Fort Collins, Colorado, Sept. 26, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Companion Diagnostics Market Size, Growth, Share, Statistics Report, By Product & Service (Assays, Kits & Reagents; Software & Services), By Technology (Polymerase Chain Reaction, Next-generation, In Situ Hybridization, and Immunohistochemistry), By Indication, By End-user, By Region Forecasts, 2023-2032."
According to DataHorizzon Research, The companion diagnostics market was valued at USD 6.1 Billion in 2022 and is anticipated to reach USD 16.8 Billion by 2032 with a CAGR of 10.7%. The global report on the companion diagnostics market comprehensively analyzes the latest trends and market conditions. It also covers the latest insights from the industry and discusses market opportunities in detail.
Personalized medicine eliminates the inefficient trial and error method in healthcare and preempts disease progression. It customizes a treatment plan for an individual based on a thorough knowledge of molecular and genetic causes of illnesses for best outcomes. Therefore, the growing demand for personalized medicine is boosting market growth. Companion diagnostics development occurs concurrently with the effect of medication, which allows sufficient evidence to illustrate and assess the risk-benefit for the treatment to the patient group. This leads to a burgeoning demand for companion diagnostics in the long term.
Furthermore, companion diagnostics reduce the overall cost of healthcare treatment and provide early diagnosis, leading to market expansion. For many serious chronic diseases, early diagnosis and early treatment prove crucial in disease treatment. For instance, in the case of rheumatoid arthritis, delayed treatment may lead to irreparable joint damage and permanent disability for the patient. Additionally, in chronic diseases like cancer, the trial-and-error method of traditional medications increases the overall cost of the treatment. Companion diagnostic tests help reduce healthcare costs by limiting the remedy to patients with a high probability of responding positively to the drug.
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Report Snapshot:
| Report Title | Companion Diagnostics Market |
| Market Size in 2022 | USD 6.1 Billion |
| Market Size by 2032 | USD 16.8 Billion |
| CAGR from 2023 to 2032 | 10.7% |
| Largest Market | North America |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends and Growth Factors |
| By Product & Service | Assays, Kits & Reagents, Software & Services |
| By Technology | Polymerase Chain Reaction, Next-generation Sequencing, In Situ Hybridization, Immunohistochemistry and Others |
| By Indication | Cancer, Neurological Disorders, Cardiovascular Diseases, Infectious Diseases and Others |
| By End-user | Pharmaceutical and Biopharmaceutical companies, Reference Laboratories, Contract Research Organization and Others |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, Brazil, Mexico, UAE, Saudi Arabia, South Africa, among others |
| Major Market Players | F-Hoffmann-La Roche Ltd., Qiagen NV, Abbott Laboratories Inc, ARUP Laboratories Inc., Danaher Corporation, Agilent Technologies Inc., Biomerieux SA, Thermo Fisher Scientific, Illumina Inc., Guardant Health, Myriad Genetics Inc. and Sysmex Corporation |
Segmentation Overview:
The global companion diagnostics market has been segmented based on product & service, technology, indication, end-user, and region. Kits & assays accounted for a significant share in 2022 and is projected to remain dominant in the forthcoming years. Technological advancements in the healthcare industry and the availability of customized treatment plans have enabled growth opportunities for the segment.
North America is a dominant market for companion diagnostics owing to technological advancements in the healthcare industry and the emergence of varied applications of companion diagnostics. Regulatory approvals catalyze the trial process, paving the way for therapeutics and drugs to be available in the open market.
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Companion Diagnostics Market Report Highlights:
- The global companion diagnostics market is projected to reach USD 16.8 billion at a CAGR of 10.7% by 2032.
- The companion diagnostics market growth drivers include the rise in demand for therapeutic drugs to identify particular diseases. Companion diagnostics tests are assays used to detect specific biomarkers and determine the effectiveness of a particular therapeutic drug to a distinct individual. They help identify the patients who respond to the particular treatment and promote the use of individualized medicines to treat various chronic diseases.
- Assays dominate the product & service segment, and the growth factors are attributed to the possibility of treating several diseases with high precision.
- Cancer accounted for a leading share in 2022 owing to the high prevalence of cancer patients worldwide. Therefore, companion diagnostics is proving beneficial for oncologists to identify and evaluate the line of treatment for cancer patients.
- North America is a leading market owing to its well-developed healthcare infrastructure and high spending on research and development. Europe is a fast-growing market due to the launch of trial vaccines and the emphasis on the effective distribution of drugs.
- Some prominent players in the companion diagnostics market report include F-Hoffmann-La Roche Ltd., Qiagen NV, Abbott Laboratories Inc., ARUP Laboratories Inc., Danaher Corporation, Agilent Technologies Inc., Biomerieux SA, Foundation Medicine, Thermo Fisher Scientific, Illumina Inc., Guardant Health, Myriad Genetics Inc., and Sysmex Corporation.
Key Developments in the Industry:
- In March 2023, Quantabio announced a new Bead booster technology for its sparQ RNA-Seq HMR Kit. The kit's improved optimizations allow researchers to produce up to five times more high-quality stranded transcriptome libraries from human, mouse, or rat (HMR) samples in 35% less time and at a 30% cost savings overall.
- In March 2023, Qiagen N.V. partnered with Servier to develop a companion diagnostic test for the medication TIBSOVO. It is an inhibitor for treating blood cancer, such as acute myeloid leukemia.
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Companion Diagnostics Market Report Segmentation:
Companion Diagnostics Market, By Product & Service (2023-2032)
- Assays, Kits & Reagents
- Software & Services
Companion Diagnostics Market, By Technology (2023-2032)
- Polymerase Chain Reaction
- Next-generation Sequencing
- In Situ Hybridization
- Immunohistochemistry
- Others
Companion Diagnostics Market, By Indication (2023-2032)
- Cancer
- Neurological Disorders
- Cardiovascular Diseases
- Infectious Diseases
- Others
Companion Diagnostics Market, By End-user (2023-2032)
- Pharmaceutical and Biopharmaceutical companies
- Reference Laboratories
- Contract Research Organization
- Others
Companion Diagnostics Market, By Region (2023-2032)
- North America
-
- U.S.
- Canada
- Europe
-
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
-
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
-
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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