New York, United States , June 15, 2024 (GLOBE NEWSWIRE) -- The Global Companion Diagnostics Market Size is to Grow from USD 7.12 Billion in 2023 to USD 23.12 Billion by 2033, at a CAGR of 12.50% during the projected period.
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Assays or tests known as companion diagnostics help determine whether patients will benefit most from a certain medicine or treatment. Accurate medications frequently employ these tests to customize treatments for specific patients based on their unique attributes, such as genetic composition, biomarker expression, or other diagnostic standards. Complementary diagnostic tests are mandated by a number of regulatory organizations, including the U.S. Food and Drug Administration (FDA), in order to approve specific targeted medications. Regulatory approval for these therapies requires significant companion diagnostic values. One of the key reasons behind the companion diagnostics market's expansion is the rise in cancer cases. Companion diagnostics have also benefited from technological improvements in the type of approved individualized treatment options, which are major drivers of the market's expansion. Furthermore, during the past few years, government and nonprofit organizations have significantly increased their investment in companion diagnostics-related research and development (R&D) programs. However, one major factor hindering the market's expansion is regulatory issues related to companion diagnostics' approval and use. One of the primary barriers hampering the companion diagnostics market's growth is the shortage of skilled workers. Considering this, there is a severe lack of experts in fields like genetics, cancer biology, molecular biology, and proper medications.
Browse key industry insights spread across 220 pages with 110 Market data tables and figures & charts from the report on the "Global Companion Diagnostics Market Size, Share, and COVID-19 Impact Analysis By Technology (Polymerase Chain Reaction, Next-Generation Sequencing, In Situ Hybridization, Immunohistochemistry, and Others), By Indication (Cancer, Neurology, Infectious Diseases, and Others), By End-User (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 through 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 through the forecast period. The polymerase chain reaction technique is simple to use, and PCR kits and chemicals for companion diagnostic tests are widely available. Furthermore, PCR's growing value in the identification of gene mutants with low or limited dominant frequencies added to its market dominance.
The cancer segment dominates the global companion diagnostics market during the forecast period.
Based on the indication, the global companion diagnostics market is segmented into cancer, neurology, infectious diseases, and others. Among these, the cancer segment dominates the global companion diagnostics market during the forecast period. Variables like the growing significance of companion diagnostics in customized therapy and the use of biomarkers in cancer diagnosis. In cancer research, significant alterations 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 the end-user, the global companion diagnostics market is segmented into hospitals, research laboratories, pharmaceutical and biotechnology, and others. Among these, the pharmaceutical and biotechnology segment dominates the global companion diagnostics market during the forecast period. Due to the growing significance of companion diagnostics in drug development and the growing importance of companion diagnostic biomarkers, companion diagnostics have been adopted more frequently, which has fueled this development.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. The existence of multiple prominent companion diagnostics vendors and public clinical research facilities, the easy access to modern technology and devices, and the fully developed medical services systems in the United States and Canada are all factors contributing to the growth of the companion diagnostics market in North America.
Asia-Pacific region is expected to grow the fastest during the forecast period. Asia Pacific presents profitable potential for key stakeholders in the companion diagnostics sector, including increased public authorization, growing interest in companion diagnostics, improved medical care foundations, and a growing population susceptible to cutting-edge therapies. The primary Asia-Pacific markets, including China, India, Japan, and South Korea, have seen an exponential growth in the purchase of next-generation sequencing during the past five years. Over the anticipated period, these factors propel the companion diagnostics market's expansion in this area.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global companion diagnostics market are Agilent technologies, Inc, Abbott Laboratories, Inc., Danaher Corporation, bioMerieux SA, Sysmex Corporation, Abnova Corporation, Icon Plc., Hoffmann-La Roche AG, QIAGEN N.V, 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 2023, Tempus introduced partnership with TScan Therapeutics with an goal to develop a companion diagnostic (CDx) test for patients suffering from cancer.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global companion diagnostics market based on the below-mentioned segments:
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
- Hospitals
- Research Laboratories
- Pharmaceutical and Biotechnology
- Others
Global Companion Diagnostics Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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