Companion Diagnostics for Oncology Market Trends, Analysis, and Growth Forecast (2024-2032) | Agilent Technologies, Inc., Illumina, Inc., QIAGEN N.V., Thermo Fisher Scientific, Inc.

Global Companion Diagnostics for Oncology Market presents a variety of new trends that have a significant impact on market growth dynamics as well as the most recent industry knowledge. According to the most recent projection, global growth will reach its lowest point this year at 2.8% before edging up to 3.0% in 2024. Although more slowly than expected, the rate of global inflation will drop from 8.7% in 2022 to 7.0% this year and 4.9% by 2024. Notably, growth rates for emerging markets and developing economies have increased significantly in many cases, from 2.8 percent in 2022 to 4.5% this year.

The global companion diagnostics for oncology market size was US$ 2.9 billion in 2021. The global companion diagnostics for oncology market is forecast to grow to US$ 9.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 14.1% during the forecast period from 2022 to 2030. 

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A piece of medical equipment known as companion diagnostics is typically an in-vitro device. It provides essential data for establishing the safe and effective administration of another drug or biological product. Companion diagnostics is a subset of pharmacogenomics, which makes use of a person’s genetic make-up to forecast drug response or alter therapeutic approaches.

Factors Influencing the Market
The rapidly growing prevalence of cancer will primarily drive the growth of companion diagnostics for the oncology market during the forecast period. The market may also witness favorable growth opportunities due to the growing healthcare expenditure.
Growing demand for customized medicine will also hasten the growth of companion diagnostics. In addition, the adverse drug reactions and lack of effectiveness will be opportunistic for the companion diagnostics for oncology as it will raise the need to develop precise therapeutic doses in the coming years.
Cost reduction and short clinical trials will escalate the growth of the market. On the flip side, the high cost associated with the use of companion diagnostic tests may limit the market growth during the forecast period.

COVID-19 Impact Analysis
The companion diagnostics for oncology market revenue drastically fell due to the COVID-19 pandemic. The pandemic shifted the focus of healthcare bodies and people towards the COVID-19 disease. As a result, developing a novel drug to combat this virus became the first priority. A significant decline in the research in companion diagnostics for oncology, the market witnessed a significant drop.

Regional Analysis
North America is forecast to hold the highest share in the companion diagnostics for oncology market, owing to rising funding and grant availability. In addition, quick advancements in precision medicine and the development of innovative technologies and products are expected to offer lucrative growth opportunities for companion diagnostics for the oncology market. In addition, favorable legislation for companion diagnostics for cancer and rising research and development activities in the region will propel this market forward during the study period.

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Competitors in the Market
• Agilent Technologies, Inc.
• Illumina, Inc.
• QIAGEN N.V.
• Thermo Fisher Scientific, Inc.
• F. Hoffmann-La Roche Ltd.
• ARUP Laboratories
• Abbott
• Myriad Genetics, Inc.
• bioMérieux SA
• Invivoscribe, Inc.
• Other Prominent Players

The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.

As of the end of 2022, the Companion Diagnostics for Oncology industry experienced notable growth in its workforce. Starting in January, employment within the Companion Diagnostics for Oncology sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Companion Diagnostics for Oncology output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.

Forecasts indicate that the global Companion Diagnostics for Oncology output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Companion Diagnostics for Oncology market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Companion Diagnostics for Oncology market.

Market Segmentation
The global companion diagnostics for oncology market segmentation focuses on Product & Service, Technology, Disease, End-Use, and Region.

By Product & Service
• Product
• Instrument
• Consumables
• Software
• Service

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By Technology
• Polymerase Chain Reaction (PCR)
• Next-Generation Sequencing (NGS)
• Immunohistochemistry (IHC)
• In situ hybridization (ISH)/Fluorescence in situ hybridization (FISH)
• Other Technologies
By Disease Type
• Breast Cancer
• Non-Small Cell Lung Cancer
• Colorectal Cancer
• Leukemia
• Melanoma
• Prostate Cancer
• Others
By End-use
• Hospital
• Pathology/Diagnostic Laboratory
• Academic Medical Center
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
 Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
 Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America

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Table of Contents:

Chapter 1: Introduction to the Global Companion Diagnostics for Oncology Industry

Chapter 3: Dynamics of the Market

Chapter 4: Profiles of Leading Companies

Chapter 5: Competition in the Global Companion Diagnostics for Oncology Market among Players

Chapter 6: Market Size across Global Regions

Chapter 7: Application Segments in the Global Market

Chapter 8: Segment Analysis of the Global Companion Diagnostics for Oncology Industry

Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers

Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders

Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors

Chapter 12: Evaluation of Market Impact Factors

Chapter 13: Forecasted Global Companion Diagnostics for Oncology Market Size (2024-2032)

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Key Questions Market Research and Analysis Report

• What is the current market size, both in terms of value and volume?
• What is the historical growth rate of the market, and what are the projected growth rates for the future?
• Who are the major players in the market, and what is their market share?
• What are the market trends and dynamics influencing the industry?
• What are the key drivers of market growth?
• What are the challenges and barriers faced by market participants?
• What are the emerging opportunities in the market?
• What is the competitive landscape of the market?
• What are the consumer preferences, behaviors, and buying patterns within the market?
• What is the market segmentation, and how are different market segments performing?
• What are the pricing trends and strategies in the market?
• What are the distribution channels and their effectiveness in reaching the target audience?
• What are the regulatory and legal factors impacting the market?

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