Global Oncology Companion Diagnostics Market Report 2024

The oncology companion diagnostic market size has grown rapidly in recent years. It will grow from $2.97 billion in 2023 to $3.35 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth observed in the historical period can be attributed to several factors, including the escalation in cases of adverse drug reactions, the rising demand for comprehensive genomic testing, the global increase in cancer incidence, the burgeoning need for targeted therapy, and the expansion of clinical trial activities.

The oncology companion diagnostic market size is expected to see rapid growth in the next few years. It will grow to $5.49 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The forecast period's growth is anticipated to be propelled by the growing significance of personalized medicine, the uptick in diagnostic testing, the heightened focus on personalized cancer therapy, the surge in healthcare expenditure, and the escalating incidence of cancer alongside increased awareness. Anticipated trends in the forecast period encompass advancements in diagnostic technologies, the adoption of next-generation sequencing (NGS), the integration of artificial intelligence (AI) into diagnostics, the emergence of liquid biopsy technologies, the development of point-of-care companion diagnostic devices, and the introduction of innovative testing methodologies.

The oncology companion diagnostics market is poised for significant growth due to the anticipated rise in cancer cases worldwide. Cancer, a multifaceted group of diseases characterized by abnormal cell growth, is influenced by various factors including lifestyle choices, environmental exposures, genetic predispositions, and demographic trends. Oncology companion diagnostics play a pivotal role in the era of precision medicine, revolutionizing cancer treatment by tailoring therapeutic interventions to individual patients based on their unique genetic makeup and tumor characteristics. By facilitating personalized treatment selection, optimizing treatment efficacy, reducing adverse effects, aiding in clinical trial enrollment, and enabling treatment monitoring, companion diagnostics contribute to improved patient outcomes and enhanced healthcare delivery.

Leading companies in the oncology companion diagnostics market are concentrating their efforts on developing innovative products, particularly in vitro diagnostic tests, to maintain their competitive edge. In vitro diagnostic tests, conducted on samples obtained from patients outside of the body in controlled laboratory environments, provide critical insights into tumor biology and guide treatment decision-making. For example, Illumina Inc., a prominent biotechnology company, introduced a pan-cancer companion diagnostic (CDx) indication for its TruSight Oncology (TSO) Comprehensive (EU) test in May 2022. This diagnostic assay offers a comprehensive tumor profile by evaluating multiple tumor genes and biomarkers, empowering healthcare providers to tailor targeted therapy for patients with various solid malignant neoplasms. By assessing essential parameters such as tumor mutational burden (TMB) and microsatellite instability (MSI) status, this test enhances treatment precision and effectiveness.

In April 2021, Agilent Technologies Inc., a provider of measurement and testing equipment, strategically acquired Resolution Bioscience Inc. This acquisition bolstered Agilent's capabilities in next-generation sequencing (NGS)-based cancer diagnostics, positioning the company to meet the evolving needs of the burgeoning precision medicine landscape. Resolution Bioscience Inc., specializing in precision oncology products based on NGS technology, offers innovative solutions to advance cancer diagnosis and treatment. By integrating Resolution Bioscience's expertise and technology into its portfolio, Agilent aims to further support precision oncology initiatives and drive advancements in cancer care.

Major companies operating in the oncology companion diagnostics market are F. Hoffmann-La Roche AG, Bayer Diagnostic, Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Laboratory Corporation of America Holdings (LabCorp), Quest Diagnostics Incorporated, Eurofins Scientific SE, Agilent Technologies Inc., Illumina Inc., PerkinElmer Inc., bioMérieux SA, Sysmex Corporation, Bio-Rad Laboratories Inc., QIAGEN N.V., Exact Sciences Corporation, BGI Genomics Co. Ltd., Natera Inc., Myriad Genetics Inc., ARUP Laboratories, NeoGenomics Laboratories Inc., Guardant Health, Ambry Genetics Corporation, Biocartis SA, CENTOGENE N.V., Invivoscribe Inc., Pillar Biosciences Inc.

North America was the largest region in the oncology companion diagnostic market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the oncology companion diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the oncology companion diagnostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Oncology companion diagnostics are medical tests designed to identify specific biomarkers, indicating which patients are most likely to respond favorably to a particular cancer treatment. These diagnostics play a crucial role in the development and application of targeted therapies, ensuring that treatments are customized to match the unique characteristics of a patient's tumor. By providing insights into the molecular and genetic profile of cancer, companion diagnostics enable more personalized and efficient treatment strategies, leading to improved outcomes and reduced adverse effects.

The primary products within the oncology companion diagnostics market include instruments, consumables, and software. Instruments encompass a diverse array of tools and devices utilized for various purposes across different fields. These diagnostics cater to a range of disease types such as melanoma, breast cancer, colorectal cancer, leukemia, prostate cancer, among others. They leverage various technologies including immunohistochemistry (IHC), in situ hybridization (ISH) or fluorescence in situ hybridization (FISH), polymerase chain reaction (PCR), next-generation sequencing (NGS), and others. End users of oncology companion diagnostics include hospitals, pathology or diagnostic laboratories, academic medical centers, and others.

The oncology companion diagnostics market research report is one of a series of new reports that provides oncology companion diagnostics market statistics, including oncology companion diagnostics industry global market size, regional shares, competitors with an oncology companion diagnostics market share, detailed oncology companion diagnostics market segments, market trends, and opportunities, and any further data you may need to thrive in the oncology companion diagnostics industry. This oncology companion diagnostics research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The oncology companion diagnostics market consists of revenues earned by entities by providing services such as biomarker testing, patient stratification, monitoring treatment response, predicting drug resistance, clinical trial enrollment, comprehensive genomic testing, therapy resistance testing, hereditary cancer testing, and risk assessment. The market value includes the value of related goods sold by the service provider or included within the service offering. The oncology companion diagnostics market also includes sales of polymerase chain reaction instruments, immunohistochemistry (IHC) staining kits, companion diagnostic test kits, liquid biopsy platforms, gene expression profiling kits, mass spectrometry systems, flow cytometry analyzers, tissue microarray instruments, and electrochemical biosensors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.