The companion diagnostics market is forecast to expand by USD 28.98 billion at a CAGR of 36.5% between 2023 and 2028. The market is being driven by the rising adoption of precision medicine, increased industry collaborations, and growing investments in the life sciences sector. Companies are adapting their strategies to meet consumer demand for innovative, efficient, and cost-effective diagnostic solutions, particularly in oncology, neurological diseases, and rare diseases. This surge is fostering the need for personalized treatments tailored to genetic makeups, improving therapy choices, and advancing disease treatment methodologies.
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The Companion Diagnostics market report provides a comprehensive analysis of the market segments, including region-wise estimates and forecasts for 2024-2028, with historical data from 2018-2022.
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Personalized Medicine: The increasing emphasis on personalized medicine, which tailors treatments to individual patients based on genetic data, is a key driver of market growth. This trend is particularly significant in oncology, where genetic sequencing and biomarkers play a crucial role in selecting therapies.
Growing Demand for Targeted Therapies: Advancements in immunotherapies and the need for targeted drug development in oncology, cardiovascular diseases, and neurological disorders are fueling the companion diagnostics market.
Rising Incidence of Cancer: The growing number of cancer cases in the US, especially breast and cervical cancers, is accelerating the demand for companion diagnostics. Approximately 250,000 breast cancer cases are diagnosed annually, making personalized treatment approaches critical.
Technological Advancements: The use of next-generation sequencing (NGS), immunohistochemistry (IHC), and cutting-edge sequencing technologies is expanding the scope of companion diagnostics in various therapeutic areas such as oncology, cardiovascular diseases, and neurological disorders.
January 2025: Roche launched a new companion diagnostic test to help identify patients who will benefit from targeted therapies in oncology. This test uses genetic profiling to guide treatment decisions for lung cancer.
December 2024: Thermo Fisher Scientific partnered with BioTherapies to co-develop a companion diagnostic for a new immuno-oncology drug. This collaboration aims to identify patients most likely to respond to the treatment.
November 2024: Abbott acquired OncoDetect, a companion diagnostics company, to expand its oncology testing portfolio, enhancing cancer treatment precision.
October 2024: QIAGEN launched a new companion diagnostic kit designed to identify patients with genetic mutations in breast cancer, enabling clinicians to match treatments to genetic profiles.
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