New York, United States, June 15, 2024 (GLOBE NEWSWIRE) — The Global Companion Diagnostics Market The size will grow from USD 7.12 billion in 2023 to USD 23.12 billion by 2033, at a CAGR of 12.50% during the forecast period.
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Analyzes or tests known as companion diagnostics help determine whether patients will benefit most from a particular drug or treatment. Precision medicine often uses these tests to customize treatments for specific patients based on their unique attributes, such as genetic makeup, biomarker expression, or other diagnostic criteria. Complementary diagnostic tests are mandated by a variety of regulatory organizations, including the US Food and Drug Administration (FDA), in order to approve specific targeted medications. Regulatory approval for these therapies requires significant concomitant diagnostic values. One of the main reasons behind the expansion of the companion diagnostics market is the increase in cancer cases. Companion diagnostics has also benefited from technological improvements in the type of individualized treatment options adopted, which are key drivers of market expansion. Additionally, over the past few years, government and non-profit organizations have significantly increased their investments in associated research and development (R&D) programs related to diagnostics. However, a major factor hindering market expansion is regulatory issues related to the adoption and use of companion diagnostics. One of the major barriers hindering the growth of the companion diagnostics market is the lack of skilled workers. Considering this, there is a severe shortage of experts in areas such as genetics, cancer biology, molecular biology and appropriate medicine.
Browse key industry insights spread across 220 pages of 110 market data tables and figures and charts from the report on “Global Companion Diagnostics Market Analysis of the size, distribution and impact of COVID-19 by technology (polymerase chain reaction, next-generation sequencing, in situ hybridization, immunohistochemistry, and others), by indication (cancer, neurology, infectious diseases, and others), by user Endpoint (Hospitals, Research Laboratories, Pharmaceutical and Biotechnology, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2023 – 2033.”
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The polymerase chain reaction segment dominates the market with the largest revenue share throughout the forecast period.
Based on technology, the global companion diagnostics market is segmented into polymerase chain reaction, next-generation sequencing, in situ hybridization, immunohistochemistry, and others. Among these, the polymerase chain reaction segment dominates the market with the largest revenue share throughout the forecast period. The polymerase chain reaction technique is simple to use, and PCR kits and chemicals for the accompanying diagnostic tests are widely available. Furthermore, the increasing value of PCR in identifying gene mutants with low or limited dominant frequencies added to its dominance in the market.
The cancer segment dominates the global companion diagnostics market during the forecast period.
Based on indications, the global companion diagnostics market is segmented into cancer, neurology, infectious diseases, and others. Among them, the cancer segment dominates the global companion diagnostics market during the forecast period. Variables such as the growing importance of companion diagnostics in personalized therapy and the use of biomarkers in cancer diagnosis. In cancer research, important changes in gene sequence and expression patterns have been observed, which may provide the basis for targeted therapy.
The pharmaceutical and biotechnology segment dominates the global companion diagnostics market during the forecast period.
Based on end-user, the global companion diagnostics market is segmented into hospitals, research laboratories, pharmaceuticals and biotechnology, and others. Among them, the pharmaceutical and biotechnology segment dominates the global companion diagnostics market during the forecast period. Due to the growing importance of companion diagnostics in drug development and the growing importance of companion diagnostic biomarkers, companion diagnostics has been adopted more frequently, which has fueled this development.
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North America dominates the market with the largest market share during the forecast period.
North America dominates the market with the largest market share during the forecast period. The existence of numerous prominent companion diagnostics vendors and public clinical research facilities, easy access to modern technology and equipment, and fully developed medical service systems in the United States and Canada are all factors contributing to the growth of the market. accompanying diagnosis in the north. America.
The Asia-Pacific region is expected to grow the fastest during the forecast period. Asia Pacific presents lucrative potential for key stakeholders in the companion diagnostics sector, including increasing public empowerment, growing interest in companion diagnostics, improved medical care foundations, and a growing population sensitive to the latest therapies. Major Asia-Pacific markets, including China, India, Japan and South Korea, have seen exponential growth in next-generation sequencing acquisition over the past five years. During the forecast period, these factors drive the expansion of the companion diagnostics market in this area.
Competition analysis:
The report provides proper analysis of the key organizations/companies involved in the global market along with a comparative assessment mainly based on their product offering, business overviews, geographical presence, enterprise strategies, market segment share and SWOT analysis. The report also provides an elaborative analysis focusing on current company news and developments, which includes product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances and others. This enables the assessment of overall competition within the market. Key vendors in the global companion diagnostics market are Agilent technology, Inc, Abbott Laboratories, Inc., Danaher Corporation, bioMerieux SA, Sysmex Corporation, Abnova Corporation, Icon Plc., Hoffmann-La Roche AG, QIAGEN NV, Almac Group, Illumina Inc ., Myriad Genetics, Inc., Thermo Fisher Scientific Inc., Guardant Health, Inc. and other key players.
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Recent developments
- In July 2023Tempus announced the partnership with TScan Therapeutics with the aim of developing a companion diagnostic test (CDx) for patients suffering from cancer.
Market segment
This study forecasts revenue at the global, regional and country level from 2020 to 2033. Spherical Insights has segmented the global companion diagnostics market based on the segments mentioned below:
Global Companion Diagnostics Market, By Technology
- Polymerase chain reaction
- Next Generation Sequencing
- In Situ Hybridization
- Immunohistochemistry
- Others
Global Companion Diagnostics Market, By Indication
- cancer
- Neurology
- Infectious Diseases
- Others
Global Companion Diagnostics Market, By End User
- hospital
- Research Laboratories
- Pharmaceuticals and Biotechnology
- Others
Global Companion Diagnostics Market, By Regional Analysis
- North America
- Europe
- Germany
- uk
- France
- Ital
- Spain
- Russia
- The rest of Europe
- Asia Pacific
- China
- Japan
- Indian
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentinian
- The rest of South America
- Middle East and Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- The rest of the Middle East and Africa
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