DUBLIN–(BUSINESS WIRE)–The “Companion Diagnostics Market – A Global and Regional Analysis: Focus on Application, End User, Technology, and Region – Analysis and Forecast, 2023-2033” report has been added to ResearchAndMarkets.com’s offering.
The global companion diagnostics market was valued at $3,762.0 million in 2023 and is expected to reach $12,498.7 million by 2033, growing at a CAGR of 12.76% between 2023 and 2033. The base year considered for the calculation of the market size is 2022. A historical year analysis has been done for the period FY2019-FY2021. The market size has been estimated for FY2022 and projected for the period FY2023-FY2033.
The growth of the companion diagnostics market is driven by the rising prevalence of cancer cases, increasing product approvals in the field of companion diagnostics, and advancing biomedical imaging as the driving force for precision medicine’s companion diagnostics. The lung cancer application segment players leading the market captured around 37.39% of the market’s presence as of 2022. The breast cancer segment, on the other hand, captured approximately 25.58% of the market presence in 2022.
The North America region is expected to hold a significant share of the global companion diagnostics market for several reasons. North America, particularly the U.S., boasts advanced healthcare infrastructure and a strong emphasis on precision medicine initiatives. This environment fosters the adoption of companion diagnostics, which play a vital role in guiding targeted therapies and improving patient outcomes.
The region is home to a large number of pharmaceutical and biotechnology companies engaged in the development of targeted therapies. These companies often collaborate with diagnostic companies to co-develop companion diagnostics alongside their therapeutic products. As a result, there has been a rise in demand for companion diagnostics in North America to support the use of these targeted therapies in clinical practices.
Market Introduction
The companion diagnostics market has emerged as a pivotal component in the realm of personalized medicine, transforming the landscape of disease diagnosis and treatment. This innovative sector focuses on developing diagnostic tests that aid in the identification of biomarkers and genetic variations associated with specific diseases. The primary objective of companion diagnostics is to enable healthcare professionals to tailor treatment plans according to the individual characteristics of patients, ensuring a more targeted and effective approach. With the rising prevalence of complex diseases such as cancer, the demand for companion diagnostics has grown significantly.
The market’s evolution has been characterized by a blend of technological advancements, strategic collaborations between pharmaceutical and diagnostic companies, and regulatory efforts to ensure the safety and efficacy of these diagnostic tools. As the healthcare industry continues to embrace precision medicine, the companion diagnostics market stands at the forefront, poised to make substantial contributions to the era of personalized and more effective medical interventions.
Industrial Impact
The advent of the companion diagnostics market has had a profound industrial impact, particularly within the realms of healthcare, diagnostics, and pharmaceuticals. This innovative sector has fundamentally altered the traditional approach to disease diagnosis and treatment by introducing personalized and targeted strategies. Pharmaceutical companies are increasingly integrating companion diagnostics into their drug development pipelines, facilitating the identification of biomarkers and the selection of patient populations that are most likely to respond positively to specific therapies.
PCR Segment to Dominate the Companion Diagnostics Market (by Technology)
Based on technology, the global companion diagnostics market was led by PCR in 2022 primarily due to its exceptional accuracy and sensitivity in detecting nucleic acid sequences, making it particularly adept at identifying specific genetic mutations or biomarkers associated with diseases. This precision enables clinicians to make personalized treatment decisions based on reliable diagnostic information.
Additionally, PCR’s versatility allows it to detect a wide range of genetic variations, including single nucleotide polymorphisms (SNPs) and gene fusions, facilitating the development of companion diagnostics for diverse diseases and therapeutic targets. Furthermore, PCR techniques, such as real-time PCR (qPCR), offer rapid turnaround times, enabling timely diagnosis and treatment monitoring, which is crucial in companion diagnostics.
Lung Cancer Segment to Witness the Highest Growth between 2023 and 2033
The lung cancer segment holds the largest share in the companion diagnostics market for several compelling reasons. Firstly, lung cancer is one of the most prevalent and deadliest forms of cancer worldwide, driving the demand for effective diagnostic tools to guide treatment decisions. Companion diagnostics play a crucial role in lung cancer management by identifying specific genetic mutations or biomarkers that can inform targeted therapy selection. For example, mutations in genes such as EGFR, ALK, ROS1, and BRAF are commonly found in non-small cell lung cancer (NSCLC) and are associated with responses to targeted therapies.
Reference Laboratories and Hospitals Segment to Witness the Highest Growth between 2023 and 2033
Reference laboratories and hospitals hold a significant share of the end user market in the global companion diagnostics market for several reasons. The reference laboratories and hospitals typically have access to advanced diagnostic technologies and expertise, which allows them to perform complex molecular testing required for companion diagnostics. These facilities often have state-of-the-art equipment and trained personnel capable of conducting molecular assays with high accuracy and precision, which is crucial for reliable companion diagnostic testing.
Moreover, reference laboratories and hospitals serve as central hubs for patient care, where individuals seek diagnosis and treatment for various diseases, including those requiring companion diagnostics. As a result, these facilities handle a large volume of diagnostic testing, providing economies of scale and driving demand for companion diagnostics.
Key Attributes:
Report Attribute
Details
No. of Pages
162
Forecast Period
2023 – 2033
Estimated Market Value (USD) in 2023
$3.76 Billion
Forecasted Market Value (USD) by 2033
$12.49 Billion
Compound Annual Growth Rate
12.7%
Regions Covered
Global
Market Dynamics Overview
Market Drivers
Rising Prevalence of Cancer Cases
Increasing Product Approvals in the Field of Companion Diagnostics
Advancing Biomedical Imaging as the Driving Force for Precision Medicine’s Companion Diagnostics
Trends: Current and Future Impact Assessment
Companion Diagnostics Market Trend Analysis
Implementation of Liquid Biopsy-Based Companion Diagnostics
Combining Artificial Intelligence and Companion Diagnostics
Market Restraints
Uncertain Reimbursement Scenario
Stringent Regulatory Approval Processes
Market Opportunities
Progress in Companion Diagnostics Driven by Continuous Development and Technological Advancements
Introduction of Epigenomics-Based Companion Diagnostics
Report Scope
Global Companion Diagnostics Market (by Application)
Lung Cancer
Breast Cancer
Colorectal Cancer
Leukemia
Stomach Cancer
Melanoma
Others
Global Companion Diagnostics Market (by End User)
Pharmaceutical and Biotechnology Companies
Reference Laboratories
Others
Global Companion Diagnostics Market (by Technology)
Polymerase Chain Reaction (PCR)
Immunohistochemistry (IHC)
In-Situ Hybridization (ISH)
Next-Generation Sequencing
Company Profiles
Abbott Laboratories
Agilent Technologies, Inc.
Amoy Diagnostics Co., Ltd.
bioMerieux
Danaher Corporation
DiaCarta
F. Hoffmann-La Roche Ltd
ICON Plc
Illumina, Inc.
Invivoscribe Technologies, Inc.
Myriad Genetics, Inc.
Novogene Co, Ltd.
QIAGEN N.V.
Sysmex Corporation
Thermo Fisher Scientific Inc.
For more information about this report visit https://www.researchandmarkets.com/r/m38fe4
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