Growing burden of cancer, rising demand for personalized medicine, and increasing collaborations to co-develop drug and diagnostic technologies are key factors driving market growth  

The global oncology companion diagnostics market size is expected to reach USD 6.60 Billion by 2028 and register a CAGR of 13% over the forecast period, according to the latest report by Reports and Data. Increasing incidence of cancer across the globe, rising application of companion diagnostic in cancer management, and increasing advancements in personalized medicine are key factors expected to drive market revenue growth over the forecast period. In addition, increasing importance of oncology companion diagnostics in next-generation omics and growing use of CDx to ensure safety and efficacy of drugs and treatment are also expected to drive revenue growth of the market going ahead.

Companion diagnostics is a crucial part of pharmacogenomics which leverages genetic makeup of an individual to predict response to a therapeutic approach or to design a personalized therapy for the patient. Companion diagnostics has been widely applied in personalized medicine to assist in shaping up the development process for a particular drug. The FDA regulates a companion diagnostics based on how it will be used in delivering therapeutics and care in medicine. Companion diagnostics are also useful in determining the appropriate and effective use of a therapeutic. It also plays a pivotal role in screening patients who will benefit from the drug and who should not be treated with the specific drug. In oncology, companion diagnostic plays a crucial part in narrowing the population for a treatment to ensure better outcomes and decrease risk of treatment. In addition, advent of high-throughput and sensitive approaches such as Next-Generation Sequencing (NGS) and quantitative histopathology, among others have resulted in rapid development of platforms for CDx. This is also expected to contribute to market growth going ahead.

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The report puts an emphasis on the information regarding the key players with a special focus on their company profile, business overview, recent advancements, product catalog, and strategic business plans. It provides a comprehensive overview of the strategic alliances in the market under taken by the key players such as mergers and acquisitions, joint ventures, collaborations, partnerships, agreements, product launches, brand promotions, and corporate deals, among others.

Key companies operating in the market and profiled in the report include:

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

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The Oncology Companion Diagnostics market takes into account major geographical locations such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa to offer key insights into market growth, market size, market share, revenue growth, current and emerging trends, supply and demand ratio, import/export, consumer demand and behavior, and presence of key players in each region. The report offers an in-depth country wise analysis to impart better understanding of the market and its growth prospects.

Segments Covered in the report

Product & Service Outlook (Revenue, USD Billion; 2018-2028)

• Products
  • Consumables
  • Instrument
  • Software
• Services

Technology Outlook (Revenue, USD Billion; 2018-2028)

• Polymerase Chain Reaction (PCR)
• Next-Generation Sequencing (NGS)
• Immunohistochemistry (IHC)
• In situ hybridization (ISH)/Fluorescence in situ hybridization (FISH)
• Others

Disease Type Outlook (Revenue, USD Billion; 2018-2028)

• Breast Cancer
• Non-Small Cell Lung Cancer
• Colorectal Cancer
• Leukemia
• Melanoma
• Prostate Cancer
• Others

End-use Outlook (Revenue, USD Billion; 2018-2028)

• Hospitals
• Pathology/Diagnostic Laboratory
• Academic Medical Centers

Key Regions Analyzed in the Report include:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • Italy
  • France
  • BENELUX
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Rest of LATAM
• Middle East & Africa
  • Saudi Arabia
  • U.A.E.
  • South Africa
  • Rest of MEA

Furthermore, it consists information about individual segment of the Oncology Companion Diagnostics market based on the types and application. The report also offers insights about the key segments expected to register significant revenue growth over the forecast period and primary trends influencing their growth. It also offers CAGR and market share values for each segment to provide clear understanding of demand and trend in the global market.

Some Key Highlights From the Report:

• Product segment is expected to account for largest revenue share in the global market owing to increasing application of companion diagnostics in treatment and management of cancer, development of improved consumables and reagents, and advancements in diagnostic technologies.
• Immunohistochemistry segment is expected to register considerable revenue growth over the forecast period, attributable to availability of a broad range of IHC-based diagnostic solutions for cancer, growing product approvals, and increasing progress of drug discovery and research.
• Non-small cell lung cancer accounted for largest revenue share in 2020 and is expected to register significant revenue growth owing to increasing prevalence of non-small cell lung cancer, increasing research for companion diagnostics, and growing need for personalized medicine.
• Hospitals segment is expected to register robust revenue CAGR over the forecast period owing to increasing availability of advanced healthcare infrastructure, development of accurate and sensitive cancer screening and diagnostic assays, and favorable reimbursement scenario.
• North America accounted for a revenue share of 39.7% in the global market in 2020, attributable to rising research and development activities, increasing awareness about oncology companion diagnostics, and progress in precision medicine. In addition, rising prevalence of cancer, increasing number of product approvals, and robust presence of key market players in the region.

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