Companion Diagnostics Market size is set to grow by USD 28.98 billion from 2024-2028, Rising use of personalized medicine to boost the market growth, Technavio

NEW YORK, Aug. 8, 2024 /PRNewswire/ — The global companion diagnostics market size is estimated to grow by USD 28.98 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 36.5% during the forecast period. Rising use of personalized medicine is driving market growth, with a trend towards rising occurrence of breast cancer. However, limited sustainability of smaller vendors poses a challenge. Key market players include Abbott Laboratories, Abnova Corp., Agilent Technologies Inc., Amoy Diagnostics Co. Ltd., ARUP Laboratories, Bayer AG, BioGenex Laboratories Inc., bioMerieux SA, F. Hoffmann La Roche Ltd., Guardant Health Inc., Illumina Inc., Invivoscribe Inc., Liquid Biotech USA Inc., Myriad Genetics Inc., NG Biotech, QIAGEN NV, Quest Diagnostics Inc., Siemens AG, Sysmex Corp., and Thermo Fisher Scientific Inc..

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

Key Market Trends Fueling Growth

The incidence of breast cancer in the US is on the rise, with nearly 250,000 cases diagnosed annually among women. This trend is attributed to unhealthy diets, lack of physical activity, tobacco use, and excessive alcohol consumption. Breast and cervical cancers are the most common types among women, requiring treatments such as chemotherapy, hormonal therapy (Arimidex, Aromasin, Evista, Fareston), and radiation. With the increasing number of breast cancer cases, the demand for companion diagnostics is also rising. These tests help doctors identify patients most likely to respond to targeted therapy or specific drugs. For breast cancer, companion diagnostics align with Human Epidermal Growth Factor Receptor 2 (HER2), a protein found on breast cells. This ensures the drug’s effectiveness against HER2, addressing the growing burden on existing treatments and increasing the demand for companion diagnostics in the market. 

The Companion Diagnostics Market is experiencing significant growth due to the increasing importance of personalized medicine in various therapeutic areas, including cancer, cardiovascular diseases, neurological disorders, and infectious diseases. The use of genetic sequencing and genomics in drug development is driving the demand for companion diagnostics, which help in selecting the right therapy choices based on molecular data from a patient’s tumor or gene sequence. Cancer treatment is a major focus area, with the development of immunotherapies like CAR T-cell therapy and immunotherapies requiring accurate patient selection through diagnostic frameworks like ISH (Immunohistochemistry) and next-generation sequencing (NGS). The identification of biomarkers is crucial for effective therapy selection, especially in complex diseases like lung cancer and breast cancer. Reference laboratories play a vital role in providing accurate and timely diagnostic services using technologies like IHC and NGS. The emergence of SARS-CoV-2 variants has also highlighted the importance of companion diagnostics in infectious diseases. The market is expected to continue growing as more therapeutic medications and drugs undergo development and require companion diagnostics for effective patient selection. 

Discover 360° analysis of this market. For complete information, schedule your consultation- Book Here!

Market Challenges

The global companion diagnostics market is a competitive landscape, with major players holding significant market share. New entrants face challenges due to high product development costs and the financial impossibility of producing large quantities without substantial capital and manufacturing capabilities. Major players, on the other hand, continually innovate and offer efficient, safer diagnostics. They also expand their manufacturing facilities worldwide, particularly in developing countries. These factors make it difficult for smaller vendors to compete or increase market presence, resulting in market consolidation and hindering the growth of the global companion diagnostics market during the forecast period.The Companion Diagnostics Market is experiencing significant growth due to the increasing demand for personalized medicine in various disease areas. Infectious diseases, such as SARS-CoV-2, pose challenges as new variants emerge, requiring updated diagnostic tests. Reference laboratories play a crucial role in providing accurate results for therapy choices. Immunohistochemistry (IHC) and hereditary sequencing are essential tools for diagnosing chronic diseases like lung cancer, neurological disorders, and cardiovascular diseases. The development of personalized medicine relies on molecular data from drugs like Gilead Sciences’ therapeutic medications for infectious diseases and immunotherapy, including CAR T-cell therapy. Malignant growth treatments, such as chemotherapy and radiation, also benefit from companion diagnostics. Inflammatory diseases and acquired diseases further expand the market’s potential. The integration of cutting-edge sequencing technologies and patient-choice diagnostic systems will continue to drive the Companion Diagnostics Market forward.

For more insights on driver and challenges – Download a Sample Report

Segment Overview

This companion diagnostics market report extensively covers market segmentation by

End-user1.1 Life science1.2 Health centers1.3 OthersIndication2.1 Oncology2.2 Neurology2.3 OthersGeography3.1 North America3.2 Europe3.3 Asia3.4 Rest of World (ROW)

1.1 Life science- The Companion Diagnostics Market is witnessing significant growth due to the increasing need for pharmaceutical and biotechnology companies to develop high-quality, regulatorily compliant drugs and therapeutic treatments. During the drug discovery process, companion diagnostic products play a crucial role in screening clinically relevant compounds for drug response biomarkers, toxicity, and immunotherapy response. These diagnostics are used in both preclinical and clinical stages, reducing the number of samples and hands-on time required, and generating comprehensive data about each analyte of interest. With the high cost of developing and commercializing drugs, companion diagnostics help minimize failures by determining elemental composition and impurity quantification. Pharmaceutical and biotech companies partner with or outsource services to contract research organizations (CROs) to leverage their expertise. The growing focus of medical device manufacturers on catering to the needs of pharma and biotech companies is further driving the demand for companion diagnostics, accelerating the drug discovery process and allowing for the identification and optimization of drug leads.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022) – Download a Sample Report

Research Analysis

The Companion Diagnostics Market is a rapidly growing sector in healthcare, focusing on the development of diagnostic tests that help select the most effective therapy choices for patients based on their molecular data. These tests play a crucial role in drug development, particularly in cancer treatment where genetic sequencing and genomics are key. Biomarkers, patient-selection diagnostic frameworks, and next-generation sequencing (NGS) are at the forefront of this field, enabling precise identification of tumor genomes for targeted therapeutic medications. The market spans various disease areas, including cancer, chronic diseases like neurological disorders and cardiovascular diseases, and hereditary sequencing. Companies are investing in cutting-edge sequencing technologies to develop personalized immunotherapies, such as CAR T-cell therapy, for malignant growth treatment. The market’s potential is vast, offering significant opportunities for innovation and improved disease treatments.

Market Research Overview

The Companion Diagnostics Market is a rapidly growing segment in the drug development industry, focusing on providing diagnostic tests that help identify the most effective treatments for patients based on their genetic makeup and molecular data. These tests play a crucial role in cancer treatment, particularly in the context of targeted therapies and immunotherapies such as CAR T-cell treatment and immunotherapies. Genomic analysis through next-generation sequencing (NGS) and immunohistochemistry (IHC) are essential tools in this field, allowing for the identification of tumor genome alterations and biomarkers. Companion diagnostics are not limited to oncology, but also play a significant role in therapeutic areas such as cardiovascular diseases (CVDs), neurological diseases, infectious diseases, and inflammatory diseases. In the era of personalized medicine, these tests enable patient-choice diagnostic systems, helping clinicians make informed decisions regarding therapy choices and disease treatments. The market for companion diagnostics is expanding to include cutting-edge sequencing technologies for hereditary sequencing and SARS-CoV-2 variants. Therapeutic medications, including chemotherapy, radiation treatment, and biologics, are increasingly being developed in conjunction with companion diagnostics to optimize treatment outcomes.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userLife ScienceHealth CentersOthersIndicationOncologyNeurologyOthersGeographyNorth AmericaEuropeAsiaRest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/companion-diagnostics-market-size-is-set-to-grow-by-usd-28-98-billion-from-2024-2028–rising-use-of-personalized-medicine-to-boost-the-market-growth-technavio-302216666.html

SOURCE Technavio