Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Global Companion Diagnostic Market Analysis & Forecast to 2024-2034" report has been added to ResearchAndMarkets.com's offering.
The global companion diagnostic (CDx) market is witnessing an unprecedented surge, as healthcare’s paradigm shift towards personalized medicine gains momentum. Comprehensive analyses indicate that by 2034, the market size is anticipated to attain an astounding mark of USD 27.67 billion, propelled by a robust Compound Annual Growth Rate (CAGR) of 12.71% for the forecast period between 2024 and 2034.
With chronic diseases on the rise globally, there is a pronounced augmentation in the research & development pertaining to targeted therapies. The precision and efficacy of these medical interventions are significantly optimized when coupled with companion diagnostic tests, therefore enhancing the dynamics of targeted therapeutic strategies. Emerging technologies, in particular, are playing a crucial role in this market. The polymerase chain reaction (PCR) segment is hailed for its cost-effectiveness and analytical precision, while next-generation sequencing (NGS) is set to chart expedited growth due to its advanced capabilities in detecting genetic variations with high sensitivity.
Market Segmentation Propels Customized Healthcare
The landscape of the companion diagnostic market delineates valuable insights segmented across various domains:
Revolutionary Product Contributions
- Assays, Kits & Reagents: Garnering significant attention from regulatory bodies, this segment witnessed the highest revenue ascent in 2023. Advancements in this area hold the promise of catalyzing the progression of precision medicine.
- Software & Services: Set to flourish at an accelerated CAGR, this sector banks on groundbreaking advancements in data analytics and digital platforms, refining the development and deployment of companion diagnostics.
Innovative Technological Platforms
- Polymerase Chain Reaction (PCR): A testimony to its high sensitivity and ease of use, this technology domain continues to be a predominant contributor to market revenue.
- Next-Generation Sequencing (NGS): Recognized for its swift throughput and immense scalability, NGS is gaining ground and is anticipated to evolve at the fastest CAGR during the forecast period.
Indicative Market Analysis
- Cancer Diagnostics: The escalation in global cancer prevalence continues to push the envelope for innovative diagnostic tools, with this segment spearheading the market.
- Neurological Disorders: With central nervous system diseases on the upturn, this market segment showcases significant CAGR growth, heralded by cutting-edge diagnostic tests.
End-User Dynamics
- Pharmaceutical & Biotechnology Companies: These entities emerge as market frontrunners, leveraging the advantages of companion diagnostics to refine drug development and secure regulatory green lights.
- Contract Research Organizations & Reference Laboratories: Profound contributors to the field, these segments continue to deliver robust services, enriching the clinical development landscape.
Regional Market Overview
- North America Leads: With nations like the U.S. and Canada at the forefront, North America remains the bastion of innovation and market growth in the companion diagnostic sphere.
- Europe and Asia Pacific Follow Suit: Europe with its healthcare infrastructure and Asia Pacific with markets like China and Japan contribute significantly to the expansion of the acknowledged market.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023-2034 |
| Estimated Market Value (USD) in 2023 | $7.42 Billion |
| Forecasted Market Value (USD) by 2034 | $27.67 Billion |
| Compound Annual Growth Rate | 12.7% |
| Regions Covered | Global |
Companies Mentioned
- Abbott Laboratories Molecular Inc.
- ARUP Laboratories Inc.
- bioMerieux
- Thermo Fisher Scientific
- Roche
- Foundation Medicine Inc.
- Agilent
- QIAGEN N.V.
- Danaher Corporation
- Myriad Genetics Inc.
For more information about this report visit https://www.researchandmarkets.com/r/jj57e2
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