Companion Diagnostics for Oncology Market was valued at USD 2.5 Billion in 2032 and is expected to register a CAGR of 21.1% during the forecast period of 2023 to 2032.

In recent years, the field of oncology has witnessed a paradigm shift towards precision medicine, and at the forefront of this transformation is the growing importance of companion diagnostics. These sophisticated tools have emerged as crucial components in tailoring cancer treatment strategies to individual patients, offering a more targeted and effective approach to managing the complexities of the disease.

Companion diagnostics are specialized tests that help identify specific biomarkers or genetic mutations in patients, aiding oncologists in determining the most suitable therapies. The global Companion Diagnostics for Oncology market has experienced significant growth, reflecting the increasing recognition of personalized medicine as a game-changer in cancer care.

Segment Analysis

Global oncology partner testing market share is segmented by products and services, technology, education, and end users. Based on products and services, the market is segmented into testing, equipment and reagents, and software and services. Based on technology, the global oncology diagnostic partner market is segmented into polymerase chain reaction (PCR) and next-generation sequencing (NGS). The global market is segmented by indications into breast cancer, lung cancer, breast cancer, breast cancer, melanoma, and others.

Regional Analysis

Based on regions, the global oncology partner testing market is segmented into four major regions including Americas, Europe, Asia Pacific, and Middle East & Africa. The United States held the largest market in 2019, while Asia Pacific is expected to be the largest market in the region during the forecast period.

In the global oncology partner testing market, the USA took the largest share with a growth of 37.3% in 2019. The growth of the American market is driven by cancer, high blood pressure and rising healthcare costs. The National Institutes of Health estimates that 1,735,350 new cases of cancer were diagnosed in the United States in 2018. Europe took the second largest market in 2019. The European market is expected to witness good growth during the forecast period due to the number of companies, increasing R&D activities to develop cancer treatments and rising Individual income increasing the preference for self-medication. According to the data of the European Journal of Cancer, there were approximately 3.9 million new cancer cases and 1.9 million cancer deaths in Europe in 2018.

Asia Pacific is expected to be the largest market in the region during the forecast period. The rapid growth of the Asia-Pacific market is driven by the increasing number of cancer patients and the increasing number of market participants. According to the World Cancer Observatory, around 1,157,294 cancer cases were reported in India in 2018. Additionally, increased research funding in many Asia-Pacific countries, increased investment by pharmaceutical companies and biotechnology, and increased awareness of self-healing are expected to support the economy. growth in the region. The Middle East and Africa market is the smallest market with 82.64 million US dollars in 2019. Countries like Kuwait, UAE, and Saudi Arabia will see steady growth in the oncology diagnostics market due to rising cancer cases, rising drug discoveries, and growing interest in personalized medicine. Additionally, the growth of social media in Middle Eastern and African countries is due to the increased investments of hospitals, research centers and regional healthcare companies.

Key Players

MRFR recognizes the following companion diagnostics companies — Agilent Technologies Inc. (US), Illumina, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), BioMérieux SA (France), Foundation Medicine (US), Archer Dx (US), Qiagen (Germany), Thermo Fisher Scientific Inc. (US), and Amoy Dx (China) and Abbott Laboratories (US).

Key Findings of the Study

• Global Companion Diagnostics for Oncology Market was valued at USD 1,603.16 Million in 2019 and is expected to register a CAGR of 57% during the forecast period of 2020 to 2027

• The Americas accounted for the largest share of the global market due to the high prevalence rate of cancer and other chronic disorders and rising healthcare expenditure. These factors are driving the growth of companion diagnostics for oncology market in the region.

• Based on the products & services, the market is divided into the assays, kits & reagents and software & services is expected to account for a major share in the global companion diagnostics for oncology market share of 62.11% in 2019

• On the basis of indication, the others segment dominated the global companion diagnostics for oncology market by revenue in 2019. The treatment segment accounted for the largest value of USD 73 in 2019; it is expected to register a CAGR of 22.57% during the forecast period.

• Based on end-user, the pharmaceutical & biopharmaceutical companies accounted for the largest market share of 38.19% in 2019

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