquid biopsy technologies, the creation of point-of-care companion diagnostic devices, and the emergence of innovative testing technologies.

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Top Growth Drivers in the Oncology Companion Diagnostics Industry: What's Accelerating the Market?
The anticipated surge in the number of cancer patients is set to propel the expansion of the oncology companion diagnostics market. Cancer is a disease assortment driven by uncontrolled and abnormal cell multiplication and spread in the human body. The escalation in cancer occurrence is a result of lifestyle alterations, environmental influences, the obesity crisis, tobacco consumption, and genetic predispositions. Oncology companion diagnostics play a pivotal role in precision medicine in the oncology sphere, transforming cancer care by enabling individualized choice of treatment, ameliorating treatment efficacy, reducing undesirable effects, expediting clinical trial recruitments, and enhancing therapy monitoring. For instance, according to the National Cancer Institute, a US governmental body, about 20 million novel cases and 9.7 million cancer-related fatalities were reported annually in 2022 as of May 2024, and it is projected that by 2040, the figures would escalate to 15.3 million fatalities and 29.9 million new cases annually. As a result, the increase in the prevalence of cancer propels the oncology companion diagnostics market.

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What Trends Will Shape the Oncology Companion Diagnostics Market Through 2029 and Beyond?
Key players in the oncology companion diagnostics industry are prioritizing the creation of novel products, like in vitro diagnostic exams, in order to maintain their market standing. In vitro diagnostic assessments, otherwise known as IVD tests, are medical tests carried out on samples gathered from the human body, like tissue or blood samples, in a regulated environment, such as a lab. For example, in May 2022, Illumina Inc., an American biotech firm, introduced a fresh pan-cancer companion diagnostic (CDx) addition to the in-vitro diagnostic TruSight Oncology (TSO) Comprehensive (EU) test. This diagnostic exam delivers a detailed profile of a tumor by evaluating various tumor genes and biomarkers, supporting medical practitioners in making educated decisions regarding targeted treatment for cancer patients with solid malignant growths. The test yields essential data, including the tumor mutational burden (TMB) rate and microsatellite instability (MSI) status, incrementally improving the accuracy and efficacy of treatment plans.

What Are the Main Segments in the Oncology Companion Diagnostics Market?
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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Which Top Companies are Driving Growth in the Oncology Companion Diagnostics Market?
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.

Which Regions Will Dominate the Oncology Companion Diagnostics Market Through 2029?
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.

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