Companion Diagnostics Market is anticipated to grow at a CAGR of 11.8%, to reach up to USD 18.0 billion by 2031

The global companion diagnostics market was valued at USD 5.9 billion in 2021 and it is anticipated to grow at a CAGR of 11.8% during the forecast period to reach up to USD 18.0 billion by 2031.

Companion diagnostics is a medical device used along with therapeutic drugs to analyze the effect & applicability of drugs on a specific human body. Companion diagnostics are developed along with drugs for selecting or excluding groups of patients based on the characteristics of which they respond to the therapy. This device helps the healthcare professional to analyze whether a particular treatment is beneficial to the patient.

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Market Trends and Drivers:

The key factor such as the growing requirement for targeted medicine is boosting the growth of the market. With advances in genetic sequencing and genomics, it is now extensively believed that drugs can show varying outcomes in different individuals. A better understanding of the genetic characteristics or biomarkers of an individual can promote the practice of administering 'the right drug, at the right time, at the right dose, for the right person. Pharmaceutical and biopharmaceutical companies are regularly attempting to implement patient-selection diagnostic frameworks in the earlier stages of drug development to provide targeted therapies to the right candidate. This further boosted the growth of the companion diagnostics market.

Similarly, the increasing demand for next-generation sequencing is also refueling the market during the forecast period. NGS-based companion diagnostic target to unlock molecular information from each patient's tumor genome to guide treatment decisions for cancer therapies. Next-generation sequencing detects multiple biomarkers for multiple drug therapies in a shorter time frame as compared to other sequencing techniques. The use of NGS panels for biomarker measurement in one test has the potential to help in the treatment of various types of cancers. The various technological advancements in NGS also provide market players with an immediate competitive edge over players providing other technologies such as PCR, ICH, and ISH. Owing to that, major market players are focusing on developing companion diagnostic products based on NGS.

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COVID-19 Impact:

The emergence of the COVID-19 pandemic has changed the delivery of medical care across the globe. The raised pressure owing to the rising rate of hospitalization of COVID-19 patients had led to the re-profiling of many hospitals and departments for treating patients with COVID-19. The COVID-19 outbreak led to curfews and lockdown across the globe, leading to many diagnostic and treatment procedures had been cancelled or postponed around the world, comprising as many as 2.3 million cancer surgeries according to one study. Clinical trials in oncology have also been affected, with about 170 studies suspended owing to Covid-19, according to a report by Evaluate Vantage. It has mild-moderately affected the growth of the companion diagnostics market.

Major Players in Companion Diagnostics Market:

The key players of the companion diagnostics market are F. Hoffmann-La Roche Ltd. (Switzerland), Agilent Technologies, Inc. (US), Qiagen N.V. (Germany), Thermo Fisher Scientific, Inc. (US), Abbott Laboratories, Inc. (US), Almac Group (UK), Danaher Corporation (US), Illumina Inc. (US), bioMérieux SA (France), Myriad Genetics, Inc. (US), Sysmex Corporation (Japan), Abnova Corporation (Taiwan), Guardant Health, Inc. (US), ICON Plc (Ireland), BioGenex Laboratories, Inc. (US), Invivoscribe Technologies (US), ArcherDX, Inc. (US), NG Biotech (France), Q² Solutions (US), Amoy Diagnostics Co., Ltd. (China), Abacus Diagnostica Oy (Finland), Asuragen Inc. (US), SAGA Diagnostics (Sweden), Meso Scale Diagnostics, LLC. (US), and Creative Biolabs (US).

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