Companion Diagnostic Tests in Oncology Market Size is Set to Achieve USD 17.0 Billion by 2034, with 9.5% CAGR: Transparency Market Research Inc.

Exploration of novel biomarkers beyond traditional genetic mutations expands the scope of companion diagnostic tests in oncology.

/EIN News/ -- Wilmington, Delaware, United States, Transparency Market Research, Inc. , Sept. 09, 2024 (GLOBE NEWSWIRE) -- The global companion diagnostic tests in oncology market (الاختبارات التشخيصية المصاحبة في سوق الأورام) is estimated to flourish at a CAGR of 9.5% from 2024 to 2034. Transparency Market Research projects that the overall sales revenue for companion diagnostic tests in oncology is estimated to reach US$ 17.0 billion by the end of 2034. 

Liquid biopsy technologies are gaining traction, offering non-invasive methods to detect tumor-specific biomarkers. This approach holds promise for early cancer detection and monitoring treatment response. The incorporation of AI and machine learning algorithms enhances the interpretation of genomic data from companion diagnostic tests, improving diagnostic accuracy and personalized treatment recommendations. 

Increased patient engagement and advocacy efforts are influencing market dynamics. Patients are demanding access to comprehensive genomic profiling and involvement in treatment decisions, driving demand for companion diagnostic tests. The digital transformation of healthcare systems facilitates the integration of companion diagnostic tests into electronic health records (EHRs) and clinical decision support systems, streamlining testing processes and improving accessibility. 

The COVID-19 pandemic has underscored the importance of diagnostic testing and accelerated the adoption of telemedicine and remote monitoring solutions, potentially influencing the uptake of companion diagnostic tests in oncology. 

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Companion Diagnostic Tests in Oncology Market: Competitive Landscape

In the dynamic realm of oncology, companion diagnostic tests play a pivotal role in guiding personalized treatment decisions. The market is fiercely competitive, with key players like Roche Diagnostics, Agilent Technologies, and Foundation Medicine dominating. Roche's extensive CDx portfolio, including the FDA-approved Ventana assays, underscores its leadership. Agilent Technologies' precision oncology solutions and Foundation Medicine's comprehensive genomic profiling services pose formidable competition.

 Emerging players like Guardant Health and Thermo Fisher Scientific intensify the landscape with innovative liquid biopsy and NGS technologies. This competitive environment fosters innovation, driving advancements in precision medicine and ultimately improving outcomes for cancer patients globally. Some prominent players are as follows: 

• Abbott
• Hoffmann-LA Roche AG
• Genomic Health Inc.
• QIAGEN
• Agilent Technologies Inc.
• AGENDIA N.V.
• bioMérieux SA
• Illumina Inc.
• Siemens Healthineers
• Thermo Fisher Scientific Inc.
• BioGenex 

Product Portfolio

• Agendia N.V. pioneers precision oncology solutions, delivering genomic insights to optimize cancer treatment decisions. Their innovative tests, like MammaPrint® and BluePrint®, empower physicians and patients worldwide. With a commitment to personalized medicine, Agendia continues to redefine cancer care through cutting-edge molecular diagnostics.
• bioMérieux SA is a global leader in in vitro diagnostics, offering innovative solutions for infectious diseases, microbiology, and molecular diagnostics. Their advanced diagnostic technologies, including VITEK® and FilmArray®, enable healthcare professionals to make accurate and timely decisions, improving patient outcomes and public health worldwide.
• Illumina Inc. revolutionizes genomic analysis with its state-of-the-art sequencing and array technologies. As a pioneer in genomics, Illumina empowers researchers, clinicians, and consumers to unlock the potential of the genome. With a commitment to innovation and precision, Illumina drives advancements in healthcare, agriculture, and beyond. 

Key Findings of the Market Report

• Next-generation Sequencing (NGS) emerges as the leading detection technique segment in the companion diagnostic tests in oncology market.
• EGFR biomarker segment leads the companion diagnostic tests in oncology market, driving targeted therapy selection for various cancers.
• Breast cancer holds the lead in the companion diagnostic tests in oncology market due to extensive research and targeted therapy developments. 

Companion Diagnostic Tests in Oncology Market Growth Drivers & Trends

• Increasing integration of companion diagnostics in personalized cancer therapies drives market growth, enhancing treatment efficacy and patient outcomes.
• Growing number of targeted therapies in development necessitates companion diagnostic tests, fueling market expansion.
• Favorable regulatory landscape, with agencies endorsing CDx for targeted therapy selection, accelerates market growth and adoption.
• Innovations in genomics, liquid biopsy, and next-generation sequencing drive the evolution of companion diagnostic technologies, enhancing their accuracy and utility.
• Partnerships between diagnostic companies, pharmaceutical firms, and research institutions foster innovation and market penetration, shaping the future of oncology diagnostics. 

Global Companion Diagnostic Tests in Oncology Market: Regional Profile

• North America leads the charge, boasting a robust healthcare infrastructure, favorable reimbursement policies, and a high prevalence of cancer. The region is a hotbed of innovation, with key players like Roche Diagnostics and Foundation Medicine driving advancements in CDx technology.
• Europe follows closely, with stringent regulatory frameworks and a growing emphasis on personalized medicine. The European Medicines Agency's (EMA) endorsement of CDx further propels market growth. Strategic collaborations between pharmaceutical companies and diagnostic firms bolster market expansion.
• In the Asia Pacific, rapid economic growth, increasing healthcare expenditure, and a rising burden of cancer fuel market demand. Challenges such as regulatory complexities and limited access to advanced diagnostics hinder growth potential. Despite this, initiatives to enhance healthcare infrastructure and awareness campaigns are driving market penetration.

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Companion Diagnostic Tests in Oncology Market: Key Segments

By Detection Technique

• Protein Detection
• Immunohistochemistry
• DNA Detection
• Polymerase Chain Reaction (PCR)
• Next-generation Sequencing (NGS)
• In Situ Hybridization
• Others

By Biomarker

• EGFR
• KRAS
• HER2
• BRAF V600E
• Others

By Cancer Type

• Breast Cancer
• Lung Cancer
• Colorectal Cancer
• Liver Cancer
• Melanoma
• Others

By End User

• Hospitals
• Specialty Clinics
• Diagnostic Labs
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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About Transparency Market Research 

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

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