2024 Global Oncology Companion Diagnostics Market Report: Key Drivers, Size, and Leading Segments
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What is the Expected Growth Rate of the Oncology Companion Diagnostics Market from 2024 to 2033?
The oncology companion diagnostic market has expanded rapidly in recent years. It will grow from $2.97 billion in 2023 to $3.35 billion in 2024, at a CAGR of 12.9%. This growth can be linked to the increasing incidence of adverse drug reactions, greater demand for comprehensive genomic testing, the rising global cancer rate, the need for targeted therapies, and a growing number of clinical trials.
The oncology companion diagnostic market is anticipated to grow rapidly, reaching $5.49 billion by 2028 at a CAGR of 13.1%. Growth is fueled by the importance of personalized medicine, rising diagnostic tests, a focus on personalized cancer therapy, increased healthcare expenditure, and greater cancer awareness. Major trends include advancements in diagnostic technologies, next-generation sequencing (NGS), AI integration, liquid biopsy technologies, the development of point-of-care devices, and innovative testing technologies.
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What Key Factors Are Fueling the Growth of the Oncology Companion Diagnostics Market?
An increase in cancer cases is expected to enhance the oncology companion diagnostics market. Cancer arises from abnormal cell growth, influenced by lifestyle changes, environmental factors, and genetic predispositions. Oncology companion diagnostics play a crucial role in precision medicine, allowing for personalized treatment choices and improving overall cancer care. For instance, the National Cancer Institute reported in May 2024 that around 20 million new cancer cases and 9.7 million cancer-related deaths were noted in 2022, with projections of 15.3 million deaths and 29.9 million new cases annually by 2040. Thus, the rise in cancer cases is driving the oncology companion diagnostics market.
What Are the Major Segments of the Oncology Companion Diagnostics Market?
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
What New Trends Are Transforming the Oncology Companion Diagnostics Market?
Firms in the oncology companion diagnostics market are focusing on in vitro diagnostic tests to maintain their market presence. For instance, in May 2022, Illumina Inc. from the US launched a new pan-cancer companion diagnostic indication for the TruSight Oncology (TSO) Comprehensive (EU) test, offering a detailed tumor profile to help healthcare professionals make informed decisions regarding targeted cancer therapies.
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Which Regions Are Driving Growth in the Oncology Companion Diagnostics Market?
North America was the largest region in the oncology companion diagnostic market in 2023. 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.
The Oncology Companion Diagnostics Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the oncology companion diagnostics market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Oncology Companion Diagnostics Market Include
1. Oncology Companion Diagnostics Market Executive Summary
2. Oncology Companion Diagnostics Market Segments
3. Oncology Companion Diagnostics Market Size And Template Market Growth Rate
4. Key Oncology Companion Diagnostics Market Trends
5. Major Oncology Companion Diagnostics Market Drivers
……
25. Key Mergers And Acquisitions In The Oncology Companion Diagnostics Market
26. Top Oncology Companion Diagnostics Companies
27. Oncology Companion Diagnostics Market Opportunities And Strategies
28. Oncology Companion Diagnostics Market, Conclusions And Recommendations
29. Appendix
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