Westford, USA, July 23, 2024 (GLOBE NEWSWIRE) -- Global Companion Diagnostic Market size was valued at USD 6.62 Billion in 2022 and is poised to grow from USD 7.37 Billion in 2023 to USD 17.48 Billion by 2031, growing at a CAGR of 11.4% in the forecast period (2024-2031).
SkyQuest projects that the companion diagnostics market will attain a value of $17.48 Billion by 2031, with a CAGR of 11.4% over the forecast period (2024-2031). Companion diagnostics plays a major role in the safe and effective use of specific biological products or drugs, especially in the diagnosis and treatment of cancer. These assays are useful in adjusting treatment regimens according to the unique biomarker profiles found in each patient.
The companion diagnostics market has witnessed substantial growth. This is attributed to the trend toward precision medicine, which adjusts treatment based on patient characteristics. As the understanding of genomic, proteomic, and metabolomic profiles develops, so does the need for companion diagnostics to identify relevant treatments and the probability of a favorable response. Moreover, increase in government support and the positive guidance of organizations such as the FDA and EMA are propelling the companion diagnostics industry. As more regulatory bodies come to understand the value of companion diagnostics in enhancing treatment efficacy, they are working to streamline the approval process. The FDA's companion diagnostics rapid approval procedures, for instance, make it possible for these products to be released onto the market more rapidly.
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Browse in-depth TOC on "Companion Diagnostics Market"
- Pages - 157
- Tables - 66
- Figures – 75
Companion Diagnostics Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $7.37 Billion |
| Estimated Value by 2031 | $17.48 Billion |
| Growth Rate | Poised to grow at a CAGR of 11.4% |
| Forecast Period | 2024-2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product & Services, Technology, Indication, Sample Types, End User, Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information/Product portfolio of players |
| Key Market Opportunities | R&D of Targeted Therapies |
| Key Market Drivers | Increase in government support |
Assays, Kits, And Reagents Segment Accounted for the Highest Share in the Market Due to Wide Range of Availability of These Products
Assays, kits, and reagents demand the highest share of the market since they have a wide range of products to choose from and because their use is growing across several therapeutic areas. The wide range of assays, kits, and reagents available here makes it possible to meet the various diagnostic needs that arise in the healthcare setting. Furthermore, versatility of these products in a range of therapeutic domains highlights their significance in clinical and research settings.
Pharmaceutical & Biotechnology Companies’ Segment is Expected to Grow Due to Rise in the Need for Clinical Trials
Companies within the pharmaceuticals & biotechnology sector are gradually adding companion diagnostics to their drug development pipelines to increase treatment efficacy and accelerate clinical trials. These companies identify exact biomarkers or genetic profiles that predict a patient's response to a specific medicine through companion diagnostics, which can improve patient outcomes and reduce costs. The increasing need for personalized medicine is another factor fueling this growth, as pharmaceutical and biotechnology companies strive to develop specialized treatments for a variety of patient populations. The increased adoption of companion diagnostics by these corporations is attributed to their investments in biomarker research and regulatory clearances. This highlights their vital role in improving patient care globally and promoting precision medicine.
Rise in the Prevalence of Chronic Diseases in North America drives the Region’s Dominance
With a large $2.35 billion in sales, North America is the most important region in 2023. The previously noted regional dominance is achieved by several factors, one of which is the greater incidence of chronic diseases, such as cancer, in North America. The global healthcare landscape's expanding tendencies toward precision medicine are driving the launch of novel Companion Diagnostic (CDx) assays. The definition of the precise patient care intervention techniques employed in patient care has been substantially improved using these advanced diagnostic tools.
Asia-Pacific is Predicted to Experience Rapid Growth Due to the Rising Incidence of Cancer
The Asia-Pacific area is expected to grow at the fastest rate during the projection period. This specific growth is associated with several interconnected factors, some of which include a noticeable increase in cancer incidence in the area, along with the development of improved diagnostic instruments and CDx assays.
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Companion Diagnostics Market Insights
Drivers:
- Rise in government support
- Personalized medicine advancements
- Technological advancements
Restraints:
- High development costs
- Operational challenges
- Inadequate awareness
Leading players operating in the Companion Diagnostics Market:
The following are the Top Companion Diagnostics Companies
- VCA, Inc.
- Abaxis, Inc.
- Thermo Fisher Scientific, Inc.
- Bionote Inc.
- Antech Diagnostics
- Animalytix LLC
- Neogen Corporation
- IDVet
- Heska Corporation
- Zoetis Inc.
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Key Questions Covered in the Companion Diagnostics Market Report
- What factors are driving the growth of the market?
- What segments are covered in this report?
- Who are the key players operating in the market?
This report provides the following insights:
Drivers, challenges
- Analysis of key drivers (rise in government support and technological advancements), restraints (operational challenges), opportunities (R&D of targeted therapies), and challenges (high development costs) influencing the growth of the companion diagnostics market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the companion diagnostics market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the companion diagnostics market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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