Companion Diagnostics Market Size, Share, Growth Analysis, By Product and Services(Assays, Kits, Reagents, and Software & Services), By Technology(PCR and ISH), By Indication(Cardiovascular and oncology), By Region - Industry Forecast 2024-2031

The Global Companion Diagnostics Market size was valued at USD 6.62 Billion in 2022 and is poised to grow from USD 7.37 Billion in 2023 to USD 17.48 Billion by 2031, at a CAGR of 11.4% over the forecast period (2024–2031). 

The global companion diagnostic market is a highly competitive business with many established brands, emerging firms, and niche competitors. It has the characteristics of an oligopolistic market. One essential element of competition is innovation. The big companies never cut corners when it comes to R&D expenditures since they want to provide cutting-edge, health-conscious flavors, packaging, and tastes. They usually set the pace initially in the industry.  'Abbott ', 'IDVet ', 'F. Hoffmann-La Roche Ltd.  ', 'Agilent Technologies, Inc.  ', 'AniCell Biotech ', 'Illumina, Inc.  ', 'Guardant Health ', 'Heska Corporation ', 'Thermo Fisher Scientific Inc.  ', 'BIOMERIEUX  ', 'NEOGEN Corporation ', 'Zoetis Inc. ', 'QIAGEN  ', 'Myriad Genetics, Inc. ', 'Virbac SA '

The incidence of cancer has noticeably increased in the last several years. The need for efficient CDx assays is growing as the number of cancer cases increases. This is because genetic testing provides medical professionals with accurate information on treatment plans and a clear picture of their patients' cancers. As a result, there is an increasing need for CDx products due to the rising incidence of cancer. 

Counting the genes associated with the onset of cancer is accomplished by applying Next-Generation Sequencing (NGS) technology to a surgically removed tumor in a patient. The NGS technology produces large amounts of output within a set time frame, and its technological capabilities are growing. For instance, according to a Centers for Disease Control and Prevention (CDC) report, next-generation sequencing has transitioned from research to clinical usage within the last five years.  

Significantly, the sales are in North America, amounting to USD 2.35 billion in 2023. Some of the factors that give explanations for the mentioned regional dominance include the increased prevalence of chronic diseases such as cancer in North America compared to other regions. The global healthcare landscape's expanding tendencies toward precision medicine are driving the launch of novel Companion Diagnostic (CDx) assays. The definition of the precise patient care intervention techniques employed in patient care has been substantially improved using these advanced diagnostic tools. In the healthcare industry, bioplastics are utilized to produce diagnostic equipment and medical devices. This is because bioplastics can adhere to stringent healthcare regulations and are more environmentally friendly. As precision medicine advances, probability of greater need for advanced diagnostic instruments and the materials required to create them, such as bioplastics, is expected to solidify North America's leading position in the market.