With the emergence and long-term Impact of COVID-19, Global Oncology Companion Diagnostic Market to reach USD 8.18 Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Oncology Companion Diagnostic Market points towards a potential rise to USD 8.18 Billion by 2030. An oncology Companion Diagnostic (CDx) is a type of medical test or biomarker that is used to identify specific characteristics or molecular alterations in a patient’s tumor. These characteristics are often associated with the patient’s likelihood of responding to a particular targeted therapy or treatment for cancer.
The primary purpose of oncology companion diagnostics is to aid healthcare providers in making more personalized and effective treatment decisions for cancer patients. The surge in demand for targeted cancer treatment and tailored drugs, growing investments in the pharmaceutical industry, coupled with the rise in approval rate for companion diagnostics are the most prominent factors that are propelling the market demand across the globe.
Geographically, the global Oncology Companion Diagnostic market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to the rising advancements in precision medicine, a growing development of targeted cancer therapies, as well as the growing focus of the pharmaceutical industry on targeted therapies and personalized medicine.
Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecast years. The increasing number of government and healthcare industry initiatives promoting precision medicine and genomic research, coupled with ongoing advancements in diagnostic technologies and tools contribute to the development and improvement of companion diagnostics that are significantly propelling the market demand across the region.
The global Oncology Companion Diagnostic market is highly competitive owing to the presence of several key players such as Agilent Technologies, Inc. Illumina, Inc. QIAGEN N.V. Thermo Fisher Scientific, Inc. F. Hoffmann-La Roche Ltd. ARUP Laboratories Abbott Laboratories Myriad Genetics, Inc. bioMérieux SA Invivoscribe, Inc., and others.
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Key findings of the study suggest:
- Global Oncology Companion Diagnostic Market is anticipated to grow with a healthy growth rate of more than 12.9% over the forecast period 2023-2030.
- In the Offerings segment, Instrument emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the rising advancements in precision medicine, a growing development of targeted cancer therapies, as well as the growing focus of the pharmaceutical industry on targeted therapies and personalized medicine.
- Asia Pacific is expected to grow at higher rate followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
By Offerings:
- Instrument
- Consumables
- Software
- Services
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
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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