New York, USA, Feb. 20, 2023 (GLOBE NEWSWIRE) -- Companion Diagnostics Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Companion Diagnostics Market Information By Products & Services, Technology, Indication and End Users - Forecast till 2030”, the market is expected to reach USD 5,471.68 million by 2030 at 11.90% CAGR during the forecast period 2022-2030
Market Scope
The companion diagnostics market is expected to grow radically due to an increase in targeted therapy research and development, an upsurge in demand for customized medicine with amplified recognition in developing markets, the advancement of new biomarkers for various diseases, and an upsurge in the number of unmet cancer care needs. The development of new biomarkers for various diseases, an increase in the number of unmet cancer care needs, an increase in the demand for personalised medicine with increased recognition in developing markets, and an increase in the research and development of targeted therapies all contribute to the forecasted explosive growth of the companion diagnostics market. Now that genetic sequencing and genomics have advanced, it is widely believed that different people would respond to drugs in different ways.
In order to guide judgements about cancer therapeutic treatment, companion diagnostic tests based on next-generation sequencing (NGS) try to decode molecular data from each patient's tumour genome.
The numerous technological advancements in NGS also provide market participants with a direct advantage over rivals who provide alternative technologies like ICH, PCR, and ISH. Although immunotherapy has been shown to be beneficial in the treatment of cancer, patient access has been hampered by its high cost. Instead, medical professionals might determine that combining medications is the best course of action, which might increase the length of the treatment from five months to more than three years. In this case, the term would be longer the higher the cost. As a result, it is anticipated that the high price of immuno-oncology medications may hinder the market for companion diagnostics.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 5471.68 Million |
| CAGR | 11.90% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Products & Services, Technology, Indication and End User. |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing Prevalence of Chronic Diseases Fuels the Market Growth |
| Expanding Regulatory Framework Creates Growth Avenues for Key Players |
Competitive Dynamics:
The vital companies operating in the companion diagnostics market are:
- Thermo Fisher Scientific Inc. (US)
- Hoffmann-La Roche Ltd (Switzerland)
- QIAGEN (Germany)
- Agilent Technologies, Inc. (US)
- bioMérieux SA (France)
- Abbott (US)
- Illumina, Inc. (US)
- Leica Biosystems Nussloch GmbH (Germany)
- ArcherDX, Inc. (US)
- Myriad Genetics, Inc. (US)
- NG Biotech (France)
- Foundation Medicine, Inc. (US)
- Invivoscribe, Inc. (US)
- ICON plc (Ireland)
- Guardant Health (US)
- Abnova Corporation (Taiwan)
Companion Diagnostics Market Dynamics
Drivers
The development of new biomarkers for various diseases, an increase in the demand for customised medicine with increased recognition in developing markets, and an increase in the number of unmet cancer care needs are all expected to contribute to the companion diagnostics market's substantial growth over the forecast period. The demand for customised medicine, increased corporate collaboration, and the co-development of drug diagnostics are anticipated to drive the expansion of the market. The benefits of companion diagnostics, the rising need for customised therapy, the increasing incidence of cancer worldwide, and the companion diagnostics' ever-expanding application domains are driving the global market growth.
Opportunities
Demand growth is also anticipated to be fuelled by the increasing number of product approvals from major international companies. Pharmaceutical and biopharmaceutical companies are actively working to combine patient-selection diagnostic frameworks and provide the best applicant for targeted therapies in the early stages of drug development. This serves as additional support for the companion diagnostics industry's growth. Next-generation sequencing uncovers several biomarkers for numerous medication therapies in less time than other sequencing techniques. The evaluation of biomarkers using NGS panels in a single test has the potential to aid in the treatment of a variety of cancer types.
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Restraints
Despite having assured returns on investment, a considerable percentage of end users, particularly those in rich countries, are unable to afford these tests due to their high initial cost. This enables end users to choose diagnostic services from outside providers instead of using such diagnostic tests in-house, such as pharmaceutical companies, reference labs, hospitals, and CROs. I-Mab and Roche Diagnostics will collaborate through this strategic relationship to create companion diagnostics options for I-novel Mab's pipeline. Roche is without a doubt the market leader for in vitro diagnostics worldwide, and I-Mab is a Chinese biopharmaceutical business in the clinical stage that specialises in the development and marketing of novel biologics.
Companion diagnostics development is currently a crucial step in the research and development of innovative biologics. They may be used to identify altered genes and protein expression levels, which helps to reduce the number of potential candidates while also aiding in the diagnosis of various disorders. Modern biotech companies can profit from adopting companion diagnostics to ensure the efficacy and safety of their medicines and control R&D costs.
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Companion Diagnostics Market Segmental Analysis
The technology, indication, products & services, and end users segments of the global market of companion diagnostics have been established.
The market for companion diagnostics has been segmented into kits and reagents, assays, software and services, and services based on products and services.
Polymerase chain reaction (PCR), next-generation sequencing (NGS), in-situ hybridization, immunohistochemistry, and other advances are the different market segments for technology.
Cancer, neurological disorders, respiratory diseases, infectious diseases, and other diseases have been categorised under the indication-based industry. The primary source of revenue at the moment is the cancer market, which is anticipated to grow significantly over the coming years.
Hospitals, contract testing companies, pharmaceutical and biopharmaceutical companies, and organisations that concentrate on end-users make up the companion diagnostics industry.
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Companion Diagnostics Market Regional Analysis
The regions of the Americas, Europe, Asia-Pacific, and the Middle East & Africa make up the global companion diagnostics market. The companion diagnostics industry will probably be dominated by the Americas. This may explain the region's high incidence of cancer and other chronic diseases as well as the rising cost of healthcare. Additionally, market expansion is anticipated to fuel the expansion of research activities in this field employing companion diagnostic kits and the growing number of healthcare organisations working on genetic databases created to comprehend the human genome.
The European market for companion diagnostics is anticipated to be the second largest throughout the review period. A substantial number of businesses are expected to participate as the regional sector expands, and research and development efforts to enhance personalised drug therapy for cancer patients are expected to increase. Additionally, rising per capita income increases the desire for individualised care, further promoting consumer development.
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