Global Companion Diagnostics Market is set to grow at a CAGR of 13% by 2027 - Growing Demand for Personalized Medicine & Transforming the Segment of Modern Medicine

Companion diagnostic (CDx) is a diagnostic test often used as a companion to a therapeutic drug to determine its applicability to a patient. It involves many monitoring methods to offer highly valuable data, allowing patients, health practitioners, and payers to decide with a higher level of certainty on the potential benefits of a treatment or care pathway.

Growing Demand for NGS-Based Technology Drives the Growth of the Companion Diagnostics Market

An increasing demand for next-generation sequencing technology, particularly its capability to identify rare variants is very crucial to the long-term success and the broader distribution of companion diagnostics solutions in the companion diagnostics market. The application of NGS panels in one test has the potential to help in the treatment of many types of cancers.

For instance,
 In July 2022, Almac Diagnostic partnered with AstraZeneca to develop and commercialize multiple companion diagnostic (CDx) products based on NGS and qPCR-based technologies.

Companion Diagnostics for Targeted Cancer Drugs Triggers Its Global Demand

Clinical studies indicates that as many as 75% of cancer patients do not respond positively to the same prescribed drug. In such scenarios, companion diagnostic tests helps to indicate the presence of a molecular target and also reveal the off-target effects of a therapeutic, predicting toxicities and harmful effects associated with a drug.

Over 90% of globally approved CDx tests are associated with targeted cancer therapeutics. CDx approach to cancer genomic characterization helps physicians to reveal the alterations driving the growth of a patient's cancer and identify targeted treatment choices which may not have been considered otherwise.

Role of Companion Diagnostics in Precision Medicine Triggers the Growth of Companion Diagnostics Market

Personalized medicine refers to the practice of administering the correct dosage of the correct drug at the correct time. Companion diagnostics, which are used to identify all the eligible patients for a specific therapy, is a key driver to enable personalized treatment options. Companion diagnostics is offering many benefits in progressing personalized medicine and improving the preclinical and clinically targeted drug development.

Key Market Challenges in Companion Diagnostics Market

The high costs of drug development therapies, associated clinical trials, the introduction of new stringent regulations, and analytical and clinical performance for in-vitro diagnostics (IVD) are likely to affect the growth of the companion diagnostics market in the coming years.

North America is set to hold a larger market share in Companion Diagnostics Market

From a geographical overview, North America is expected to hold a larger market share in the companion diagnostics market. This can be mainly attributed to the rising number of diseases like cancer & HIV, improvements in regulatory guidelines, and economic benefits for drug developers early in drug development.

Competitive Landscape Analysis: Companion Diagnostics Market

Some of the established and leading players operating in the global companion diagnostics market are Thermo Fischer Scientific Inc., Illumina Inc., Bayer AG, Danaher Corporation, Invitae, and Agilent Technologies.

Aggressive Growth Strategies Adopted by the Market Players to Establish Their Foothold in the Companion Diagnostics Market

All the leading and established players operating in the global companion diagnostics market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions and new product launches to gain a larger market share.

For instance,
 In October 2022, Roche announced they have received approval from the FDA for the first companion diagnostic to identify patients with HER2-low metastatic breast cancer.
 In May 2022, Illumina announced the addition of a companion diagnostic (CDx) indication to its CE-marked in vitro diagnostic TruSight Oncology (TSO) Comprehensive (EU) test.

Get More Detailed Insights on Companion Diagnostics Market Report @ https://meditechinsights.com/companion-diagnostics-market/

Ruta Halde
Associate, Medi-Tech Insights
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Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.

This release was published on openPR.