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

Global Companion Diagnostics for Oncology Market size was valued at USD 3.1 billion in 2022 and is poised to grow from USD 3.5 billion in 2023 to USD 9.31 billion by 2031, growing at a CAGR of 13% in the forecast period (2024-2031).

Companion diagnostics refers to the utilization of genetic makeup of a person affected with cancer to design and predict a therapeutic approach. The rise of personalized medicine popularity around the world is a key factor that is slated to bolster the demand for companion diagnostics for oncology over the coming years. High investments in medical research and development are also forecasted to bolster the companion diagnostics for oncology market growth in the future. Use of companion diagnostics can further help enhance the treatment of different types of cancer-affected people. Surging incidence of different types of cancer and growing demand for treatment of the same are also estimated to create new opportunities for companion diagnostics for oncology companies in the long run. Advancements in precision medicine technology are also slated to bolster the demand for companion diagnostics for oncology across the forecast period and beyond. However, complex regulatory framework, high costs of implementation, and complexity of molecular data management are key constraints that could hurt companion diagnostics for oncology market development going forward.