Companion Diagnostics Market Size Worth US$ 21.15 Billion By 2032, Rising Prevalence Of Cancer And Advances In Precision Medicine Drives Growth | Research By SNS Insider

(MENAFN- GlobeNewsWire - Nasdaq) The Companion Diagnostics market is growing at an alarming rate because cancer and infectious diseases are becoming increasingly prevalent and genomic technologies are advancing.

Pune, Oct. 09, 2024 (GLOBE NEWSWIRE) -- Companion Diagnostics Market Size Analysis:

“According to SNS Insider Research, The Companion Diagnostics Market Size was valued at USD 7.66 Billion in 2023, and is expected to reach USD 21.15 Billion by 2032, and grow at a CAGR of 11.9% over the forecast period 2024-2032.”

The growth is attributed to an increase in demand for personalized medicine, primarily in oncology. Companion diagnostics provide very critical information to the doctor and the individual about the disease in question. It helps the healthcare professional decide on the most appropriate treatment pathway. This market is driven by the continually growing focus on precision medicine that aims to personalize the treatment for patients according to their genetic makeup to maximize the drug's effectiveness and minimize its adverse reactions.

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Key Companion Diagnostics Market Players:

• Abbott
• Guardant Health
• Thermo Fisher Scientific Inc.
• F. Hoffmann-La Roche Ltd.
• Agilent Technologies, Inc.
• QIAGEN
• Myriad Genetics, Inc.
• Illumina, Inc.
• BIOMERIEUX
• Invivoscribe, Inc.
• ARUP Laboratories

Market Overview

The Companion Diagnostics Market has seen a growth in demand for specific and targeted therapeutic areas mainly because of the rising incidence of chronic diseases such as cancer and infectious diseases. This sector's supply chain cuts across major players such as diagnostic companies and pharmaceutical firms that collaborate to come up with innovative tests that can facilitate highly targeted treatments. It is in this context that rising healthcare costs and a greater focus on better patient results are creating pressure for more potent diagnostic solutions. As such, the market could balloon very quickly as more healthcare providers become increasingly migratory to high-end diagnostic equipment. In addition to that, regulatory approvals of novel diagnostics and collaborations between pharmaceutical firms and diagnostic developers are furthering the strength of the supply landscape that ensures the timely availability of companion diagnostics in various therapeutic areas.

Companion Diagnostics Market Report Scope:

Report Attributes	Details
Market Size in 2023	US$ 7.66 Billion
Market Size by 2032	US$ 21.15 Billion
CAGR	CAGR of 11.9% From 2024 to 2032
Base Year	2023
Forecast Period	2024-2032
Historical Data	2020-2022
Key Regional Coverage	North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)

Segment Analysis

By Technology

Polymerase Chain Reaction was the market leader in the Companion Diagnostics Market in 2023, with a share of 23.4%. The technique is the most widely used in cancer diagnosis and still represents the gold standard for amplifying specific genetic material, thereby facilitating the detection of mutations and designing targeted therapy. Although priced relatively higher, the dependability of PCR in both research and clinical settings cements its leadership in the market share.

By Indication

In 2023, Cancer would be the biggest indication for companion diagnostics with a market share of 35.4% since there is a huge burden of this disease worldwide and growing research into targeted therapies. Companion diagnostics influence the oncologists' decisions about treatments specific to the patients' genetic profiles, based on the lines drawn by the precision medicine paradigm.

By End-user

The companion diagnostics market, in terms of end-users, is dominated by pharmaceutical and biopharmaceutical companies. These form 43.2% in 2023. These are the main companies that come up with new drugs and therapies. Companion diagnostics play a very important role in ensuring the safety of the treatments developed by pharmaceutical companies. Hence, this segment becomes even more dominant because pharmaceutical companies interplay with the manufacturers of diagnostics closely.

Companion Diagnostics Market Key Segmentation:

By Technology

• Polymerase Chain Reaction
• Immunohistochemistry
• In-situ Hybridization
• Next Generation Gene Sequencing
• Others

By Indication

• Cancer
• Neurological Diseases
• Infectious Diseases
• Others

By End-user

• Pharmaceutical & Biopharmaceutical Companies
• Reference Laboratories
• Contract Research Organizations (CROs)

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Regional Analysis

The major share of the Companion Diagnostics Market is held by North America, primarily due to the advanced healthcare infrastructure and high research and development expenditure in this region. Key pharmaceutical firms and diagnostic organizations are present in this region, which certainly drives innovation, with the adoption process happening at a faster pace. Strong healthcare facilities and a supportive regulatory framework also enhance the growth of the market in the area. North America is well represented in the field of companion diagnostics through companies such as Foundation Medicine and Guardant Health, working towards the cutting edge of the field.

The Companion Diagnostics Market is observed to be the most rapidly growing region in Europe. The increasing incidences of chronic diseases and the resultant ascending demand for personalized medicine are driving the rapid expansion. Supportive regulatory policies along with increased investment in the R&D of healthcare sectors are further bolstering the growth of the market in the region. At the forefront of the market players include Roche Diagnostics and Novartis, leading the development of companion diagnostics, thus bolstering the competition in the market.

Recent Development

November 2023: Illumina came out with a new companion diagnostic test utilizing next-generation sequencing in the cancer space, thus enhancing a precise treatment option for oncologists.

October 2023: Foundation Medicine of its comprehensive genomic profiling test received FDA approval thus making the identification of targeted therapy options possible for most cancers.

August 2023: Roche launched a new blood-based companion diagnostic to help decide therapy decisions to be given to lung cancer patients.

July 2023: Qiagen launched its multiplex PCR test, known to enhance the sensitivity for detecting specific genetic markers in cancer patients undergoing treatment for colorectal cancer.

May 2023: Abbott launched a companion diagnostic test designed to measure the effectiveness of immunotherapy in patients diagnosed with melanoma.

April 2023: Agilent Technologies unveiled its next-generation sequencing platform, which is commercially available and specifically for use in companion diagnostics, to help improve patient outcomes through personalized medicine.

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Table of Contents – Major Key Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

• Incidence and Prevalence (2023)
• Prescription Trends, (2023), by Region
• Healthcare Spending: Expenditure data by government, insurers, and out-of-pocket by patients.

6. Competitive Landscape

7. Companion Diagnostics Market Segmentation, by Technology

8. Companion Diagnostics Market Segmentation, by Indication

9. Companion Diagnostics Market Segmentation, by End-user

10. Regional Analysis

11. Company Profiles

12. Use Cases and Best Practices

13. Conclusion

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