Oncology Companion Diagnostics Market Overview:
Oncology companion diagnostics market size was valued at USD million in 2021 and is estimated to reach USD million by 2029, growing at a CAGR of 12% during the forecast period (2022-2029). Oncology has several financial advantages. The ability of companion diagnostics (CDx) assays to shorten clinical trial timelines has increased pharmaceutical companies’ adoption rate of these assays. Companion diagnostics can improve the treatment outcomes of various diseases by providing clinicians with clear clinical grounds for diagnosis and treatment and proper management of patient resources and national insurance policies by reducing the use of costly targeted chemotherapy drugs that aren’t needed.
Several recent regulatory guidance documents have focused on companion diagnostics, and the drug–diagnostic co-development process has become increasingly relevant and necessary. Despite this, the promise of companion diagnostics has yet to be fully realized, and a number of issues remain to be resolved.
Early detection of COVID-19 is becoming increasingly important in the market, as it can aid in the identification of the best treatment for patients infected with the virus. The polymerase chain reaction (PCR) test, which uses nasopharyngeal swabs or other upper respiratory tract specimens, including throat swabs, is the most used and reliable test for COVID-19 diagnosis.
The growing prevalence of cancer, increasing R&D, and reimbursement policies are all factors expected to drive the market growth in this region. For instance, the rising cancer burden in the United States is expected to fuel market growth.
Oncology Companion Diagnostics Market is Segmented By Product (Instrument, Consumables, Software), By Technology (Immunohistochemistry (IHC), Polymerase Chain Reaction (PCR), Next-Generation Sequencing (NGS), In situ hybridization (ISH)/Fluorescence in situ hybridization (FISH), Other), By End User (Hospital, Diagnostic Laboratory, Other), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Some of the key players in the market are Agilent Technologies, Inc., Illumina, Inc., QIAGEN N.V., Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche Ltd., ARUP Laboratories, Abbott, Myriad Genetics, Inc., bioMérieux SA, Invivoscribe, Inc., Pillar Biosciences, Inc.
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