Companion Diagnostics for Oncology Market
Report ID: SQMIG35B2205
Report ID: SQMIG35B2205
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Report ID:
SQMIG35B2205 |
Region:
Global |
Published Date: May, 2024
Pages:
215
|Tables:
122
|Figures:
76
Global Companion Diagnostics for Oncology Market size was valued at USD 3.96 Billion in 2024 and is poised to grow from USD 4.47 Billion in 2025 to USD 11.88 Billion by 2033, growing at a CAGR of 13.0% during the forecast period (2026–2033).
Companion diagnostics refers to the utilization of genetic makeup of a person affected with cancer to design and predict a therapeutic approach. The rise of personalized medicine popularity around the world is a key factor that is slated to bolster the demand for companion diagnostics for oncology over the coming years. High investments in medical research and development are also forecasted to bolster the companion diagnostics for oncology market growth in the future. Use of companion diagnostics can further help enhance the treatment of different types of cancer-affected people. Surging incidence of different types of cancer and growing demand for treatment of the same are also estimated to create new opportunities for companion diagnostics for oncology companies in the long run. Advancements in precision medicine technology are also slated to bolster the demand for companion diagnostics for oncology across the forecast period and beyond. However, complex regulatory framework, high costs of implementation, and complexity of molecular data management are key constraints that could hurt companion diagnostics for oncology market development going forward.
Market snapshot - 2026-2033
Global Market Size
USD 3.5 Billion
Largest Segment
Products
Fastest Growth
Services
Growth Rate
13% CAGR
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Global Companion Diagnostics for Oncology Market is segmented by Product, Technology, Cancer Type, End Use and region. Based on Product, the market is segmented into Product and Services. Based on Technology, the market is segmented into Polymerase chain reaction (PCR), Next‑generation sequencing (NGS), Immunohistochemistry (IHC), In situ hybridization (ISH/FISH/CISH) and Others. Based on Cancer Type, the market is segmented into Lung cancer, Breast cancer, Colorectal cancer, Prostate cancer, Leukemia, Melanoma and Others. Based on End Use, the market is segmented into Hospitals & cancer centers, Pathology / diagnostic laboratories, Pharmaceutical & biotechnology companies, Contract research organizations (CROs) and Academic and research institutes. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Products account for a major share of the global companion diagnostics for oncology marketplace. The growing launch of new companion diagnostic equipment for oncology use by leading companies is the key factor allowing this segment to hold sway over others. Development of novel consumables and growing use of different types of reagents in companion diagnostics for oncology are also helping this segment maintain its dominance in the marketplace.
Demand for companion diagnostics for oncology services is slated to increase at a rapid pace across the forecast period and beyond. Increasing the business scope of companion diagnostics for oncology service providers around the world will be a key factor promoting growth of this segment. High adoption of novel companion diagnostics equipment will also foster new demand for companion diagnostics services in the future.
Hospitals are estimated to account for a substantial share of the global companion diagnostics for oncology market. High investments in healthcare infrastructure development, growing availability of skilled medical professionals, and most cancer treatments requiring hospital settings all contribute to the dominance of this segment. Rising use of advanced oncology treatment and diagnostics equipment in hospitals will also favor companion diagnostics for oncology demand.
Demand for companion diagnostics for oncology in pathology/diagnostic laboratories is estimated to rise at a robust pace over the coming years. Growing use of laboratories for oncology disease testing is also predicted to contribute to the growing market share of this segment through 2031.
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North America is slated to hold sway over global companion diagnostics for oncology demand outlook across the forecast period. This dominance can be attributed to surging prevalence of different cancers and high investments in oncology research are key factors that allow North America to account for a dominant stance in the global companion diagnostics for oncology marketplace. High availability of grants and subsidies for oncology research are also helping North America to maintain its dominance. The United States and Canada are projected to be the leading markets for companion diagnostics for oncology providers in this region.
High emphasis on healthcare infrastructure development and growing approval of novel oncology treatments and medical devices help Asia Pacific region become the fastest-growing regional market in the world. Supportive government initiatives to promote oncology R&D are also slated to create new opportunities for companion diagnostics providers based in this region going forward. China, India, and Japan are slated to be the top markets for companion diagnostics for oncology companies operating in the Asia Pacific region.
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Development of Precision Medicine
High Incidence of Cancer
Regulatory Challenges
Complex Molecular Data Interpretation
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Companion diagnostics for oncology market players should solely focus on R&D to foster innovation and stand out from the competition. The requirement of huge amount of capital to enter this market makes it a difficult one for start-ups and new companies looking to innovate. Companion diagnostics for oncology providers can also emphasize improving the reimbursement scenario for companion diagnostics to maximize their revenue generation potential in the long run.
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing prevalence of cancer and increasing advancements in precision medicine and personalized medicine are projected to bolster the demand for companion diagnostics for oncology across the forecast period. However, complex molecular data interpretation and stringent regulatory norms are estimated to be key restraints for companion diagnostics for oncology market development in the long run. North America is slated to dominate the global companion diagnostics for oncology market owing to high incidence of different types of cancer and rising adoption of advanced medical devices and technologies. Companion diagnostics for oncology providers should also target new biomarker discovery to create new growth opportunities going forward.
| Report Metric | Details |
|---|---|
| Market size value in 2024 | USD 3.96 Billion |
| Market size value in 2033 | USD 11.88 Billion |
| Growth Rate | 13.0% |
| Base year | 2024 |
| Forecast period | 2026-2033 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Companion Diagnostics for Oncology Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Companion Diagnostics for Oncology Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Companion Diagnostics for Oncology Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Companion Diagnostics for Oncology Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Global Companion Diagnostics for Oncology Market size was valued at USD 3.96 Billion in 2024 and is poised to grow from USD 4.47 Billion in 2025 to USD 11.88 Billion by 2033, growing at a CAGR of 13% during the forecast period (2026–2033).
Companion diagnostics for oncology market players should solely focus on R&D to foster innovation and stand out from the competition. The requirement of huge amount of capital to enter this market makes it a difficult one for start-ups and new companies looking to innovate. Companion diagnostics for oncology providers can also emphasize improving the reimbursement scenario for companion diagnostics to maximize their revenue generation potential in the long run. 'F. Hoffmann-La Roche Ltd.', 'QIAGEN', 'Illumina, Inc.', 'Myriad Genetics, Inc.', 'Thermo Fisher Scientific Inc.', 'Foundation Medicine, Inc.', 'Guardant Health, Inc.', 'Agilent Technologies, Inc.', 'Abbott Laboratories', 'Natera, Inc.', 'NeoGenomics Laboratories Inc.', 'Sysmex Corporation', 'bioMérieux SA', 'Leica Biosystems Nussloch GmbH', 'Exact Sciences Corporation', 'ARUP Laboratories', 'Laboratory Corporation of America Holdings (LabCorp)', 'Quest Diagnostics Incorporated', 'Bio-Rad Laboratories Inc.', 'PerkinElmer, Inc.'
Precision medicine technologies are being rapidly developed and supplemented by high investments in medical R&D. Growing demand for personalized cancer therapies to minimize side effects will also boost the demand for companion diagnostics for oncology in the future.
Biomarker Discovery: Companion diagnostics for oncology companies should focus on discovering new biomarkers to expand thier business scope and revenue generation potential. Using advanced genomic and proteomic techniques and technologies, companion diagnostics for oncology companies can leverage biomarker discovery to their advantage and boost market growth in the future.
North America is slated to hold sway over global companion diagnostics for oncology demand outlook across the forecast period. This dominance can be attributed to surging prevalence of different cancers and high investments in oncology research are key factors that allow North America to account for a dominant stance in the global companion diagnostics for oncology marketplace. High availability of grants and subsidies for oncology research are also helping North America to maintain its dominance. The United States and Canada are projected to be the leading markets for companion diagnostics for oncology providers in this region.
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