WASHINGTON, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The Global Companion Diagnostics Market is valued at USD 5.2 Billion in 2021 and is projected to reach a value of USD 10.3 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 12.2% over the forecast period 2022-2028.
Market Overview
According to Vantage Market Research, some of the key factors anticipated to accelerate the Companion Diagnostics market growth over the forecast period is due to an increase in R&D for targeted therapies, an increase in demand for personalized medicine due to rising awareness in emerging economies, the identification of new biomarkers for a variety of conditions, and a higher number of unmet needs for the treatment of cancer.
We forecast that the cancer category in Companion Diagnostics market sales will account for more than 25% of total sales by 2028 due to the rising incidence of cancer and significant players' emphasis on cutting-edge technology to create sophisticated tests for cancer-treatment medications. Additionally, more biomarker assays are being used to develop tailored cancer treatments.
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Market Dynamics
Market Growth will be Driven by Rising Demand for Next-Generation Sequencing
To inform decisions about cancer therapy, NGS-based companion diagnostic tests seek to decode molecular data from each patient's tumor genome. Next-generation sequencing can more quickly identify various biomarkers for numerous pharmacological regimens than other sequencing approaches. The use of NGS panels for biomarker evaluation in a single test has the potential to aid in the treatment of various cancer types. The numerous technological developments in NGS also give market participants a competitive advantage over other technologies like PCR, ICH, and ISH suppliers. Major industry competitors are now concentrating on creating companion diagnostic products based on NGS.
Growing Need for Targeted Medicines will Drive Market Growth
With advances in genetic sequencing and genomics, it is now widely accepted that drugs can produce different results in different people. A better understanding of an individual's genetic characteristics or biomarkers can promote the practice of giving the right drug, at the right dose, at the right time, to the right person. Pharmaceutical and biopharmaceutical companies are constantly attempting to implement patient-selection diagnostic frameworks in the early stages of drug development to provide targeted therapies to the appropriate candidates. This contributes to the expansion of the Companion Diagnostics market.
Top Players in the Global Companion Diagnostics Market
- Abbott Laboratories Molecular Inc. (U.S.)
- Agilent (Dako Denmark A/S) (U.S.)
- ARUP Laboratories Inc. (U.S.)
- BioMerieux (France)
- Danaher Corporation (Leica Microsystems) (Germany)
- Foundation Medicine Inc. (US)
- Myriad Genetics Inc. (US)
- Roche (Ventana Medical Systems Inc.) (US)
- Thermo Fisher Scientific (Life Technologies Corporation) (Germany)
- QIAGEN N.V. (Germany)
For Additional Information on Companion Diagnostics Market Players and Detail List, Download a Report PDF Brochure
Top Trends in Global Companion Diagnostics Market
- One trend that Vantage Market Research (VMR) expects to see in the Companion Diagnostics industry is a rise in chronic illnesses. The increase in cases of HIV, thalassemia, colorectal cancer, melanoma, breast cancer, gastric cancer, and lung cancer is driving the demand for Companion Diagnostics techniques. Companion diagnostic tests are increasingly in demand for the early detection and screening of chronic diseases.
- Another trend that VMR predicts will continue in the Companion Diagnostics industry is increasing breast cancer awareness worldwide. One of the major drivers of the worldwide Companion Diagnostics market, the rising prevalence of breast cancer, is offering value-grab possibilities for market participants. The global Companion Diagnostics market is expanding faster thanks to rising awareness of breast cancer and medical professionals' attention to its treatment.
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Top Report Findings
- Based on Product & Services, most of the Companion Diagnostics market's revenue is controlled by the assays, kits & reagents category owing to the wide variety of readily available products and the growing use of assays and kits in various therapeutic fields.
- Based on Technology, most of the Companion Diagnostics market's revenue is controlled by the polymerase chain reaction category. A rising number of uses of PCR in the high-throughput detection of mutants with a limited or low allele frequency of genes are being made possible by factors including the simplicity of usage and general availability of PCR kits and reagents in companion diagnostic testing.
- Based on Indication, most of the Companion Diagnostics market's revenue is controlled by the cancer category. Factors like the expanding role of Companion Diagnostics in treating cancer with customized therapy and the increased usefulness of biomarkers in diagnosing cancer.
- Based on End Users, most of the Companion Diagnostics market's revenue is controlled by the pharmaceutical & biopharmaceutical companies category. The growing importance of companion diagnostic biomarkers and the expanding utilization of Companion Diagnostics results from their increased prominence in medication development.
Recent Developments in the Global Companion Diagnostics Market
- In July 2022, Almac Diagnostic and AstraZeneca CDx partnered. They intend to use NGS and qPCR to investigate new disease areas.
- In May 2021, A companion diagnostic was approved for use in the United States to help identify patients with non-small cell lung cancer (NSCLC) who could benefit from LUMAKRASTM (sotorasib), a recently approved therapy developed and marketed by Amgen Inc., QIAGEN N.V. announced the expansion of companion diagnostic (CDx) claims for the therascreen KRAS RGQ PCR Kit (therascreen KRAS Kit) (AMGN).
Browse Market Data Tables and Figures spread through 149 Pages and in-depth TOC on Companion Diagnostics Market Forecast Report (2022-2028).
Polymerase Chain Reaction Category in Companion Diagnostics Market to Generate Huge Revenue
Vantage Market Research has analyzed the market for Companion Diagnostics to understand its current state and potential future growth factors. For better understanding, based on the technology, the Companion Diagnostics market is divided into a polymerase chain reaction, next-generation sequencing, in situ hybridization, immunohistochemistry, and other technologies.
During the forecast period, the market for Companion Diagnostics is anticipated to experience the highest CAGR for the polymerase chain reaction category. Cost-effectiveness, high sensitivity, and specificity are important market growth drivers that can be used for straightforward automated platforms. Another important driver of this section is the PCR, which may also be used to determine the sequencing of diseases with uncertain aetiologies.
On the other hand, the next-generation sequencing category is anticipated to grow significantly due to its key benefits—higher sensitivity to detect low-frequency variations, the quicker turnaround for large sample volumes, simultaneous sequencing of hundreds to thousands of genes, etc.—the market is expected to increase at a significant rate.
North America Region Expected to Dominate the Market Revenue in Companion Diagnostics Market and Generate Huge Revenue
North America dominates the market throughout the projection period due to numerous top Companion Diagnostics suppliers and national clinical laboratories, easy access to cutting-edge technology-based tools, and the highly advanced healthcare systems in the US and Canada.
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Global Companion Diagnostics Market Segmentation
By Product & Service
- Assays, Kits & Reagents
- Software & Services
By Technology
- Polymerase Chain Reaction
- Next-generation Sequencing
- In Situ Hybridization
- Immunohistochemistry
- Other Technologies
By Indication
- Cancer
- Neurological Disorders
- Cardiovascular Disorders
- Infectious Diseases
- Other Indication
By End User
- Pharmaceutical & Biopharmaceutical Companies
- Reference Laboratories
- Contract Research Organizations
- Other End Users
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 5.2 Billion |
| Revenue Forecast by 2028 | USD 10.3 Billion |
| CAGR | 12.2% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Abbott Laboratories Molecular Inc., Agilent (Dako Denmark A/S), ARUP Laboratories Inc., BioMerieux, Danaher Corporation (Leica Microsystems), Foundation Medicine Inc., Myriad Genetics Inc., Roche (Ventana Medical Systems Inc.), Thermo Fisher Scientific (Life Technologies Corporation), QIAGEN N.V. |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
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