Global Companion Diagnostics for Oncology Market

Companion Diagnostics for Oncology Market Size, Share, Growth Analysis, By Component(Products, and Services), By End User(Hospitals, Pathology/Diagnostic Laboratories), By Indication(Breast Cancer, Non-Small Cell Lung Cancer), By Technology(Polymerase Chain Reaction (PCR), Next-Generation Sequencing (NGS)) - Industry Forecast 2024-2031

Report ID: SQMIG35B2205 | Region: Global | Published Date: May, 2024
Pages: 215 | Tables: 122 | Figures: 76

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Companion Diagnostics for Oncology Market size was valued at USD 3.1 billion in 2022 and is poised to grow from USD 3.5 billion in 2023 to USD 9.31 billion by 2031, growing at a CAGR of 13% in the forecast period (2024-2031).

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 N.V.', 'ARUP Laboratories', 'Biocartis', 'Exact Sciences', 'Myriad Genetics Inc.', 'Sysmex Corporation', 'Abbott', 'Genedrive', 'Genomic Health', 'Archer Dx', 'Agilent Technologies Inc.', 'bioMérieux SA', 'Thermo Fisher Scientific Inc.', 'Invivoscribe Inc.', 'Guardant Health', 'Foundation Medicine', 'Illumina Inc.', 'Amoy Dx'

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 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 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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