The global companion diagnostics for oncology market size was US$ 2.9 billion in 2021. The global companion diagnostics for oncology market is forecast to grow to US$ 9.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 14.1% during the forecast period from 2022 to 2030.
A piece of medical equipment known as companion diagnostics is typically an in-vitro device. It provides essential data for establishing the safe and effective administration of another drug or biological product. Companion diagnostics is a subset of pharmacogenomics, which makes use of a person's genetic make-up to forecast drug response or alter therapeutic approaches.
Factors Influencing the Market
The rapidly growing prevalence of cancer will primarily drive the growth of companion diagnostics for the oncology market during the forecast period. The market may also witness favorable growth opportunities due to the growing healthcare expenditure.
Growing demand for customized medicine will also hasten the growth of companion diagnostics. In addition, the adverse drug reactions and lack of effectiveness will be opportunistic for the companion diagnostics for oncology as it will raise the need to develop precise therapeutic doses in the coming years.
Cost reduction and short clinical trials will escalate the growth of the market. On the flip side, the high cost associated with the use of companion diagnostic tests may limit the market growth during the forecast period.
COVID-19 Impact Analysis
The companion diagnostics for oncology market revenue drastically fell due to the COVID-19 pandemic. The pandemic shifted the focus of healthcare bodies and people towards the COVID-19 disease. As a result, developing a novel drug to combat this virus became the first priority. A significant decline in the research in companion diagnostics for oncology, the market witnessed a significant drop.
Regional Analysis
North America is forecast to hold the highest share in the companion diagnostics for oncology market, owing to rising funding and grant availability. In addition, quick advancements in precision medicine and the development of innovative technologies and products are expected to offer lucrative growth opportunities for companion diagnostics for the oncology market. In addition, favorable legislation for companion diagnostics for cancer and rising research and development activities in the region will propel this market forward during the study period.
Competitors in the Market
• Agilent Technologies, Inc.
• Illumina, Inc.
• QIAGEN N.V.
• Thermo Fisher Scientific, Inc.
• F. Hoffmann-La Roche Ltd.
• ARUP Laboratories
• Abbott
• Myriad Genetics, Inc.
• bioMérieux SA
• Invivoscribe, Inc.
• Other Prominent Players
Market Segmentation
The global companion diagnostics for oncology market segmentation focuses on Product & Service, Technology, Disease, End-Use, and Region.
By Product & Service
• Product
• Instrument
• Consumables
• Software
• Service
By Technology
• Polymerase Chain Reaction (PCR)
• Next-Generation Sequencing (NGS)
• Immunohistochemistry (IHC)
• In situ hybridization (ISH)/Fluorescence in situ hybridization (FISH)
• Other Technologies
By Disease Type
• Breast Cancer
• Non-Small Cell Lung Cancer
• Colorectal Cancer
• Leukemia
• Melanoma
• Prostate Cancer
• Others
By End-use
• Hospital
• Pathology/Diagnostic Laboratory
• Academic Medical Center
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America