The global oncology companion diagnostic market revenue was around US$ 3.05 billion in 2022 and is estimated to reach US$ 9.3 billion by 2031, growing at a compound annual growth rate (CAGR) of 13.2% during the forecast period from 2023 to 2031.
Oncology companion diagnostics is part of a comprehensive field of pharmacogenomics. It uses a person’s genetic cause to predict a response to a therapeutic approach or to create therapy personalized for the patient. Oncology companion diagnostics is critical to create sure the medical product is effective and safe. A companion diagnostic is a subset of biomarker-oriented trials that covers all diagnostic tests.
Market Driving Factors
The increasing prevalence of cancer across the world is a factor boosting market growth. This is mainly due to the personalized medicines and raised awareness about better treatment strategies among the patient population. In addition, a surging focus on personalized medicine has accelerated the advancement of companion diagnostics and co-development of drug and diagnostic solutions.
Oncology companion diagnostics are also utilized to observe response to distinct drugs to ensure safety and efficacy and adjust treatment regimens. This has surged its adoption in cancer management and is also a critical element anticipated to propel market growth.
The absence of qualified specialists and the high expense of companion diagnostic testing are the main obstacles impeding market expansion.
Regional Analysis
North America dominated the market in terms of the largest share and is estimated to continue its dominance throughout the projection period. This can be mainly attributed to the increase in targeted immunotherapies, and therapies, and the integration of companion diagnostics for patient stratification. Furthermore, regulatory oversight from the Food and Drug Administration (FDA) ensures the efficacy and safety of these diagnostics in the region.
Asia Pacific dominates the market in terms of significant growth during the forecast period. Companion diagnostics is important in the region, especially in nations with cutting-edge healthcare infrastructure. In addition, the prevalence of targeted cancer therapies, often accompanied by companion diagnostics, has enhanced treatment results while lowering side effects. As a result, regulatory approvals are streamlined, improving the safety and effectiveness of these diagnostics in the region.
Segmentation Insights
Offering Insight
The product segment dominates the market in terms of the largest share. Instruments and consumables for oncology companion diagnostics are essential to the specific analysis of patient samples. These tools contain a range of sophisticated instruments, including PCR machines for (Deoxyribonucleic acid) DNA/RNA (Ribonucleic acid) amplification, automated stainers for immunohistochemistry, FISH instruments for genetic visualization, Next-generation sequencing (NGS) platforms for comprehensive genomic profiling, mass spectrometers for proteomic analysis, and different automated liquid handlers.
Technology Insight
The immunohistochemistry segment dominates the market in terms of the largest share. Its primary role is to offer crucial information about a patient's tumor tissue. Immunohistochemistry (IHC) detects distinct biomarkers within the tissue, assisting in the categorization of cancer subtypes and treatment decisions. In addition, it is instrumental in classifying tumors into different subtypes, such as hormone receptor-positive or (Human epidermal growth factor receptor 2) HER2-positive breast cancer, guiding therapy choices. As a result, IHC demonstrates predictive markers, indicating the possibility of a patient's response to certain treatments.
Disease Type Insight
The breast cancer segment is estimated to experience substantial growth during the projection period. Companion diagnostics for breast cancer have revolutionized oncology by stimulating specific and personalized care. These tests determine specific molecular and genetic characteristics within breast cancer cells, categorizing them into subtypes such as hormone receptor-positive or HER2-positive. This information guides treatment selection, allowing oncologists to administer targeted therapies with higher efficacy and rarer side effects.
End User Insight
The hospital segment dominates the market in terms of the substantial share. Hospitals use oncology companion diagnostics to enhance cancer care in multiple ways. These diagnostics play a major role in patient stratification, guaranteeing treatments are tailored to a person's molecular or genetic profile. Therefore, improving treatment efficacy.
Additionally, they guide the choice of targeted therapies, decreasing the usage of ineffective treatments and minimizing side effects. Furthermore, hospitals also depend on companion diagnostics for observing patient responses during treatment and for determining appropriate candidates for clinical tests.
Prominent Companies
Segmentation Outline
The global oncology companion diagnostic market segmentation focuses on the Offering, Technology, Disease Type, End User, and Region.
By Offering
By Technology
By Disease Type
By End User
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL ONCOLOGY COMPANION DIAGNOSTIC MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: ONCOLOGY COMPANION DIAGNOSTIC MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL ONCOLOGY COMPANION DIAGNOSTIC MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL ONCOLOGY COMPANION DIAGNOSTIC MARKET, BY OFFERING
5.1 OVERVIEW
5.2 PRODUCT
5.3 SERVICES
6 GLOBAL ONCOLOGY COMPANION DIAGNOSTIC MARKET, BY TECHNOLOGY
6.1 OVERVIEW
6.2 IMMUNOHISTOCHEMISTRY
6.3 NEXT-GENERATION SEQUENCING
6.4 POLYMERASE CHAIN REACTION
6.5 OTHERS
7 GLOBAL ONCOLOGY COMPANION DIAGNOSTIC MARKET, BY DISEASE TYPE
7.1 OVERVIEW
7.2 MELANOMA
7.3 BREAST CANCER
7.4 COLORECTAL CANCER
7.5 LEUKAEMIA
7.6 PROSTATE CANCER
7.7 OTHERS
8 GLOBAL ONCOLOGY COMPANION DIAGNOSTIC MARKET, BY END USER
8.1 OVERVIEW
8.2 HOSPITALS
8.3 DIAGNOSTIC LABS
8.4 OTHERS
9 GLOBAL ONCOLOGY COMPANION DIAGNOSTIC MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL ONCOLOGY COMPANION DIAGNOSTIC MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 ABBOTT LABORATORIES
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 AGILENT TECHNOLOGIES
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 BIO-RAD LABORATORIES
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 BIOCARTIS
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 EXACT SCIENCES
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 GENEDRIVE
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 GENOMIC HEALTH
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8. GUARDANT HEALTH
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 ILLUMINA
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 INVIVOSCRIBE
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.11 MYRIAD GENETICS
11.11.1 OVERVIEW
11.11.2 FINANCIAL PERFORMANCE
11.11.3 PRODUCT OUTLOOK
11.11.4 KEY DEVELOPMENTS
11.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.12 QIAGEN
11.12.1 OVERVIEW
11.12.2 FINANCIAL PERFORMANCE
11.12.3 PRODUCT OUTLOOK
11.12.4 KEY DEVELOPMENTS
11.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.13 ROCHE DIAGNOSTICS
11.13.1 OVERVIEW
11.13.2 FINANCIAL PERFORMANCE
11.13.3 PRODUCT OUTLOOK
11.13.4 KEY DEVELOPMENTS
11.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.14 SYSMEX CORPORATION
11.14.1 OVERVIEW
11.14.2 FINANCIAL PERFORMANCE
11.14.3 PRODUCT OUTLOOK
11.14.4 KEY DEVELOPMENTS
11.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.15 THERMO FISHER SCIENTIFIC
11.15.1 OVERVIEW
11.15.2 FINANCIAL PERFORMANCE
11.15.3 PRODUCT OUTLOOK
11.15.4 KEY DEVELOPMENTS
11.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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