The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s companion diagnostics market report forecasts the companion diagnostics market size to grow to $12.18 Billion by 2027, with a CAGR (compound annual growth rate) of more than 18%.
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Companion Diagnostics Market Size Forecast
The global companion diagnostics market is expected to grow from $5.18 billion in 2022 to $6.16 billion in 2023 at a compound annual growth rate (CAGR) of 18.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The companion diagnostics market size is expected to grow to $12.18 billion in 2027 at a CAGR of 18.6%.
North America held the largest companion diagnostics market share.
Key Companion Diagnostics Market Driver – Increase In Number Of Targeted Therapies
According to the April 2021 article of European Society for Medical Oncology, the genome-targeted therapy estimated eligibility was 8.82% by the end of 2018 and increase to 13.60% in 2020. Therefore, the rising number of therapies drives the companion diagnostics market.
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Key Companion Diagnostics Market Trend – Technological Advancement
Artificial intelligence is used to develop more efficient drugs for companion diagnostics. The continuously gathered massive data sets from diverse genetic profiling have enabled the widespread application of AI. For instance, Deep Genomics, a Toronto-based start-up, is utilizing artificial intelligence to uncover better medications for genetic illnesses and speed up their introduction into clinical trials. The goal is to employ deep learning to explore the human genome for knowledge about the causes of diseases and to create and test chemical compounds that can be used as remedies. In a computer model, deep learning enables scientists to test billions of chemical compounds in search of promising formulations that they can turn into medicines that save lives for people worldwide.
Companion Diagnostics Market Segment
1) By Product And Service: Assays, Kits And Reagents, Software And Services
2) By Technology: Polymerase Chain Reaction, Next-Generation Sequencing, In Situ Hybridization, Immunohistochemistry
3) By Indication: Lung Cancer, Breast Cancer, Colorectal Cancer, Leukemia, Melanoma
4) By End-User: Pharmaceutical And Biopharmaceutical Companies, Reference Laboratories, Contract Research Organizations
Companion Diagnostics Market Major Players and Strategies
Major players in the companion diagnostics market are F Hoffmann-La Roche Ltd., Agilent Technologies Inc., Qiagen NV, Thermo Fisher Scientific Inc., Abbott Laboratories Inc., Myriad Genetics Inc., Almac Group, Illumina Inc., Seimens Healthineers AG, Abnova Corporation, Guardant Health Inc., ARUP Laboratories Inc., Foundation Medicine Inc., Bayer AG, Clinical Lab Products, Leica Biosystems Nussloch GmbH and Life Technologies Tm.
In April 2021, Agilent Technologies Inc., a US-based Analytical laboratory company that manufactures instruments, reagents, software, services, and consumables for comprehensive laboratory workflow, acquired Resolution Bioscience for $695 million. With this acquisition, Agilent’s strengths in NGS-based cancer diagnostics are complements and expands, and also gives the company access to technology to meet the demands of the rapidly expanding precision medicine sector. Resolution Bioscience is a US-based healthcare research company specializing in NGS technology, molecular biology, cancer diagnostics, and more.
The Companion Diagnostics Global Market Report 2023 covers regional data on companion diagnostics market size, companion diagnostics market trends and drivers, opportunities, strategies, and companion diagnostics market competitor analysis. The countries covered in the companion diagnostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Companion diagnostics is an in vitro diagnostic medical test used to check the safety and effectivity of a corresponding drug or biological product. The test aids a medical expert to match a patient to a specific drug or therapy.
View More Reports Related To The Companion Diagnostics Market –
Cancer Diagnostics Global Market Report 2023
Precision Medicine Global Market Report 2023
Cervical Cancer Diagnostics Global Market Report 2023
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