PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477175
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477175
Companion Diagnostics Market size was valued at USD 6,978.12 Million in 2023, expanding at a CAGR of 12.2% from 2024 to 2032.
A companion diagnostic is a medical instrument, frequently an in vitro diagnostic (IVD), that offers data necessary for the safe and efficient administration of a related medication or biological product. It identifies patients who are likely to be at increased risk for serious side effects due to the treatment with a particular therapeutic product. In addition, there is an increasing prevalence of carcinogenic diseases which increases the need for effective genomic testing, leading to global demand for companion diagnostics. However, high capital investment is necessary for the discovery, development and validation of biomarkers, which is hindering the growth of the market. Furthermore, companion diagnostics are increasingly used in drug development by healthcare providers which caused substantial growth in the market.
Companion Diagnostics Market- Market Dynamics
Growing Significance of Personalized Medicines
There is a growing awareness of personalized medicines as they allow for treatments that are tailored to the specific genetic makeup or characteristics of an individual patient. Companion diagnostics help identify biomarkers or genetic variations that can predict how a patient will respond to a particular treatment. This enables physicians to prescribe the most suitable medication for each patient based on their unique genetic profile. These tests empower healthcare providers to make informed clinical decisions and avoid the risk of unnecessary events. Therefore the growing significance of personalized medicines and companion diagnostics represents a paradigm shift in healthcare towards more precise, effective, and patient-centered approaches to treatment.
Companion Diagnostics Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 12.2% over the forecast period (2024-2032)
Based on product type segmentation, the assay, kits & reagents segments dominated the market
Based on end user segmentation, the pharma and biotech segment dominates the market and is likely to maintain its dominance during the forecast period
Based on region, North America was the leading revenue generator in 2023
The Global Companion Diagnostics Market is segmented based on Product Type, Technology, Application, End User, and Region.
The market is divided into two categories based on product type: assay, kits & reagents and software & services. The assay, kits & reagents segments dominated the market due to the availability of a wide variety of products and the growing usage of assays and in the healthcare sector.
The market is divided into three categories based on end users: pharma & biotech companies, clinical research organizations and reference laboratories. The pharma and biotech segment dominates the market and is likely to maintain its dominance during the forecast period. The rising adoption of companion diagnostics is due to the increasing significance of drug development in the healthcare industry.
Companion Diagnostics Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The market for companion diagnostics is dominated by North America. The presence of numerous prominent companion diagnostics vendors and open clinical research facilities, the easy accessibility of technologically advanced devices and tools, and the significantly changed medical services infrastructure in the US and Canada are all factors contributing to the growth of the friend diagnostics market in North America. Furthermore, Asia-Pacific offers lucrative opportunities for market participants because of the region's high population base, growing awareness of companion diagnostics, improved medical care infrastructure, and growing demand for cutting-edge therapies. For instance, in November 2023, the FDA approved the FoundationOne CDx for use as a companion diagnostic to identify patients with advanced hormone receptor-positive, advanced breast cancer who are eligible for treatment.
Companies with a strong international presence and distribution network have an advantage in reaching healthcare providers and patients globally. The key market players in companion diagnostics include Abbott Molecular Inc., Thermo Fisher Scientific Inc., Dako Inc., Qiagen Ltd, etc. have distinct technological capabilities and expertise in companion diagnostics development. For instance, Thermo Fisher Scientific is known for its expertise in molecular diagnostics and has a wide range of offerings in this area. while Abbott Molecular Inc. has a strong portfolio of molecular assays. Compliance with regulatory requirements, such as FDA approvals and CE marking in Europe, is crucial in the companion diagnostics market. Companies with a track record of successful regulatory approvals and adherence to quality standards may have a stronger position.
In November 2023, Foundation Medicine Inc. an American molecular insight company announced that it has received approval from the U.S. Food and Drug Administration (FDA) for FoundationOneCDx to be used as a companion diagnostic for AstraZeneca's Truqap.
SCOPE OF THE REPORT
GLOBAL COMPANION DIAGNOSTICS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
ARUP Laboratories
Roche Molecular Systems Inc.
Dako Inc.
Qiagen Ltd.
bioMerieux Inc.
Ventana Medical Systems Inc.
Abbott Molecular Inc.
Myriad Genetics Inc.
Biogenex Laboratories, Inc.
Thermo Fisher Scientific Inc.
Leica Biosystems Nussloch GmbH
Others