Oncology Companion Diagnostic Market Size, Share, Trends, Growth and Forecast 2032

Oncology Companion Diagnostic Market Insights

According to the report published by Zion Market Research, the global Oncology Companion Diagnostic Market size was valued at USD 13.30 Billion in 2023 and is predicted to reach USD 52.16 Billion by the end of 2032. The market is expected to grow with a CAGR of 16.4% during the forecast period. The report analyzes the global Oncology Companion Diagnostic Market's growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Oncology Companion Diagnostic industry.

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Global Oncology Companion Diagnostic Market: Overview

Companion diagnostics along with drugs are developed to aid in the selection or exclusion of groups to that of the patient with selected drugs, depending on the biological characteristics of the patient.

The resulting characteristics of a patient determine and differentiate them as non-responders and responders to the therapy. The oncology diagnostics assays are able to reduce the number of clinical trials and thus enhance the adoption rates of this CDx by pharma companies.

Global Oncology Companion Diagnostic Market: Growth Factors

The emerging utilization of oncology companion diagnostics in the next generation of omics is anticipated to drive the market growth. Diagnostics co-development along with drugs is improved with in-vitro companion diagnostics devices guide issued by the FDA. This is also emphasizing the diagnostic assay approval along with its therapeutic products.

Contemporaneously, it aligned the research and development activities between various leading companies. It assists in selecting the lead compound with corresponding biomarkers from diagnostic and pharmaceutical manufacturers to collaborate and efficiently develop oncology companion and drug assays.

FDA approval of Ventana HER2 dual ISH DNA probe cocktail assay has enabled the development of a fast novel method for examination of HER2 biomarkers to diagnose breast cancer. This development is significantly boosting the global oncology companion diagnostic market.

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Global Oncology Companion Diagnostic Market: Segmentation

The real-time polymerase chain reaction (PCR), in-situ hybridization(ISH) technologies, and immunohistochemistry are the traditional methods of diagnosing disease biomarkers.

But the emergence of sensitive approaches like single-molecule real-time leaf time sequencing, quantitative histopathology, next-generation sequencing, and digital pathology are gradually shifting the medical approaches to CDx technology to efficiently detect the diseases and thus are driving the market growth significantly.

The global oncology companion diagnostic market can be segmented into application, technology, disease, end-uses, and region.

By application, the market can be segmented into products and services.

The product segment holds the largest share in the global oncology companion diagnostic market. The segment is expected to witness healthy growth over the forecast period owing to the development of highly sensitive technologies like NGS.

The product segment can be further classified into the instrument, software, and consumables 

Consumables are important in cancer testing as they provide more reliable results. Many leading companies are engaging in the development of consumables owing to its growing scope.

By technology, the market can be segmented into in-situ hybridization, immunochemistry, next-generation sequencing, and polymerase chain reaction.

Immunochemistry (IHC) holds the largest share in the global oncology companion diagnostic market. Its growth is attributed to the growing scope and availability of IHC-based companion diagnostic assays. Indulgence of key players to promote the product launch and approval has accelerated the market growth.

The next-generation sequencing is expected to grow significantly during the forecast period due to precise and detailed results on the biomarker.

By disease, the market can be segmented into prostate cancer, melanoma, leukemia, non-small lung cancer, and breast cancer.

The non-small lung cancer (NSCLC) segment is dominating the market and is expected to grow further during the forecast years due to the high incidence of cases of NSCLC.

By end-use, the market can be segmented into the academic medical center, diagnostic lab, and hospital.

The hospital segment is dominating the market due to the increasing rate of penetration of companion diagnostics in hospitals.

Oncology Companion Diagnostic Market: Report Scope

Global Oncology Companion Diagnostic Market: Regional analysis

North America holds the largest market share in the global oncology companion diagnostic market owing to the accelerated development of precision therapy in the region and increased promotion of novel products & technology for detection, promotion, and treatment of cancer.

Asia Pacific will grow exponentially during the forecast period due to the rising cases of genetic diseases in China, which leads to the increased demand for gene therapy.

Global Oncology Companion Diagnostic Market: Competitive Players

Some of the leading players in the global oncology companion diagnostic market are:

• Invivoscribe, Inc.
• bioMérieux SA
• Myriad Genetics, Inc.
• Abbott
• ARUP Laboratories
• F. Hoffmann-La Roche Ltd.
• Thermo Fisher Scientific, Inc.
• QIAGEN N.V., Illumina, Inc.
• Agilent Technologies, Inc.

The Global Oncology Companion Diagnostic Market is segmented as follows:
    
By Application 

• products 
• services 

By Technology 

• in-situ hybridization
• immunochemistry 
• next-generation sequencing
• polymerase chain reaction 

By Disease 

• prostate cancer
• melanoma 
• leukemia 
• non-small lung cancer
• breast cancer 

By End-uses 

• academic medical center
• diagnostic lab
• hospital

Global Oncology Companion Diagnostic Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.