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
Market Size – USD 2.48 Billion in 2020, Market Growth – at a CAGR of 13%, Market Trends – Increasing application of companion diagnostics in personalized medicine
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 focuses on the comprehensive analysis of the competitive landscape along with detailed company profiles, market share, product portfolio, financial standings, market reach, global position, and strategic business expansion plans.
Some of the players profiled in the report are
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.
The report sheds light on mergers and acquisitions, joint ventures, collaborations, partnerships, and product launches among others. It also discusses in detail the technological advancements, product developments, and research and development activities of each key company.
Further the report segments the Oncology Companion Diagnostics market on the basis of product types, applications, end-uses, and regions. The report discusses in detail the key factors influencing revenue growth of the segments and market growth in key regions. It also discusses economic growth, technological advancement, and presence of key players in each major geographical region.
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Product & Service Outlook (Revenue, USD Billion; 2018-2028)
• Products
o Consumables
o Instrument
o 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
Market Segmentation by Regions:
• North America (U.S.A., Canada)
• Europe (U.K., Italy, Germany, France, Rest of Europe)
• Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Key Points Covered in the Report:
• Key insights into the latest growth trends, developments, technological and product advancements, and research and development scenario
• Analysis of micro- and macro-economic factors and regulatory framework
• In-depth evaluation of factors such as cost, capacity, rates of production and consumption, gross revenue, profit margin, demand and supply ratio, import/export, market share, market size, and market trends
• SWOT analysis, Porter’s Five Forces Analysis, investment return analysis, and feasibility analysis to offer a comprehensive view of the competitive landscape
• Strategic recommendations to established market players and new entrants to overcome limitations and entry-level barriers in the global market landscape
• A comprehensive 8 year assessment of the global Oncology Companion Diagnostics market for the period 2021-2028
• Analysis of market drivers, restraints, challenges, limitations, threats, growth prospects and opportunities
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