Companion Diagnostics for Oncology Market Size, Share, Growth Analysis, By Component(Products, and Services), By End User(Hospitals, Pathology/Diagnostic Laboratories, and Academic Medical Centers), By Indication(Breast Cancer, Non-Small Cell Lung Cancer, Colorectal Cancer, Leukemia), By Technology(Polymerase Chain Reaction (PCR), Next-Generation Sequencing (NGS), Immunohistochemistry (IHC), In situ hybridization (ISH)/Fluorescence in situ hybridization (FISH)), By Region - Industry Forecast 2024-2031

Drivers

Development of Precision Medicine

• Precision medicine technologies are being rapidly developed and supplemented by high investments in medical R&D. Growing demand for personalized cancer therapies to minimize side effects will also boost the demand for companion diagnostics for oncology in the future.

High Incidence of Cancer

• Cancer cases have been increasing rapidly around the world, fostering the demand for novel diagnostics and treatments worldwide. This high prevalence of cancer is slated to benefit companion diagnostics for oncology market growth over the coming years.

Restraints

Regulatory Challenges

• Governments and regulatory authorities have implemented strict mandates regarding the development of new companion diagnostics for oncology. These strict norms for compliance prove to be a challenge for approvals and could slow down the overall companion diagnostics for oncology market development going forward.

Complex Molecular Data Interpretation

• Companion diagnostics gives output in terms of complex molecular data that needs to be studied by highly skilled professionals to be interpreted. There is a shortage of such individuals, and this could slow down the overall companion diagnostics for oncology market growth in the long run.