The global companion diagnostics market size reached US$ 5.9 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 13.3 Billion by 2028, exhibiting a growth rate (CAGR) of 14.5% during 2022-2028. The increasing prevalence of cancer, the surging demand for personalized medicine, and ongoing technological advancements, such as next-generation sequencing (NGS), represent some of the key factors driving the market.
Companion diagnostics are medical tests that help physicians determine the most effective treatment plan. These tests are designed to identify specific biomarkers in a patient's tissue or blood sample, indicating whether the patient will likely benefit from a particular drug or therapy. They also analyze the detailed biological profile and the mechanism of action (MOA) of patients and assist medical professionals in understanding the potential side effects of medications. Companion diagnostics are widely used across personalized medicines as it considers each patient's unique characteristics, such as their genetic makeup, to determine the best treatment plan. In addition to this, they are increasingly used for testing specific genetic mutations in cancer patients or biomarkers in patients with hepatitis C. This helps physicians tailor treatments to individual patients, improving the likelihood of successful outcomes and reducing the risk of side effects.
2. What is the expected growth rate of the global companion diagnostics market during 2023-2028?
3. What has been the impact of COVID-19 on the global companion diagnostics market?
4. What are the key factors driving the global companion diagnostics market?
5. What is the breakup of the global companion diagnostics market based on the product & service?
6. What is the breakup of the global companion diagnostics market based on the technology?
7. What is the breakup of the global companion diagnostics market based on the indication?
8. What is the breakup of the global companion diagnostics market based on the end user?
9. What are the key regions in the global companion diagnostics market?
10. Who are the key players/companies in the global companion diagnostics market?
Companion diagnostics are medical tests that help physicians determine the most effective treatment plan. These tests are designed to identify specific biomarkers in a patient's tissue or blood sample, indicating whether the patient will likely benefit from a particular drug or therapy. They also analyze the detailed biological profile and the mechanism of action (MOA) of patients and assist medical professionals in understanding the potential side effects of medications. Companion diagnostics are widely used across personalized medicines as it considers each patient's unique characteristics, such as their genetic makeup, to determine the best treatment plan. In addition to this, they are increasingly used for testing specific genetic mutations in cancer patients or biomarkers in patients with hepatitis C. This helps physicians tailor treatments to individual patients, improving the likelihood of successful outcomes and reducing the risk of side effects.
Companion Diagnostics Market Trends:
The rising instances of various kinds of cancer across the globe are impelling the demand for more effective and targeted cancer treatments, which is primarily driving the market growth. Companion diagnostics help identify patients who are most likely to benefit from specific cancer therapies, resulting in better patient outcomes. Moreover, the growing demand for personalized medicines tailored to each patient's unique characteristics is creating a favorable outlook for the market. Concurrent with this, the widespread adoption of targeted drugs and therapies for treating numerous infectious, cardiovascular, neurological, and inflammatory conditions is acting as another significant growth-inducing factor. In addition to this, the favorable regulatory landscape for companion diagnostics, with an increasing number of tests receiving approval from governing authorities such as the United States Food and Drug Administration (US FDA), and the expanding number of clinical trials around the world are strengthening the market growth. Furthermore, ongoing advancements in diagnostic technologies, such as the emergence of next-generation sequencing (NGS) and liquid biopsy, which have allowed identifying biomarkers that were formerly difficult to detect, are contributing to the market growth. Besides this, the development of innovative genomic technologies, which have enabled the identification of genetic mutations and other biomarkers that can be used to guide treatment decisions, is fueling the market growth. Other factors, such as the rising use of biomarkers in drug development, extensive investments in precision medicine, and the escalating consumer awareness regarding the benefits of companion diagnostics, are presenting remunerative growth opportunities for the market.Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global companion diagnostics market report, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on product & service, technology, indication, and end user.Product & Service Insights:
- Assays, Kits and Reagents
- Software and Services
Technology Insights:
- Immunohistochemistry (IHC)
- Polymerase Chain Reaction (PCR)
- In-situ Hybridization (ISH)
- Real-time PCR (RT-PCR)
- Gene Sequencing
- Others
Indication Insights:
- Cancer
- Lung Cancer
- Breast Cancer
- Colorectal Cancer
- Gastric Cancer
- Melanoma
- Others
- Neurological Diseases
- Infectious Diseases
- Cardiovascular Diseases
- Others
End User Insights:
- Pharmaceutical & Biopharmaceutical Companies
- Reference Laboratories
- Contract Research Organizations
- Others
Regional Insights:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global companion diagnostics market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Abbott Laboratories, Agilent Technologies, BioMerieux, Danaher Corporation, Roche Holding AG, Myriad Genetics Inc., Siemens Healthcare, and Thermo Fisher Scientific Inc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.Key Questions Answered in This Report
1. What was the size of the global companion diagnostics market in 2022?2. What is the expected growth rate of the global companion diagnostics market during 2023-2028?
3. What has been the impact of COVID-19 on the global companion diagnostics market?
4. What are the key factors driving the global companion diagnostics market?
5. What is the breakup of the global companion diagnostics market based on the product & service?
6. What is the breakup of the global companion diagnostics market based on the technology?
7. What is the breakup of the global companion diagnostics market based on the indication?
8. What is the breakup of the global companion diagnostics market based on the end user?
9. What are the key regions in the global companion diagnostics market?
10. Who are the key players/companies in the global companion diagnostics market?
Table of Contents
1 Preface3 Executive Summary12 Value Chain Analysis14 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Companion Diagnostics Market
6 Market Breakup by Product & Service
7 Market Breakup by Technology
8 Market Breakup by Indication
9 Market Breakup by End User
10 Market Breakup by Region
11 SWOT Analysis
13 Porters Five Forces Analysis
15 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Abbott Laboratories
- Agilent Technologies
- BioMerieux
- Danaher Corporation
- Roche Holding AG
- Myriad Genetics Inc.
- Siemens Healthcare and Thermo Fisher Scientific Inc.
Methodology
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