Oncology Companion Diagnostics Market Valuation Expected To Reach $6.21 Billion By 2029, Growing At A Rate Of 13%
Discover trends, market shifts, and competitive outlooks for the oncology companion diagnostics industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research
#What is the Anticipated CAGR of the Oncology Companion Diagnostics Market, and What Factors Will Drive It?#_x000D_
The market for companion diagnostics in oncology has expanded swiftly in the past few years, escalating from $3.35 billion in 2024 and projected to reach $3.8 billion in 2025, with a compound annual growth rate (CAGR) of 13.4%. The unprecedented growth experienced in the historical period is a direct result of several factors; the surge in adverse drug reactions, heightening demand for all-encompassing genomic testing, a rising worldwide prevalence of cancer, an increasing requirement for targeted treatments, and a growing count of clinical trials._x000D_
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Expectations suggest a swift expansion for the oncology companion diagnostics market within the upcoming years. The market is projected to escalate to $6.21 billion by the year 2029, with a compound annual growth rate (CAGR) of 13.0%. This spike in growth within the forecast period is credited to factors such as the growing emphasis on personalized medicine, an increase in diagnostic tests, a heightened focus on individualized cancer treatment, escalated healthcare expenditure, and a surge in cancer incidences and awareness. The forecast period will likely witness trends such as advancements in diagnostic technologies, next-generation sequencing (NGS), the incorporation of artificial intelligence (AI), technologies for liquid biopsy, creation of point-of-care companion diagnostic devices, and novel testing technologies._x000D_
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#Which Major Market Drivers Are Expected to Boost the Growth Potential of the Oncology Companion Diagnostics Market?#_x000D_
The anticipated increase in cancer incidences is projected to fuel the expansion of the oncology companion diagnostics market. Cancer, marked by the uncontrolled growth and spread of abnormal cells, is a broad array of diseases. This surge in cancer cases can be attributed to lifestyle shifts, environmental variables, the prevalence of obesity, tobacco consumption, and genetic predispositions. Oncology companion diagnostics are integral to precision medicine in oncology, revolutionizing cancer treatment through the customization of therapy, bolstering of treatment effectiveness, mitigation of side effects, facilitation of enrollment in clinical trials, and improvement of treatment monitoring. For example, in May 2024, the National Cancer Institute, a US governmental agency, reported around 20 million new cases and 9.7 million cancer-related deaths annually in 2022, with forecasts suggesting that, by 2040, the figures would reach 29.9 million new cases and 15.3 million deaths per year. Consequently, the upsurge in cancer incidences propels the oncology companion diagnostics market._x000D_
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#Which Segments in the Oncology Companion Diagnostics Offer the Most Growth?#_x000D_
The oncology companion diagnostics market covered in this report is segmented –_x000D_
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1) By Product: Instrument, Consumables, Software_x000D_
2) By Disease Type: Melanoma, Breast Cancer, Colorectal Cancer, Leukemia, Prostate Cancer, Other Disease Types_x000D_
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_x000D_
4) By End User: Hospital, Pathology Or Diagnostic Laboratory, Academic Medical Center, Other End-Users_x000D_
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Subsegments:_x000D_
1) By Instrument: Polymerase Chain Reaction (Pcr) Instruments, Next-Generation Sequencing (Ngs) Systems, Immunohistochemistry (Ihc) Instruments, Fluorescence In Situ Hybridization (Fish) Instruments, Microarray Platforms_x000D_
2) By Consumables: Reagents And Kits (Dna Or Rna Extraction Kits, Pcr Reagents), Biopsy Needles, Testing Slides And Chips, Control And Calibration Samples_x000D_
3) By Software: Data Analysis Software, Bioinformatics Software ( For Gene Expression Analysis), Companion Diagnostic Decision Support Software, Clinical Workflow Management Software_x000D_
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#Which Areas Are Leading Regions in the Oncology Companion Diagnostics Market Expansion Across the Globe?#_x000D_
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._x000D_
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#What Are the Most Significant Market Trends in the Oncology Companion Diagnostics Market?#_x000D_
Key businesses in the oncology companion diagnostics market, such as Illumina Inc., a US-based biotechnology company, are concentrating their efforts on the creation of breakthrough products, like in vitro diagnostic exams, to maintain their standing in the industry. These diagnostic tests, often known as IVD tests, are conducted in a strictly regulated environment like a laboratory, using samples sourced from the human body, such as blood or tissue. An example of this is the company’s release of a new pan-cancer companion diagnostic (CDx) indication for the in-vitro diagnostic TruSight Oncology (TSO) Comprehensive (EU) test in May 2022. This diagnostic tool allows for a thorough examination of a tumor by gauging numerous tumor genes and biomarkers, thus enabling medical professionals to devise effective, targeted treatment strategies for patients suffering from solid malignant neoplasms. By delivering vital data, for example, the tumor mutational burden (TMB) score and microsatellite instability (MSI) status, this test enhances the precision and efficiency of cancer treatments._x000D_
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#What Are the Key Elements That Define the Oncology Companion Diagnostics Market?#_x000D_
Oncology companion diagnostics are medical tests that identify specific biomarkers, indicating which patients are most likely to benefit from a particular cancer treatment. These diagnostics are essential for developing and applying targeted therapies, as they help ensure that treatments are tailored to the individual characteristics of a patient’s tumor. Companion diagnostics provide insights into the molecular and genetic profile of the cancer, enabling more personalized and effective treatment plans, improving outcomes, and minimizing unnecessary side effects._x000D_
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