NEWARK, Del, Aug. 15, 2023 (GLOBE NEWSWIRE) -- The global Companion Diagnostics Market is expected to generate US$ 10560 million in sales by 2033, up from US$ 5371.9 million in 2023. During the forecast period, the companion diagnostics industry may blossom at a CAGR of 7%.
The benefits of companion diagnostics are propelling the global companion diagnostics industry forward. Further, a few primary factors are boosting the market growth, which includes:
- The growing demand for targeted therapy.
- The relevance of customized medicine.
- The rising global incidence of cancer.
- The ever-expanding companion diagnostics application areas.
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The Surge in Chronic Disorders Catalyses Market Growth:
Rising HIV, thalassemia, colorectal cancer, melanoma, breast cancer, stomach cancer, and lung cancer occurrences are boosting demand. Companion diagnostic tests for the early diagnosis and screening of chronic diseases are becoming increasingly popular. These tests aid in many ways:
- Reducing drug side effects.
- Improving patient outcomes.
- Bringing high diagnostic accuracy and specificity.
- Reducing pharmacotherapy variability.
- Identifying the most successful targeted therapeutic alternatives.
The companion diagnostics market is booming due to the rising need for individualized medications. Moreover, rising cancer occurrences and low drug development costs boost the global companion diagnostics industry. Companion diagnostics tests and procedures aid in treatment decisions also.
Beyond the Ribbon: Amplifying Awareness about Breast Cancer
Breast cancer incidence is one of the primary drivers propelling the market, generating value-grab possibilities for market contributors. Additionally, the growing awareness of breast cancer, as well as the attention of health practitioners on its treatment, is thrusting the companion diagnostics industry forward.
In the global companion diagnostics market, the lung cancer category generates significant income. Rising pollution, poor eating, smoking, and chewing tobacco are the primary causes of lung cancer, responsible for many deaths. This, combined with the development of several lung cancer companion diagnostics and biomarkers, is predominantly manipulating market expansion.
Companion diagnostics help healthcare practitioners understand a specific treatment product's dangers and side effects. This ultimately aids in the fine-tuning of therapy techniques.
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Companion Diagnostics Market Regional Outlook:
North America held the leading companion diagnostics market share. The expanding number of healthcare companies working on creating genomic databases to comprehend the human genome and growing research efforts in this field using companion diagnosis kits are pushing market expansion.
Europe’s market accounts for the second-leading market share, owing to a growing preference for personalized medicine, increased collaboration among companies, and expanded product approval by leading companion diagnostics manufacturers and government initiatives to promote companion diagnostics.
The Asia Pacific companion diagnostics industry is significantly expanding due to rising infectious disease prevalence, increasing proteomics and genomics, and advancing research funding and investments by pharmaceutical biotechnological companies.
Market Key Takeaways are:
- The assay, kits & reagents segment in the product category is to grab a share of 74.0% from 2023 to 2033.
- In the technology category, the real-time PCR segment is estimated to acquire a market share of 38.0% between 2023 and 2033.
- The United States companion diagnostics business is to capture a share of 24% by 2023.
- Germany’s companion diagnostics industry is likely to grab a share of 5.1% by 2023.
- Japan’s companion diagnostics market is to hold a share of 5.6% by 2023.
- Australia’s companion diagnostics sales are anticipated to expand at a CAGR of 4.5% by 2023.
- China’s companion diagnostics business is projected to expand at a CAGR of 9% through 2033.
- India companion diagnostics sales are to develop at a CAGR of 9.8% from 2023 to 2033.
- The United Kingdom companion diagnostics business is expected to evolve at a CAGR of 6.3% through 2033.
- By 2023, North America’s companion diagnostics business is going to possess a 27.3% share.
- By 2023, Europe's companion diagnostics industry is scheduled to have a 21.6% share.
Market Competitive Landscape:
The companion diagnostics market is highly competitive and continuously developing. Established companion diagnostics manufacturers, pharmaceutical behemoths, and cutting-edge biotech enterprises compete for market share.
As personalized medicine progresses, so does the requirement for precise diagnostic tools to guide tailored therapies. Regulatory barriers, technological breakthroughs, and strategic alliances all play important roles in determining the competitive landscape of this dynamic sector.
Key market players involved are:
- Thermo Fischer Scientific, Inc.,
- GE Healthcare
- Merck KGaA
- Lonza (Sartorius Stedim Biotech S.A.)
- Danaher
- Corning Incorporated
- WuXi Biologics
- Selexis SA
- American Type Culture Collection (ATCC).
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Novel Developments:
- QIAGEN N.V. (Germany) and Denovo Biopharma (United States) collaborated in December 2021 to develop companion diagnostic tests for treating diffuse large B-cell lymphoma.
- Agilent Technologies, Inc.'s PD-L1 IHC 22C3 pharmdx test was approved in the European Union in October 2021 for use in triple-negative breast cancer.
- The Food and Drug Administration approved tissue-based NGS companion diagnostics for Takeda's targeted treatment for NSCLC patients with EGFR Exon 20 insertion mutations in September 2021.
Key Segmentation Analysis:
By Application:
- Colorectal Cancer
- Breast Cancer
- Lung Cancer
- Melanoma
- Urology
- Gastric Cancer
By Technology:
- Immunohistochemistry
- Molecular Diagnostics
- In-situ Hybridization
- FISH
- CISH
- Real Time PCR
- Gene Sequencing
By Product:
- Assay, Kits & Reagents
- Software and services
By End User:
- Pharma and Biotech Companies
- Clinical Research Organizations
- Reference Laboratories
- others
By Region:
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa
- Europe
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