Oncology Companion Diagnostic Market Surge Continues, Expected to Reach $5.49 Billion by 2028

The Business Research Company's Oncology Companion Diagnostic Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, June 20, 2024 /EINPresswire.com/ -- The oncology companion diagnostic market has grown rapidly in recent years, expanding from $2.97 billion in 2023 to an estimated $3.35 billion in 2024, with a compound annual growth rate (CAGR) of 12.9%. This growth is attributed to increasing cases of adverse drug reactions, a rise in demand for comprehensive genomic testing, the global increase in cancer incidence, the growing need for targeted therapy, and the increasing number of clinical trials.

Projected Growth and Market Dynamics
The oncology companion diagnostic market is anticipated to continue its rapid growth, reaching approximately $5.49 billion by 2028, growing at a CAGR of 13.1%. This growth in the forecast period is driven by the rising importance of personalized medicine, increasing diagnostic tests, focus on personalized cancer therapy, increasing healthcare expenditure, and rising cancer incidence and awareness. Key trends include advancements in diagnostic technologies, next-generation sequencing (NGS), integration of artificial intelligence (AI), liquid biopsy technologies, the development of point-of-care companion diagnostic devices, and innovative testing technologies.

Rise in Cancer Cases Fuels Growth in Oncology Companion Diagnostics Market
A rise in cancer cases is expected to propel the growth of the oncology companion diagnostics market going forward. Cancer, a complex group of diseases caused by abnormal cell growth, has seen increased incidence due to lifestyle changes, environmental factors, the obesity epidemic, tobacco use, and genetic factors. Oncology companion diagnostics revolutionize cancer care by enabling personalized treatment selection, improving treatment efficacy, minimizing adverse effects, facilitating clinical trial enrollment, and enhancing treatment monitoring.

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Key Players and Innovations
Major companies driving innovation in the oncology companion diagnostics market include F. Hoffmann-La Roche AG, Bayer Diagnostic, Thermo Fisher Scientific Inc., Abbott Laboratories, and Danaher Corporation. These companies focus on developing innovative products, such as in vitro diagnostic tests, to sustain their market positions.

Geographic Insights and Market Segments
North America led the oncology companion diagnostic market in 2023, driven by advanced healthcare infrastructure and significant investments in healthcare. Meanwhile, Asia-Pacific is expected to emerge as the fastest-growing region during the forecast period, driven by increasing healthcare awareness and rising cancer incidences.

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Oncology Companion Diagnostics Market Definition and Segments
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, ensuring 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.

The oncology companion diagnostics market is segmented based on:
• Product: Instrument, Consumables, Software
• Disease Type: Melanoma, Breast Cancer, Colorectal Cancer, Leukemia, Prostate Cancer, Other Disease Types
• Technology: Immunohistochemistry (IHC), In Situ Hybridization (ISH) or Fluorescence In Situ Hybridization (FISH), Polymerase Chain Reaction (PCR), Next-Generation Sequencing (NGS), Other Technologies
• End User: Hospital, Pathology or Diagnostic Laboratory, Academic Medical Center, Other End-Users

Oncology Companion Diagnostics Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Oncology Companion Diagnostics Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on oncology companion diagnostics market size, oncology companion diagnostics market drivers and trends, oncology companion diagnostics market major players, competitors' revenues, market positioning, and market growth across geographies. The oncology companion diagnostics market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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