Global Oncology Companion Diagnostic Market Growth, Share, Size, Trends and Forecast (2025 - 2031)

By Product and Service;

Product - Instrument, Consumables, Software, and Service.

By Technology;

Polymerase Chain Reaction (PCR), Next-Generation Sequencing (NGS), Immunohistochemistry (IHC), In Situ Hybridization (ISH)/Fluorescence In Situ Hybridization (FISH), and Other Technologies.

By Disease Type;

Breast Cancer, Non-Small Cell Lung Cancer, Colorectal Cancer, Leukemia, Melanoma, Prostate Cancer, and Others.

By End-Use;

Hospital, Pathology/Diagnostic Laboratory, and Academic Medical Center.

By Geography;

North America, Europe, Asia Pacific, Middle East and Africa and Latin America - Report Timeline (2021 - 2031).
Report ID: Rn722284548 Published Date: January, 2025 Updated Date: February, 2025

Introduction

Global Oncology Companion Diagnostic Market (USD Million), 2021 - 2031

In the year 2024, the Global Oncology Companion Diagnostic Market was valued at USD 3,801.82 million. The size of this market is expected to increase to USD 8,888.92 million by the year 2031, while growing at a Compounded Annual Growth Rate (CAGR) of 12.9%.

The global oncology companion diagnostic market plays a pivotal role in the era of personalized medicine, where treatments are increasingly tailored to individual patients based on their genetic makeup or specific biomarkers. Companion diagnostics are critical tools that enable healthcare providers to identify patients who are most likely to benefit from a particular therapeutic regimen, thereby improving treatment outcomes and reducing unnecessary healthcare costs. This market is driven by the rising incidence of cancer worldwide, coupled with advancements in molecular diagnostics and genomic profiling technologies.

As cancer continues to impose a significant health burden globally, companion diagnostics have emerged as essential tools for oncologists to make informed decisions about treatment strategies. These diagnostics help in selecting the appropriate therapy by identifying biomarkers that indicate the likelihood of response to specific drugs. This targeted approach not only enhances treatment efficacy but also minimizes the risks of adverse effects, as patients receive therapies that are more likely to work for their specific cancer profile.

The market growth is supported by substantial investments in research and development, aimed at discovering and validating new biomarkers. Government initiatives and regulatory frameworks that prioritize the development and approval of companion diagnostics further stimulate market expansion. However, challenges such as the high cost of development and regulatory complexities necessitate strategic partnerships between pharmaceutical companies, diagnostic firms, and research institutions to streamline the path from biomarker discovery to clinical application.

Looking ahead, technological innovations in next-generation sequencing, digital PCR, and other diagnostic platforms are anticipated to fuel the market's evolution. These advancements promise to broaden the scope of companion diagnostics, enabling more precise and timely patient stratification across various cancer types. Ultimately, the global oncology companion diagnostic market stands at the forefront of transforming cancer care, offering new hope for personalized treatment strategies that can significantly improve patient outcomes in the fight against cancer.

  1. Introduction
    1. Research Objectives and Assumptions
    2. Research Methodology
    3. Abbreviations
  2. Market Definition & Study Scope
  3. Executive Summary
    1. Market Snapshot, By Product & Service
    2. Market Snapshot, By Technology
    3. Market Snapshot, By Disease Type
    4. Market Snapshot, By End-Use
    5. Market Snapshot, By Region
  4. Global Oncology Companion Diagnostic Market Dynamics
    1. Drivers, Restraints and Opportunities
      1. Drivers
        1. Growing Demand for Targeted Therapies
        2. Supportive Government Policies and Funding
        3. Rising Awareness and Education
      2. Restraints
        1. Lack of Reimbursement Policies
        2. Complexity in Development and Validation
        3. Ethical and Privacy Concerns
      3. Opportunities
        1. Technological Advancements
        2. Strategic Collaborations and Partnerships
        3. Development of Biomarkers
    2. PEST Analysis
      1. Political Analysis
      2. Economic Analysis
      3. Social Analysis
      4. Technological Analysis
    3. Porter's Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitutes
      4. Threat of New Entrants
      5. Competitive Rivalry
  5. Market Segmentation
    1. Global Oncology Companion Diagnostic Market, By Product & Service, 2021- 2031(USD Million)
      1. Product
      2. Instrument
      3. Software
      4. Consumables
      5. Service
    2. Global Oncology Companion Diagnostic Market, By Technology, 2021- 2031(USD Million)
      1. Polymerase Chain Reaction (PCR)
      2. Next-Generation Sequencing (NGS)
      3. Immunohistochemistry (IHC)
      4. In situ hybridization (ISH)/Fluorescence in situ hybridization (FISH)
      5. Other Technologies
    3. Global Oncology Companion Diagnostic Market, By Disease Type, 2021- 2031(USD Million)
      1. Breast Cancer
      2. Non-small Cell Lung Cancer
      3. Colorectal Cancer
      4. Leukemia
      5. Melanoma
      6. Prostate Cancer
      7. Others
    4. Global Oncology Companion Diagnostic Market, By End-Use, 2021- 2031(USD Million)
      1. Hospital
      2. Pathology/Diagnostic Laboratory
      3. Academic Medical Center
    5. Global Oncology Companion Diagnostic Market, By Geography, 2021- 2031(USD Million)
      1. North America
        1. United States
        2. Canada
      2. Europe
        1. Germany
        2. United Kingdom
        3. France
        4. Italy
        5. Spain
        6. Nordic
        7. Benelux
        8. Rest of Europe
      3. Asia Pacific
        1. Japan
        2. China
        3. India
        4. Australia & New Zealand
        5. South Korea
        6. ASEAN (Association of South East Asian Countries)
        7. Rest of Asia Pacific
      4. Middle East & Africa
        1. GCC
        2. Israel
        3. South Africa
        4. Rest of Middle East & Africa
      5. Latin America
        1. Brazil
        2. Mexico
        3. Argentina
        4. Rest of Latin America
  6. Competitive Landscape
    1. Company Profiles
      1. QIAGEN
      2. Illumina, Inc
      3. F. Hoffmann-La Roche Ltd
      4. Thermo Fisher Scientific, Inc
      5. Agilent Technologies, Inc
      6. ARUP Laboratories
      7. Abbott
      8. Myriad Genetics, Inc
      9. bioMrieux SA
      10. Invivoscribe, Inc
  7. Analyst Views
  8. Future Outlook of the Market