Companion Diagnostics Market
Number of pages: 100 | Report Format: PDF | Published date: April 12, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 7.20 billion |
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Market Size Value in 2031 |
US$ 18.13 billion |
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CAGR |
10.80% |
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Base Year For Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Technology, Indication, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global companion diagnostics market was valued at US$ 7.20 billion in 2022 and is expected to register a revenue CAGR of 10.80% to reach US$ 18.13 billion by 2031.
Companion Diagnostics Market Fundamentals
Companion diagnostics are tests designed to identify specific biomarkers or genetic mutations associated with a particular disease or condition. They identify patients most likely to benefit from a particular treatment or therapy. They can help healthcare providers make more informed decisions about patient care. Companion diagnostics are typically used in conjunction with targeted therapies, drugs designed to target specific molecules or pathways involved in the development or progression of a particular disease. By identifying patients who respond to a particular targeted therapy, companion diagnostics can help improve patient outcomes and reduce healthcare costs by avoiding ineffective treatments. One of the key benefits of companion diagnostics is that they allow for more personalized and precise treatment of patients. This can help improve patient outcomes, reduce healthcare costs, and minimize the risk of adverse treatment effects. These types of diagnostics are currently used in a wide range of disease areas, including cancer, infectious diseases, and neurological disorders. They are becoming increasingly important in developing new targeted therapies and are likely to play an important role in the future of personalized medicine.
Growing demand for personalized medicine, increasing prevalence of chronic diseases, advancements in genomics and molecular biology, and increasing partnerships & collaborations are market trends encouraging the growth of the overall market revenue. This report provides the global companion diagnostics market analysis in terms of revenue, market growth, market dynamics, regional landscape, and overall competitive positioning of the major market players.
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Companion Diagnostics Market Dynamics
The increasing focus on personalized medicine is a driving factor for global companion diagnostics market revenue. As healthcare providers seek to provide more precise and targeted treatments, there is a growing need for diagnostic tests to identify patients who are most likely to benefit from a particular therapy. The rising incidence of chronic diseases, such as cancer, cardiovascular diseases, and neurological disorders, drives demand for companion diagnostics. These tests can help healthcare providers to identify patients who are most likely to benefit from particular therapies and can also help to monitor disease progression and treatment response. Advances in genomics and molecular biology have led to the discovery of new biomarkers and genetic mutations associated with specific diseases. This leads to an increase in the development of companion diagnostics that can identify these biomarkers or mutations and help to guide treatment decisions. Regulatory agencies, such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA), also show increasing support for using companion diagnostics in drug development and patient care. This has helped to drive the adoption of companion diagnostics in clinical practice. There is a growing trend of partnerships and collaborations between diagnostic and pharmaceutical companies. These partnerships aim to develop companion diagnostics for specific drug therapies and are expected to drive the revenue growth of the companion diagnostics market during the forecast period.
However, a lack of knowledge and trained professionals and the cost of installing and maintaining the technology are slowing market revenue growth. Furthermore, frequent software updates and the time required to upgrade the present one are relatively longer. This characteristic restricts market demand. Furthermore, the business needs more qualified professionals to handle issues in real-time applications.
Companion Diagnostics Market Ecosystem
The global companion diagnostics market has been analyzed from four perspectives: technology, indication, end-user, and region.
Companion Diagnostics Market by Technology
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The global companion diagnostics market is segmented based on technology into a polymerase chain reaction, In-situ hybridization, immunohistochemistry, next-generation sequencing, and others.
The polymerase chain reaction (PCR) segment accounts for a prominent market revenue share. PCR is a highly sensitive and specific technique that can accurately detect small amounts of DNA or RNA. This makes it an ideal technique for detecting genetic mutations or biomarkers associated with specific diseases. PCR can be used to detect a wide range of genetic mutations and biomarkers that are associated with various diseases. This makes it a versatile technique that can be used to develop companion diagnostics for a wide range of drug therapies. PCR is a well-established technology that has been widely used in research and clinical diagnostics for many years. This has led to the development of a wide range of PCR-based diagnostic tests and proven PCR to be a reliable and trusted technique for molecular diagnostics. There are many PCR-based diagnostic kits available in the market that are specifically designed for companion diagnostics. These kits include all the necessary reagents and protocols for performing PCR-based diagnostic tests, making it convenient for healthcare providers to adopt this technology in their clinical practice.
The next-generation sequencing (NGS) segment is expected to show rapid growth in revenue share during the forecast period from 2023 to 2031 in the global companion diagnostics market. NGS can help identify genetic mutations and other biomarkers associated with specific diseases; thus, it can further guide the development of more targeted and effective therapies. Significant advancements in NGS technology in recent years have led to improvements in accuracy, speed, and cost-effectiveness. These advancements have made NGS more accessible to a wider range of healthcare providers and have increased the potential applications for NGS in companion diagnostics. Liquid biopsies are a non-invasive method of collecting and analyzing biomarkers from blood samples. NGS can be used to analyze these biomarkers, which can help identify patients most likely to benefit from specific therapies. Cancer and genetic disorders are increasing worldwide, leading to significant demand for companion diagnostics that can help identify the benefits of specific therapies in patients. NGS can be used to analyze genetic mutations and other biomarkers that are associated with these diseases. This contributes to the segment’s overall revenue growth.
Companion Diagnostics Market by Indication
Based on the indication, the global companion diagnostics market is segmented into cancer, infectious diseases, neurological diseases, and others.
The cancer segment registered the largest revenue share in the global market in 2023. Cancer is one of the leading causes of death across the globe, with millions of new cases diagnosed each year. As a result, there is a significant demand for companion diagnostics that can help identify patients most likely to benefit from specific cancer therapies. Precision medicine has become an increasingly important aspect of cancer treatment as healthcare providers seek to provide more targeted and personalized therapies. Companion diagnostics play a crucial role in precision medicine by helping identify patients most likely to respond to a particular therapy. In recent years, many targeted cancer therapies have been designed to attack specific genetic mutations or biomarkers associated with the disease. Regulatory agencies, such as the U.S. Food and Drug Administration (FDA), have strongly supported using companion diagnostics in cancer treatment. This has helped to drive the development and adoption of companion diagnostics in the cancer segment.
Companion Diagnostics Market by End User
Based on the end user, the global companion diagnostics market is segmented into pharmaceutical & biopharmaceutical companies, CROs, reference laboratories, and others.
The pharmaceutical & biopharmaceutical companies segment dominates the global market with the largest revenue share. Many pharmaceutical and biotechnology companies are integrating companion diagnostics into their drug development pipelines. This allows them to identify patients most likely to benefit from their therapies and develop more targeted and personalized treatment options. Pharmaceutical and biotechnology companies have significant expertise in both drug development and diagnostics. This allows them to develop companion diagnostics that are closely integrated with their therapies and to bring both products to market more efficiently. Many pharmaceutical and biotechnology companies have significant financial resources, which allows them to invest in the development of companion diagnostics and bring these products to market at a rapid pace. Many pharmaceutical and biotechnology companies have established strategic partnerships with diagnostic companies specializing in developing companion diagnostics. This leverages these companies’ expertise and brings companion diagnostics to the market more efficiently.
Companion Diagnostics Market by Region
The global companion diagnostics market is segmented based on the region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America leads the global market with the largest revenue share. There is a strong focus on personalized medicine in North America, which has led to significant demand for companion diagnostics that can help identify patients most likely to benefit from specific therapies. North America provides favorable regulatory policies for companion diagnostics, with well-established regulatory frameworks for approving and commercializing these products. Many leading companies in the companion diagnostics market are based in North America, including major pharmaceutical and biotechnology companies and leading diagnostic companies. North America has a high prevalence of cancer and other diseases, which has led to significant demand for companion diagnostics that can help identify patients most likely to benefit from specific therapies. North America’s strong healthcare infrastructure supports the development and adoption of companion diagnostics in clinical practice.
Competitive Landscape
The prominent players operating in the global companion diagnostics market are:
Strategic Development
The polymerase chain reaction (PCR) segment dominates the global companion diagnostics market with the largest revenue share.
Companion diagnostics are medical tests designed to identify specific biomarkers or genetic mutations associated with a particular disease or condition.
Abbott Laboratories Inc., Agilent Technologies Inc., QIAGEN NV, and Myriad Genetics Inc. are some of the key market players operating in the global companion diagnostic market.
The expected size of the companion diagnostics market is US$ 18.13 billion in 2031.
*Insights on financial performance are subject to the availability of information in the public domain