Global Companion Diagnostics Market

Companion Diagnostics Market Size, Share, Growth Analysis, By Technology(Polymerase chain reaction (PCR), next-generation sequencing), By End Use(Pharmaceutical & biopharmaceutical companies, reference laboratories) - Industry Forecast 2024-2031

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

Companion Diagnostics Market Insights

Global Companion Diagnostics Market size was valued at USD 5.57 billion in 2019 and is poised to grow from USD 6.27 billion in 2023 to USD 16.08 billion by 2031, growing at a CAGR of 12.5% in the forecast period (2024-2031).

The purpose of companion diagnostics is to find out who needs treatment. Technological breakthroughs are providing tremendous momentum to the development of companion diagnostics, opening up new avenues that allow for treating disease. The companion diagnostics field is marked by the burgeoning demand for more effective treatment of patients. Positively affecting the outlook for companion diagnostics, it also provides healthcare providers and their patients with confidence about treatment outcomes. This differs from current treatment methods which lack accuracy in results as well as process efficiency. This increase in tailored medicine exposure, along with the growing need for targeted treatments, provides impetus to develop personalized CDx and further grow the companion diagnostics market size. CDx tests have high sensitivity, are cheap in comparison to conventional pharmaceuticals, and offer the possibility of accurate results quickly. These advantages drive companion diagnostics market growth. Genetic sequencing and genomics breakthroughs have now long made it common knowledge that the same medication can interact differently with various people. To deliver focused therapeutics to the right target, pharmaceutical and biopharmaceutical firms are constantly striving during drug development to implement patient-selection diagnostic frameworks in their earliest stages. The same phenomenon is expected to greatly extend the growth of companion diagnostics over the next few years.

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Companion Diagnostics Market size was valued at USD 5.57 billion in 2019 and is poised to grow from USD 6.27 billion in 2023 to USD 16.08 billion by 2031, growing at a CAGR of 12.5% in the forecast period (2024-2031).

In recent years, personalized medicine and custom treatments have risen to the fore in medical circles worldwide. The 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. With the rise of precision medicine, however, companion diagnostics are being produced in tandem with therapeutic drugs by pharmaceutical companies entering into partnerships and alliances with diagnostic firms. The makers of drugs and diagnostic tests are actively engaged in strategic alliances, mergers & acquisitions, and technological milestones to position themselves for the market in companion diagnostics. And they do not want to lose out on opportunities created by changing customer demands that go with a revolution toward person-centered health care. '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)', 'Merck KGaA (Germany)', 'Bio-Rad Laboratories, Inc. (US)', 'Covance Laboratories GmbH (Germany)', 'GenMark Diagnostics, Inc. (US)', 'Personalis, Inc. (US)', 'Exact Sciences Corporation (US)'

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.

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. For instance, as a paper published by the Centers for Disease Control and Prevention observes, in the past five years next-generation sequencing has gone from research to clinical practice. Furthermore, many important players are entering with high-tech testing products. 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.

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.

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Global Companion Diagnostics Market

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