What is the global market size of Companion Diagnostics Market?

Global Companion Diagnostics Market size was valued at USD 5.57 billion in 2021 and is poised to grow from USD 6.27 billion in 2022 to USD 16.08 billion by 2030, growing at a CAGR of 12.5% in the forecast period (2023-2030).

Who are the key vendors in the Global Companion Diagnostics Market?

In recent years, personalized medicine and custom treatments have risen to the fore in medical circles worldwide. The global market for companion diagnostics is expanding rapidly as a result of this trend. Their use of companion diagnostics aimed at identifying specific biomarkers or genetic variations to guide the selection of appropriate therapies is targeted toward improving medical treatment for individual patients. 'F. Hoffmann-La Roche Ltd. (Switzerland)', 'Qiagen NV (Netherlands)', 'Abbott Laboratories Inc. (US)', 'Agilent Technologies Inc. (US)', 'bioMérieux SA (France)', 'Thermo Fisher Scientific Inc. (US)', 'Illumina, Inc. (US)', 'Myriad Genetics, Inc. (US)', 'Roche Diagnostics International Ltd. (Switzerland)', 'Sysmex Corporation (Japan)', 'Novartis AG (Switzerland)', 'Becton, Dickinson and Company (US)', 'Danaher Corporation (US)', 'Qiagen Manchester Ltd. (UK)'.

What is the key driver of Global Companion Diagnostics Market?

Now that genetic sequencing and genetics are getting better by the day, it is generally thought to be true that drugs may produce different effects in each person. Through genetic profiling, we can gain a deeper understanding of who this right person is and what kind of drug to use at the moment that could offer maximum effectiveness. The idea of subjecting patients to diagnostic tests in the early stages to prescribe a drug that will be curative for only one is being tested continually by pharmaceutical and biopharmaceutical companies who are working on developing effective drugs earlier. This is also expected to contribute further toward market development.

What is the key market trend for Global Companion Diagnostics Market?

More Breakthroughs in Sequencing to Fuel the Market Upswing NextGen sequencing technology looks set for further improvements that should spur significant market growth. Clinicians are testing the number of responsible genes; to do so, they examine each patient's tumor by using a technology called Next-Generation Sequencing (NGS). It is also high output on a short time scale and it has the NGS technique, which means that technological developments are being made. Therefore, developments such as next-generation sequencing to find genetic abnormalities that aid in the treatment of certain diseases are new trends for companion diagnostics. For example, earlier in 2022 Illumina Inc. joined forces with SomaLogic Operating Co., Inc. to enable the company's proteomics assay product -SomaScan-to create an integrated oncology testing solution by being made available for use across each of its high throughput next generation sequencing platforms now and into the future.

Which region accounted for the largest share in Global Companion Diagnostics Market?

The highest revenue producer is North America because American people have a high incidence of many forms of cancer. Geographically, North America accounted for 45.6 % of revenue share in 2022. By the end of that forecast period, North America is expected to have a higher market. Their high rate of incidence among the American population is driving the North American market. The incidence of cancer patients in Canada is on the rise. In Canada, according to the Canadian Cancer Society's estimates, one out of every four deaths is due to cancer. Canadian Cancer Researchers predict that Australia will see an additional 229,200 new cases of cancer this year (846,753 total). This means there are going to be even more deaths.

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 2025-2032

Report ID: SQMIG35A2649 | Region: Global | Published Date: August, 2024
Pages: 157 | Tables: 66 | Figures: 75

Companion Diagnostics Market Dynamics

Companion Diagnostics Market Drivers

Increase of Cancer Prevalence to Encourage Market Growth

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.

Regulatory Approval of Innovative Tests for Diverse Indications to Encourage Market Growth

There is a significant surge in recently approved products in the companion diagnostics industry. The increasing number of newly approved products is driving adoption of several tests and driving market development. Prominent manufacturers also focus on developing novel tests that propel the market for companion diagnostics to grow.

Companion Diagnostics Market Restraints

High Development Costs

Companion diagnostics require a substantial cost outlay for regulatory compliance, validation, and clinical trials. Such high costs could create a burden for small companies and thereby make them unable to penetrate the market. In addition, there is another obstruction for the market to expand: the reimbursement policies of companion diagnostics are also very different and sometimes hard to figure.

Technical and Operational Challenges

There are several functional and technical issues that could be associated with companion diagnostics in clinical practice. These include advanced techniques for testing, specialized tools to run these tests, and the availability of trained persons who will conduct and interpret these tests. The challenge of achieving homogeneity regarding QC assays between different laboratories could affect the usefulness and reliability of companion diagnostics within a clinical setup.

Companion Diagnostics Market Report Snapshots

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Companion Diagnostics Market size was valued at USD 7.37 Billion in 2023 and is poised to grow from USD 8.21 Billion in 2024 to USD 19.47 Billion by 2032, growing at a CAGR of 11.4% during the forecast period (2025-2032).

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.

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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 2025-2032

Companion Diagnostics Market Dynamics

Companion Diagnostics Market Report Snapshots

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What is the global market size of Companion Diagnostics Market?

Who are the key vendors in the Companion Diagnostics Market?

What is the key driver of Companion Diagnostics Market?

What is the key market trend for Companion Diagnostics Market?

Which region accounted for the largest share in Companion Diagnostics Market?

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