Dublin, Feb. 12, 2024 (GLOBE NEWSWIRE) -- The "Companion Diagnostics (CDx) Market Report 2024-2034" has been added to ResearchAndMarkets.com's offering.
World revenue for Companion Diagnostics (CDx) Market is forecast to surpass US$6.5 billion in 2024, with strong revenue growth through to 2034.
The market for CDx is expanding thanks in large part to technological developments. Better, more sensitive, and more focused CDx tests are coming from these developments. Important technical developments in CDx include the following:-
- Next-generation sequencing (NGS): Entire tumour genomes can be sequenced using NGS, a high-throughput sequencing technology. This data can be used to pinpoint genetic mutations that particular medications can target.
- Liquid biopsy: A less intrusive procedure that can identify cancer cells and other indicators in the circulation is liquid biopsy. This test can be used to track the course of cancer and the effectiveness of treatment and is less intrusive than conventional tissue biopsies.
- AI (artificial intelligence): AI is being used to create computer algorithms capable of analysing enormous amounts of CDx data. This information can be utilised to spot patterns and forecast patient outcomes.
These technological improvements are having a significant impact on the CDx industry and are projected to fuel market expansion in the coming years. CDx tests are getting more accurate, sensitive, and inexpensive as a result of these improvements, and they are playing an increasingly essential role in personalised medicine.
In 2023, a number of significant businesses plan to make significant investments in companion diagnostics. Here are few instances:-
- Roche: With a strong emphasis on cancer, Roche is a prominent player in the companion diagnostics (CDx) market. The business has created a number of complementary diagnostics for its targeted cancer treatments, including Zelboraf and Herceptin.
- Another significant participant in the companion diagnostics business is Abbott Laboratories. The Clariscan companion diagnostic test from the company assists in forecasting a patient's reaction to the chemotherapy medication irinotecan.
- Thermo Fisher Scientific: This top supplier of tools and supplies for companion diagnostic testing is Thermo Fisher Scientific. Several firms are developing companion diagnostic tests using the company's Ion Torrent NGS platform.
Hence, these improvements and new product introductions highlight the CDx market's dynamic nature and its potential to revolutionise cancer therapy by providing precision medicine.
High Capital Investment and Low Cost-benefit Ratio Likely to Challenge Industry Growth
These specialised tests require significant capital expenditure to design and validate. Companion diagnostics, in contrast to more general diagnostic instruments, serve a specific and narrower population. This indicates that the market may not be as large as expected, which would make it difficult to recover the high expenses associated with R&D and obtaining necessary permits. These tests also frequently need for advanced infrastructure and technologies, which raises the cost even further.
The development and validation of these specialised tests necessitates substantial capital commitment. Companion diagnostics, as opposed to broader diagnostic instruments, target a smaller, more specific group. As a result, the market size may be limited, making it difficult to recoup the significant expenditures of research, development, and regulatory approvals. Furthermore, these examinations frequently necessitate expensive technology and infrastructure, which increases the budgetary load.
However, calculating the cost-benefit ratio might be difficult. Companion diagnostics have the potential to improve treatment efficacy and reduce waste by ensuring that the right patients receive the proper treatment. This can result in cost reductions for healthcare systems as well as better patient outcomes. However, realising these benefits is contingent on a number of circumstances, including the prevalence of the targeted group, the efficacy of the companion medication, and the cost of the test itself.
When the target population is small or the diagnostic cost is high, the cost-benefit ratio may be skewed to the negative. Manufacturers may be discouraged from investing in companion diagnostics, even if they provide great therapeutic value.
Key Market Dynamics
Market Driving Factors
- Increasing Rate of Chronic Illnesses
- Technological Improvements in the CDx Market
- Increasing Public Awareness of Personalised Medicine
- Growing Need for Targeted Therapy
- Rising Importance of Personalized Medicine
- Increasing Global Incidence of Cancer
- Growing Application Areas of Companion Diagnostics
Market Restraining Factors
- Serious Issues and Substantial Medical Costs
- Creating and Approving CDx Tests is a Challenging and Intricate Process.
- High Capital Investment and Low Cost-benefit Ratio
- Uncertain Reimbursement Scenario in Different Regions
- High Cost of Immunotherapy Treatment
Market Opportunities
- Creating New CDx Tests for Novel Targeted Medicines
- Favourable Government Policies
- Expansion into New Geographic Markets
- Increasing Demand for Next-Generation Sequencing in CDx
- Growing Significance of Companion Diagnostics in Drug Development
- Higher Number of Clinical Trials
Segments Covered in the Report
Product & Services:
- Assays, Kits & Reagents
- Software & Services
Technology:
- Polymerase Chain Reaction (PCR)
- Next-Generation Sequencing (NGS)
- In Situ Hybridization (ISH)
- Immunohistochemistry (IHC)
- Other Technologies
Indication:
- Cancer
- Infectious Diseases
- Cardiovascular Diseases
- Neurological Diseases
- Other Indications
End-users:
- Pharmaceutical & Biopharmaceutical Companies
- Reference Laboratories
- Contract Research Organizations (CROs)
- Other End-users
Leading Companies profiled in the report:
- Abbott
- Agilent Technologies, Inc.
- Almac Group
- bioMerieux
- Danaher Corporation
- F. Hoffmann-La Roche Ltd
- Guardant Health
- Illumina, Inc.
- Myriad Genetics, Inc.
- QIAGEN
- Sysmex Corporation
- Thermo Fisher Scientific Inc.
Forecasts to 2034 and other analyses reveal commercial prospects:
- In addition to revenue forecasting to 2034, the new study provides you with recent results, growth rates, and market shares.
- You will find original analyses, with business outlooks and developments.
- Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints and challenges), cost structure, impact of rising Companion Diagnostics prices and recent developments.
For more information about this report visit https://www.researchandmarkets.com/r/sjfibz
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