Market Overview
Companion diagnostics is a type of medical technology that gives important information for establishing the safe and successful use of another pharmaceutical or biological product. It is typically an in-vitro device. A branch of pharmacogenomics called companion diagnostics uses a person's genetic profile to predict their reaction to drugs or modify their treatment regimens. According to their phenotype or conditions, oncology drugs are harmful, and only a tiny number of people benefit from them. To discriminate between those who will benefit from the drug and those who might encounter undesirable side effects, companion diagnostics can be used. In oncology, CDx is crucial since it aids in population restriction, allowing for the delivery of the greatest care with the least amount of risk.
Report Analysis
According to the research report, “Companion Diagnostics for Oncology Market : Segmented by Product & Service (Product, 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) and Region – Global Analysis of Market Size, Share” emphasizes that patient awareness of better treatment alternatives and the increased global health burden of cancer are driving the future demands for customized medications, which is accelerating the growth of the global oncology companion diagnostics market. Rising worldwide cancer incidence, expanding companion diagnostics applications, and the increasing importance of oncology companion diagnostics during the next omics are estimated to propel market revenue growth over the forecasted period.
On the basis of Disease Type, the Companion Diagnostics for Oncology Market is segmented into breast cancer, non-small cell lung cancer, colorectal cancer, melanoma, leukemia, and others. The Global Oncology Companion Diagnostics Market in terms of end-user is primarily split into Hospital, Pathology/ Diagnostic laboratories, and Academic Medical Centers. Based on the technology, the market constitutes Polymerase Chain Reaction (PCR), Next-Generation Sequencing (NGS), Immunohistochemistry (IHC), In situ hybridization (ISH)/Fluorescence in situ hybridization (FISH), and Other Technologies.
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Key Players
Some major key players in the Companion Diagnostics for Oncology Market are:
- Abbott
- Illumina Inc.
- QIAGEN N.V.
- Invivosscribe Inc.
- ARUP Laboratories
- Myriad Genetics Inc.
- Thermo Fisher Scientific Inc.
- Agilent Technologies Inc.
- Hoffmann-La Roche Ltd.
- Others
Regional Analysis
North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa are the five major regions in the Companion Diagnostics for Oncology Market’s regional analysis. North America held the biggest market share in 2020, and this is likely to continue into the projection period of 2030. The sector is expanding as a result of increased financing and grant availability, rapid progress in precision medicine, the creation of novel technologies and products, and supportive laws for companion diagnostics for cancer. Oncology companion diagnostics awareness campaigns and increased research and development efforts are expected to drive the market's revenue growth in the area.
Future Outlook
Over the impending years, the Companion Diagnostics for Oncology Market will have rapid growth because of the rising health burden of cancer across the globe. Additionally, the Cancer Companion Diagnostics (CDx) tests have gained popularity among pharmaceutical companies due to the cost savings they offer and the ability to accelerate clinical trial schedules. Furthermore, the rising application of companion diagnostics and expanding relevance of oncology in the next generation will boost the market growth significantly.
For More Information on The Research Report, refer to below link: -
Global Oncology Companion Diagnostics Market
Related Report: -
Biomarkers and Companion Diagnostics in Oncology
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