Companion Diagnostics for Oncology market to surpass USD 8.45 billion by 2030 from USD 2.48 billion in 2020 at a CAGR of 13.02% in the coming years, i.e., 2021-30.

Product Overview
Companion diagnostics is a medical equipment, usually an in-vitro device, that provides critical information for determining the safe and effective usage of another medication or biological product. Companion diagnostics is a subset of pharmacogenomics, which uses an individual’s genetic composition to predict medication response or modify treatment techniques. Oncology medicines are toxic, and only a small percentage of individuals benefit from them, according to their phenotype or illnesses. Companion diagnostics can be utilized to distinguish between people who will benefit from the medication and those who may experience negative side effects. CDx is important in oncology since it helps to restrict the population so that the best treatment may be given with the least risk.

Market Highlights
Companion Diagnostics for Oncology market is expected to project a notable CAGR of 13.02% in 2030
Over the projected period, rising global cancer prevalence, expanding application of companion diagnostics, and growing relevance of oncology companion diagnostics in next-generation omics are likely to drive market revenue growth.

Recent highlights in the Companion Diagnostics for Oncology market
In April 2021, Roche disclosed that it has gained approval from the US Food and Drug Administration. The VENTANA MMR RxDx panel was approved by the FDA for the treatment of advanced and recurrent endometrial cancer. The companion diagnostic is the first to identify cancer patients who are candidates for GSK’s Jemperli monotherapy treatment.

In April 2021, Burning Rock Biotech and Abisko Therapeutics have established a strategic cooperation to develop a companion diagnostic test for the latter’s ABSK091, a fibroblast factor receptor antagonist. The CDx test will be utilised to screen for FGFR genetic changes in patients with urothelial carcinoma and will also help advance clinical research and development of ABSK091.

Companion Diagnostics for Oncology market: Segments
Non-small cell lung cancer segment to grow with the highest CAGR during 2020-30
Companion Diagnostics for Oncology market is segmented by Disease type into breast cancer, non-small cell lung cancer, colorectal cancer, melanoma, leukemia, and others. Among these the non-small cell lung cancer category dominated the market in 2020 and is expected to have lucrative growth over the forecast period. The growing frequency of non-small cell lung cancer and the development of oncology companion diagnostics for this cancer type are both contributing to the industry’s growth.

Hospital segment to grow with the highest CAGR during 2020-30
Companion Diagnostics for Oncology market is segmented by End-User into Hospital, Pathology/Diagnostic Laboratory, Academic Medical Center. Among these the Hospital category had the highest revenue share in 2020 and is expected to have lucrative growth over the forecast period. The availability of cutting-edge infrastructure and facilities, as well as an abundance of trained experts and a good reimbursement environment for early diagnosis and treatment, have all contributed to the industry’s growth. In addition, the segment’s revenue growth is projected to be aided by the development of highly accurate and sensitive cancer screening and diagnostic tests in hospital settings throughout the projection period.

Market Dynamics
Drivers
Rising prevalence of cancer across the globe
Rising health burden of cancer throughout the globe is driving demand for personalized medications and greater awareness about improved treatment options among the patient population. Increasing focus on customized medicine has hastened the growth of companion diagnostics and co-development of medication and diagnostic solutions. Furthermore, the growing number of adverse drug reactions and lack of effectiveness has raised the necessity for precise therapeutic dose determination. Over the projected period, this is likely to contribute considerably to the market’s revenue growth.

Cost reduction and short clinical trials
Pharmaceutical companies have embraced cancer Companion Diagnostics (CDx) tests because of the cost reductions they provide as well as their capacity to shorten clinical trial timelines.

Restraint
High costs of companion diagnostic tests
Companion diagnostic tests are expensive, which has limited their use in developing and underdeveloped nations. Over the projected period, rising costs in healthcare facilities and pharmaceutical firms are likely to restrain market growth to some extent.

Companion Diagnostics for Oncology: Key Players
Agilent Technologies, Inc.

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

Illumina, Inc.
QIAGEN N.V.
Thermo Fisher Scientific, Inc.
F. Hoffmann-La Roche Ltd.
ARUP Laboratories
Abbott
Myriad Genetics, Inc.
bioMérieux SA
Invivoscribe, Inc.

Companion Diagnostics for Oncology market: Regions
Companion Diagnostics for Oncology market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Companion Diagnostics for Oncology market in North America held the largest market share in the year 2020. In the forecast period, the Companion Diagnostics for Oncology market is expected to be dominated by North America. Increased funding and grant availability, quick advancement in precision medicine, development of innovative technologies and products, and favorable legislation for companion diagnostics for cancer are all contributing to the sector’s growth. Increased research and development activities, as well as attempts to promote awareness of oncology companion diagnostics, are projected to propel the market in the region’s revenue growth.

Companion Diagnostics for Oncology market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – China, Japan, Australia and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Companion Diagnostics for Oncology report also contains analysis on:
Companion Diagnostics for Oncology Segments:
By Product & Service
Product
Instrument
Consumables
Software
Service
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
Companion Diagnostics for Oncology Market Dynamics
Companion Diagnostics for Oncology Market Size
Supply & Demand
Current Market Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints

Companion Diagnostics for Oncology Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 2.81 billion
Revenue forecast in 2030 USD 8.45 billion
Growth Rate CAGR of 13.02% from 2021 to 2030
Base year for estimation 2020
Quantitative units Revenue in USD billion and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Product and service, Technology, Disease type, End-user and Region
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled 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. and Other Prominent Players.

Frequently Asked Questions
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The post Global Companion Diagnostics for Oncology Market Outlook 2030: Industry Insights & Opportunity Evaluation, 2019-2030 first appeared on CRI Report.

Market Synopsis
Global Companion Diagnostics for Oncology Market is expected to witness a substantial market expansion at a CAGR of 22.57% during the review period of 2020 to 2027. The global market growth is attributed to rising R&D and drug-diagnostic co-development, increasing preference for personalized medicine, the growing global incidence of cancer, and rising product approvals by major players.
The global companion diagnostics for oncology market owing to the highest market value of USD 1,603.16 Million in 2019. Major market players are focusing on various growth strategies such as product launches, product expansion, and business expansions to serve the increasing demand for personalized medicine. These product launches and business expansion are expected to set the growth of the companion diagnostics for the oncology market during the review period. However, the lack of reimbursement in developing regions is expected to restrain the market growth during the review period.
Market Segmentation
Global Companion Diagnostics for Oncology Market has been classified into Products & Services, Technology, Indication, and End User.
Based on product & service, has been classified into assays, kits & reagents, and software & services.
In terms of technology type, the global companion diagnostics for the oncology market is classified into polymerase chain reaction (PCR) and next-generation sequencing (NGS).
In terms of indication segment, the global market has been categorized into breast cancer, lung cancer, colorectal cancer, gastric cancer, melanoma, and others. Based on end-user, the market is classified into pharmaceutical & biopharmaceutical companies, laboratories, contract research organizations, and others.
Regional Analysis
Geographically, the Global Companion Diagnostics for Oncology Market is classified into four main regions, namely the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas is likely to drive the largest market owing to the major share in 2019 and it is expected to command the market during the forecast period. The regional market is attributed to the high prevalence rate of cancer and other chronic disorders and growing healthcare expenditure.
Europe is expected to register the second-largest market share owing to the existence of many companies, rising research and development activities to develop targeted drug therapy for a cancer patient, and rising per capita income increases the preference for personalized medicine.
Asia-Pacific is anticipated to be the fastest-growing regional market during the review period owing to the increasing number of cancer patients and the growing presence of market players. Furthermore, the increasing research funding, increasing investments by pharmaceutical and biotechnology companies, and rising awareness about personalized therapeutics in several APAC countries are expected to propel the growth of the Asia-Pacific market.
The Middle East & Africa is expected to register a steady market growth during the review period owing to the emerging market in countries such as Kuwait, the UAE, and Saudi Arabia.
Major Players
The Key Players in the Global Companion Diagnostics for Oncology Market include Agilent Technologies Inc., Illumina, Inc., F. Hoffmann-La Roche Ltd, BioMérieux SA, Foundation Medicine, Archer Dx, Qiagen, Thermo Fisher Scientific Inc., Amoy Dx, and Abbott.
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The post Global Companion Diagnostics for Oncology Market Research Report—Forecast till 2027 first appeared on CRI Report.