Companion Diagnostic Market to Grow with a CAGR of 11.76% through 2028
Development of new biomarkers for various diseases and a surge in
research & development of targeted therapies is expected to drive the
Global Companion Diagnostic Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Companion Diagnostic Market – Global
Industry Size, Share, Trends, Competition Forecast & Opportunities,
2028”, the Global Companion Diagnostic Market stood at USD 5.63 billion in 2022 and is anticipated to grow
with a CAGR of 11.76% in the forecast period, 2024-2028. The global companion
diagnostics industry is experiencing growth driven by various factors. These
include the advantages of companion diagnostics, the increasing demand for
targeted therapy, the rising significance of personalized medicine, the growing
global incidence of cancer, and the expanding application areas of companion
diagnostics.
Additionally, the market's expansion is further propelled by the
expanding need for next-generation sequencing, the growing importance of
companion diagnostics in drug discovery, and the rising number of clinical
trials.
Browse over XX market data Figures spread through XX Pages and an
in-depth TOC on
"Global Companion Diagnostic Market.”
The companion diagnostics market is poised for significant growth during
the forecast period due to the surge in research and development of targeted
therapies, increasing demand for personalized medicine in emerging economies,
discovery of new biomarkers for various conditions, and unmet needs in cancer
treatment. These factors are major drivers of the global companion diagnostics
market.
Advancements in genetic sequencing and genomics have led to the
realization that drugs can have varying effects in different individuals.
Understanding an individual's genetic traits or biomarkers is crucial in
administering the right drug, at the right time, and in the right amount.
Pharmaceutical and biopharmaceutical companies are actively integrating
patient-selection diagnostic frameworks in early drug development stages to
offer targeted therapies to suitable candidates. This trend contributes to the expansion
of the companion diagnostics market.
Although companion diagnostics offer guaranteed returns on investment,
the high initial cost often makes them inaccessible to a large portion of
end-users, especially those in developing countries. Consequently, end-users
such as pharmaceutical companies, reference laboratories, hospitals, and
contract research organizations (CROs) turn to third-party companion diagnostic
services to alleviate the financial burden associated with these tests.
Next-generation sequencing (NGS)-based companion diagnostic tests
leverage molecular information from a patient's tumor genome to guide cancer
therapy decisions. NGS detects numerous biomarkers for multiple medication
regimens in a shorter time frame compared to other sequencing techniques. The
use of NGS panels for biomarker evaluation in a single test has the potential
to aid in the treatment of various malignancies.
The rising prevalence of cancer globally is driving market growth.
According to statistics published by the World Health Organization (WHO) in
February 2022, approximately 400,000 children worldwide develop cancer each
year. Additionally, in 2020, there were 18,094,716 million cases of cancer
diagnosed globally, as reported by the World Cancer Research Fund
International. The International Agency for Research on Cancer estimates that
the worldwide burden of cancer will increase to 27.5 million new cases by 2040.
The increased incidence of cancer globally is leading to a higher utilization
of companion diagnostic tests, thereby fueling market expansion. Furthermore,
regulatory approvals of these tests for various indications are expected to
contribute to market growth. For instance, in August 2022, the U.S. FDA
approved Thermo Fisher Scientific Inc.'s Oncomine Dx Target Test as a companion
diagnostic (CDx) for identifying non-small cell lung cancer tumors with HER2
(ERBB2) activating mutations (SNVs & Exon 20 Insertion). Additionally, the
co-development of drug and diagnostic technology, along with favorable
government support, is creating lucrative opportunities in the market. However,
the high cost of drug development and associated clinical trials may hinder
market growth.
The increasing popularity of personalized medicines, rising cases of
adverse drug reactions (ADRs), and unmet needs in cancer treatment are the
driving factors accelerating the growth of the companion diagnostics market.
Moreover, the growth is further propelled by increased healthcare expenditure
globally and technological advancements in diagnostic techniques. The industry
is witnessing additional growth with rising awareness, particularly in
developing economies, and the discovery of new biomarkers for diverse
conditions. The growth of the companion animal diagnostics market also
contributes to the overall growth of the companion diagnostics industry. The
oncology segment is expected to drive market growth due to the rising cases of
cancer. Furthermore, the approval of companion diagnostics by government
agencies like the FDA is anticipated to drive industry growth. Unfavorable
reimbursement policies in some countries may impact the companion diagnostics
market during the forecast period.
The Global Companion Diagnostic Market is segmented into product &
services, technology, disease indication, application, end user, regional
distribution, and company.
The PCR segment, based on technology, currently dominates the global
market and is expected to maintain this trend in the forecast period. Several
key factors contribute to market growth, including cost-effectiveness, high
sensitivity, and specificity, along with the ability to be used in simple
automated platforms. Additionally, PCR plays a crucial role in identifying
unknown etiologies of various diseases. This drives the growth of the PCR
segment. However, the next-generation sequencing segment is projected to
experience rapid growth during the forecast period due to its advantages, such
as higher sensitivity in detecting low-frequency variants, shorter turnaround
time for processing large sample volumes, and the ability to simultaneously
sequence hundreds to thousands of genes or gene regions. Notably, Oncomine Dx
Target Test, FoundationOne CDx, FoundationFocus CDxBRCA Assay, and other
platforms utilize next-generation sequencing for detection purposes.
Based on region, North America segment is expected to grow during the
forecast period. North America is anticipated to maintain a substantial
market share throughout the forecast period. The region, led by the United
States, has emerged as a prominent contributor to the overall companion
diagnostics market. Companion diagnostics play a crucial role as a treatment
decision tool for various oncology drugs, as reflected by the FDA's risk
classification of these assays. Despite the challenges posed by the COVID-19
pandemic, companion diagnostics clinical trials have gained prominence in the
pharmaceutical industry, enhancing the prospects of clinical success. The
demand for testing kits for SARS-CoV-2 identification remained high, with
COVID-19 research and development being a primary focus for diagnostic test
makers. In May 2020, MiraDx established a laboratory in the United States to
provide COVID-19-based testing services, boasting accurate analysis of over
9,000 tests.
Furthermore, the increasing burden of cancer in the United States is
projected to drive market growth. According to the American Cancer Society, by
the end of 2022, an estimated 1.9 million new cancer cases are expected to
occur in the United States. Additionally, individuals with chronic conditions
are the primary consumers of companion diagnostics in the country, thereby
stimulating market growth. Market expansion is also driven by product launches
and government clearances by key players in the companion diagnostics sector.
Notably, in October 2021, the United States Food and Drug Administration
approved Agilent's Ki-67 IHC MIB-1 pharmDx (Dako Omnis) for identifying
high-risk patients with early breast cancer (EBC) prone to disease recurrence.
This regulatory approval is poised to fuel market growth in North America
throughout the forecast period. Considering the aforementioned factors, North
America is anticipated to maintain a significant share of the global companion
diagnostics market.
Major companies operating in Global Companion Diagnostic Market
are:
- Abbott
Laboratories Inc.
- Agilent
Technologies Inc.
- F.Hoffmann-La
Roche Ltd
- Biomerieux
SA
- Qiagen NV
- Siemens
Healthcare
- Thermo
Fisher Scientific Inc.
- Danaher
Corporation (Beckman Coulter Inc.)
- Myriad
Genetics Inc.
- Illumina
Inc.
Download Free Sample Report
Customers can also request for 10% free customization on this report.
“The increasing prevalence of various types of cancer worldwide is
driving the demand for more effective and targeted cancer treatments, thereby
fueling market growth. Companion diagnostics play a crucial role in identifying
patients who are most likely to benefit from specific cancer therapies, leading
to improved patient outcomes. Furthermore, the growing demand for personalized
medicines tailored to individual patient characteristics is creating a
favorable market outlook. Additionally, the widespread adoption of targeted
drugs and therapies for the treatment of infectious, cardiovascular,
neurological, and inflammatory conditions is another significant factor
contributing to market growth. Moreover, the development of innovative genomic
technologies that enable the identification of genetic mutations and biomarkers
for guiding treatment decisions is propelling market expansion. Factors such as
the increasing use of biomarkers in drug development, substantial investments
in precision medicine, and rising consumer awareness regarding the advantages
of companion diagnostics are presenting lucrative growth opportunities for the
market.,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Companion Diagnostic Market Segmented By Product and Services (Kits and
Reagents, Assays, Software, and Services), By Technology (PCR, NGS, In-Situ
Hybridization, Immunohistochemistry, and Others), By Disease Indication
(Oncology, Neurology, Cardiology, Infectious Diseases, and Others), By Application (In-Vitro
Diagnostics, Drug Discovery, and Others), By End User (Pharmaceutical &
Biotechnology Companies, Research Laboratories, Contract Research Organization,
and Others), By Region and Competition,
Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential
of Global Companion Diagnostic Market and provides statistics & information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in
Global Companion Diagnostic Market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com