What Has Been the Growth of the Oncology Companion Diagnostics Market So Far?
The oncology companion diagnostics market has seen considerable growth due to a variety of factors.
• The oncology companion diagnostics market has seen strong growth in recent years. It will rise from $3.35 billion in 2024 to $3.8 billion in 2025, with a compound annual growth rate (CAGR) of 13.4%.
Key factors include the rise in adverse drug reactions, growing demand for comprehensive genomic testing, increasing cancer cases, the need for targeted therapy, and the expansion of clinical trials.
What Is the Forecasted Market Size and Growth Rate for The Oncology Companion Diagnostics Market Size In The Coming Years?
The oncology companion diagnostics market is expected to maintain its strong growth trajectory in upcoming years.
• The oncology companion diagnostics market is projected to expand significantly, reaching $6.21 billion by 2029 with a CAGR of 13.0%.
Growth is driven by the rising emphasis on personalized medicine, increased diagnostic tests, personalized cancer therapy, higher healthcare spending, and growing cancer awareness. Key trends include advances in diagnostic technologies, next-generation sequencing, AI integration, liquid biopsy, point-of-care diagnostic devices, and innovative testing technologies.
What Factors Are Driving Growth In The Oncology Companion Diagnostics Market?
The increasing instances of cancer are predicted to drive the expansion of the oncology companion diagnostics market. This growth is propelled by the intricate nature of cancer, a condition caused by abnormal, uncontrollably proliferating cells. Several factors, including lifestyle changes, environmental influences, obesity, tobacco consumption, and genetic predispositions, are leading to a surge in cancer incidents. Oncology companion diagnostics are a crucial component of precision medicine in oncology. They are revolutionizing cancer treatment by facilitating personalized treatment choices, enhancing therapeutic effectiveness, reducing adverse reactions, accelerating clinical trial enrolment, and tracking treatment progress. As per the data from the US-based National Cancer Institute in May 2024, about 20 million new cancer incidents and 9.7 million cancer-associated deaths were recorded annually in 2022. Forecasts suggest that by 2040, the number can escalate to 15.3 million deaths and 29.9 million new cases each year. Thus, the upsurge in cancer cases is influencing the growth of the oncology companion diagnostics market.
What Are The Main Segments 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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What Trends Are Reshaping The Future Of The Oncology Companion Diagnostics Market?
Mainstream corporations active in the oncology companion diagnostics market are concentrating on creating innovative items like in vitro diagnostic tests to maintain their market prominence. In vitro diagnostic tests are procedures performed on bodily specimens like blood or tissue samples in a controlled, laboratory setting, outside the human body. For example, Illumina Inc., a biotech company based in the United States, introduced a novel pan-cancer companion diagnostic (CDx) indication to the in-vitro diagnostic TruSight Oncology (TSO) Comprehensive (EU) test in May 2022. The test provides a thorough cancer profile by evaluating several tumor genes and biomarkers, thereby aiding healthcare professionals in making well-informed decisions regarding targeted cancer therapies for patients suffering from solid malignant neoplasms. Important data such as the tumor mutational burden (TMB) score and the microsatellite instability (MSI) status are provided by the test, which enhances the accuracy and efficacy of treatment approaches.
Who Are the Key Players 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 Is The Most Dominant Region 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.
