According to the research report titled ‘Global Oncology Companion Diagnostic Market Size study, by Product & Service (Product and Services), by Technology (Polymerase Chain Reaction (PCR), Next-Generation Sequencing (NGS), Immunohistochemistry (IHC), In situ hybridization (ISH)/Fluorescence in situ hybridization (FISH) and Others), by Disease Type (Breast Cancer, Non-Small Cell Lung Cancer, Colorectal Cancer, Leukemia, Melanoma, Prostate Cancer and Others), by End User (Hospital, Pathology/Diagnostic Laboratory and Academic Medical Center) and Regional Forecasts 2020-2027’, available with Market Study Report, global oncology companion diagnostic market was remunerated at USD 2.2 billion in 2019 and is projected to expand at 12.7% CAGR, accumulating USD 5.7 billion by the year 2027.
 

Rising cancer cases, and surging demand for targeted therapy are the key factors driving global oncology companion diagnostic market. Rising cognizance about benefits of companion diagnostics and its growing application areas are contributing to the overall market outlook.
 

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According to Our World in Data Organization, breast cancer is the most common form of cancer, with an estimated 17 million cases in 2017. About 2 million new breast cancer cases were recorded in 2018, cited the same source.  As per World Health Organization (WHO), a total of 841,080 new cases of liver cancer were registered in 2018, with an estimated 781, 631 deaths from the disease worldwide.
 

For those unversed, oncology companion diagnostic is an in vitro medical device that offers details regarding usage of biological oncology products or multiple drug. This diagnostic test aids a health care worker in determining whether an oncology or medicinal product is beneficial to patients and can compensate any serious side effects or risks.
 

Rising investments by pharmaceutical companies in R&D to develop new and effective medicines for patients is also adding to the industry potential. According to Statista, global research and development expenditure in pharmaceutical sector was USD 186 billion in 2019, up from USD 136 billion in 2012.
 

Despite the promising trajectory of worldwide oncology companion diagnostic industry, hefty cost of these tests and uncertain reimbursement scenario are likely to have a negative impact on the business expansion over the forecast timespan.
 

On the regional front, Asia Pacific oncology companion diagnostic industry is projected to gain traction over the coming years, owing to increasing research funding, especially for proteomics & genomics research, in consort with surging investments by pharmaceutical and technological companies, and prevalence of cancer cases.
 

Major contenders in global oncology companion diagnostic market sphere are Agilent Technologies Inc., Myriad Genetics Inc., F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., bioMérieux SA, Invivoscribe Inc., Abbott Laboratories, ARUP Laboratories, QIAGEN N.V., and Illumina Inc.