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What fueled the previous growth in the oncology companion diagnostics market?

In recent years, there has been a substantial growth in the oncology companion diagnostics market. Its value, which was $3.35 billion in 2024, is projected to increase to $3.8 billion in 2025, making for a compound annual growth rate (CAGR) of 13.4%. The significant growth during the historic period can be accredited to various factors such as an increase in adverse drug reactions, heightened demand for comprehensive genomic testing, a global rise in cancer cases, an amplified need for targeted treatment, and a burgeoning number of clinical trials.

What will be the oncology companion diagnostics market size in the future?

The size of the oncology companion diagnostics market is expected to experience significant expansion in the coming years. Its projected value is set to reach $6.21 billion by 2029, with a compound annual growth rate (CAGR) of 13.0%. The growth in this predicted period is credited to the rising significance of personalized medicine, a surge in diagnostic tests, an increased focus on personalized cancer treatment, an uptick in healthcare expenditure, plus a rise in awareness and incidences of cancer. Dominant trends within the forecast period include the progression in diagnostic technologies, the use of next-generation sequencing (NGS), the implementation of artificial intelligence (AI), liquid biopsy approaches, the creation of point-of-care companion diagnostic equipment, and inventive testing methodologies.

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What main drivers are fueling expansion in the oncology companion diagnostics market?

The upward trend in cancer incidences is projected to boost the expansion of the oncology companion diagnostics market. Cancer, a diverse group of diseases resulting from abnormal and uncontrollable cell growth and spread, is experiencing an influx due to lifestyle alterations, environmental influences, the obesity crisis, tobacco consumption, and genetic predispositions. Oncology companion diagnostics play a crucial role in precision medicine within oncology, thereby transforming cancer care. They assist in tailoring specific treatments, amplifying their effects, reducing undesirable outcomes, aiding in the enrolment for clinical trials, and improving treatment surveillance. For example, the National Cancer Institute, a US government agency, reported approximately 20 million new cancer cases and 9.7 million cancer-associated fatalities annually in 2022, during May 2024. It is also anticipated that by the year 2040, the figures would escalate to 15.3 million deaths and 29.9 million fresh cases each year. Consequently, the escalation in cancer cases is fueling the growth of the oncology companion diagnostics market.

What key areas define the segmentation of the global 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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Who are the dominant players expanding their reach 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.

What key trends are currently impacting the oncology companion diagnostics market’s development?

Leading corporations in the oncology companion diagnostics market are concentrating on the development of innovative products like in vitro diagnostic tests to maintain their market position. In vitro diagnostic tests, also known as IVD tests, are clinical examinations carried out on human body samples like blood or tissue, outside the body in a controlled environment, for example, a laboratory. In May 2022, Illumina Inc., a biotech company based in the US, introduced a new pan-cancer companion diagnostic (CDx) indication to the in-vitro diagnostic test called TruSight Oncology (TSO) Comprehensive (EU). This diagnostic examination provides a thorough tumor profile by evaluating multiple tumor genes and biomarkers, thus enabling medical professionals to make educated decisions regarding targeted cancer therapy for patients with solid malignant neoplasms. The test delivers critical data including the tumor mutational burden (TMB) score and microsatellite instability (MSI) status, enhancing the accuracy and efficiency of treatment plans.

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Which regions are emerging as leaders 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.

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