Authored By: Sarah
19 Jun 2024

 Companion Diagnostics Market to grow by USD 28983.1 million between 2024-2028

According to a research report “ Companion Diagnostics Market” by End-user (Life science, Health centers, Others) Indication (Oncology, Neurology, Others) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 28983.1 million at a CAGR of over 36.5% during the forecast period. In the realm of healthcare, personalized medicine represents a transformative approach to patient care, enabling more accurate diagnoses and targeted treatments based on an individual's genetic makeup. Unfortunately, diagnostic errors, which account for a substantial number of cases in the US, can lead to significant health risks and economic burdens. Companion diagnostics, a critical component of personalized medicine, offer precision and specificity, reducing the likelihood of misdiagnoses and improving overall patient outcomes and economic efficiency..

Browse market data tables, figures, and in-depth TOC on “Companion Diagnostics Market” by End-user (Life science, Health centers, Others) Indication (Oncology, Neurology, Others) Geography (North America, Europe, Asia, Rest of World (ROW)) Global Forecast to 2028.

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By End-user, the Life science segment is projected to dominate the market size in 2024.

In the realm of companion diagnostics, market expansion is driven by the burgeoning oncology sector. With approximately 2 million new cancer cases diagnosed annually in the US (CDC, 2023), the demand for precise diagnostic tools is escalating. The aging population in the US, Europe, and Japan further fuels growth. Reimbursement policies in major markets, such as the US and Germany, support the adoption of advanced interventional oncology procedures. Technological innovations, including minimally invasive, image-guided surgeries and energy-emitting devices, are revolutionizing oncology treatments and enhancing the value proposition of companion diagnostics.

By Indication, Oncology  segment is expected to hold the largest market size for the year 2024.

In the pharmaceutical and biotechnology sector, the demand for high-quality, regulatorily compliant drugs and therapeutic treatments is escalating due to the rising incidence of chronic diseases worldwide. Companion diagnostics are essential tools in this regard, facilitating the screening of clinically relevant compounds during the drug discovery process. These diagnostics play a pivotal role in the preclinical and clinical stages of drug development, enabling the evaluation of drug response biomarkers, toxicity, and immunotherapy response. By streamlining the testing of multiple targets in a single reaction, companion diagnostics significantly reduce the need for extensive sample handling and hands-on time, ultimately generating comprehensive data on analytes of interest.

North America is forecasted to hold the largest market size by region in 2024.

In the dynamic landscape of healthcare, Companion Diagnostics Market holds significant potential. This sector caters to the development and implementation of diagnostic tests that accompany specific treatments, enhancing therapeutic efficacy and reducing adverse effects. By providing personalized medicine solutions, Companion Diagnostics Market contributes to improved patient outcomes and cost savings for the healthcare industry.

The Companion Diagnostics Market t growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • 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.
  • Thermo Fisher Scientific Inc.
.

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Research Analysis Overview

The Companion Diagnostics Market is experiencing significant growth due to the increasing adoption of personalized immunotherapies and malignant growth treatments. This market is driven by the development of cutting-edge sequencing technologies, which enable the analysis of molecular data from the tumor genome. These diagnostic systems play a crucial role in disease treatments by helping in the selection of therapy choices based on patient-specific biomarkers. The use of patient-choice diagnostic systems is revolutionizing the pharmaceutical industry, particularly in the areas of hereditary sequencing and the treatment of chronic diseases such as cardiovascular diseases and neurological disorders. Companies are investing heavily in drug development, focusing on immunotherapies like CAR T-cell therapy and immunotherapy drugs. Next-generation sequencing (NGS) and patient-selection diagnostic frameworks are essential tools in this process, enabling the identification of biomarkers and the development of targeted therapeutic medications. In summary, the Companion Diagnostics Market is a critical component of the healthcare industry, facilitating the development and implementation of personalized treatments for various diseases, including cancer, through the use of genomics, genetic sequencing, and biomarkers.

Market Research Overview

The Companion Diagnostics Market encompasses innovative tools and technologies that facilitate personalized disease treatments. These include inflammatory diseases, malignant growth treatment, and various therapeutic areas such as breast cancer, cardiovascular diseases (CVDs), neurological disorders, and lung cancer. The market is driven by the advancements in molecular data analysis, hereditary sequencing, and drug and biotechnology. Cutting-edge sequencing techniques like next-generation sequencing (NGS) and immunohistochemistry (IHC) play a crucial role in the development of companion diagnostics. They help in the identification of biomarkers and the tumor genome, enabling precise patient-selection and therapy choices. Immunotherapies, such as CAR T-cell therapy and immunotherapy drugs, are revolutionizing disease treatments. The emergence of SARS-CoV-2 variants necessitates the need for companion diagnostics in infectious diseases as well. Reference laboratories and clinical trials are integral to the companion diagnostics market, ensuring the efficacy and safety of therapeutic medications. The market also includes patient-choice diagnostic systems, which utilize molecular data and genetic sequencing to provide customized treatment plans. In summary, the companion diagnostics market is a dynamic and evolving sector, driven by advancements in genomics, biomarkers, and personalized medicine. It plays a vital role in the development and implementation of targeted therapies for various chronic diseases and cancer.

Contacts

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

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