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Companion Diagnostics Market Analysis, Trends, Growth, Research And Forecast 2032
Companion Diagnostics Market
The Business Research Company's Companion Diagnostics Global Market Report 2023 identifies increasing number of targeted therapies as the major driver for the companion diagnostics market's growth in the forecast period. Targeted therapy is a pharmacological therapy that targets particular characteristics of cancer cells to inhibit the growth and spread of the disease. The medications circulate throughout the body but have a more targeted effect than chemotherapy and frequently have fewer adverse effects. Biological marker-based companion diagnostic testing for targeted cancer therapy is becoming an essential part of personalized cancer care.
The global companion diagnostics market size grew from $5.18 billion in 2022 to $6.16 billion in 2023 at a compound annual growth rate (CAGR) of 18.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The companion diagnostics market size is expected to grow to $12.18 billion in 2027 at a CAGR of 18.6%.
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Major competitors in the companion diagnostics market are Hoffmann-La Roche Ltd., Agilent Technologies Inc., Qiagen NV, Thermo Fisher Scientific Inc., Abbott Laboratories Inc., Myriad Genetics Inc., Almac Group, Illumina Inc., Seimens Healthineers AG, Abnova Corporation, Guardant Health Inc.
A key trend in the companion diagnostics market includes technological advancement. Artificial intelligence is used to develop more efficient drugs for companion diagnostics. The continuously gathered massive data sets from diverse genetic profiling have enabled the widespread application of AI. For instance, Deep Genomics, a Toronto-based start-up, is utilizing artificial intelligence to uncover better medications for genetic illnesses and speed up their introduction into clinical trials. The goal is to employ deep learning to explore the human genome for knowledge about the causes of diseases and to create and test chemical compounds that can be used as remedies. In a computer model, deep learning enables scientists to test billions of chemical compounds in search of promising formulations that they can turn into medicines that save lives for people worldwide.
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The companion diagnostics market is segmented -
• By Product And Service: Assays, Kits And Reagents, Software And Services
• By Technology: Polymerase Chain Reaction, Next-Generation Sequencing, In Situ Hybridization, Immunohistochemistry
• By Indication: Lung Cancer, Breast Cancer, Colorectal Cancer, Leukemia, Melanoma
• By End-User: Pharmaceutical And Biopharmaceutical Companies, Reference Laboratories, Contract Research Organizations
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North Americawas the largest region in the companion diagnostics market.
The Business Research Company's "Global Companion Diagnostics Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Companion Diagnostics Market Include:
1. Executive Summary
2. Companion Diagnostics Market Characteristics
3. Companion Diagnostics Market Trends And Strategies
4. Companion Diagnostics - Macro Economic Scenario
5. Companion Diagnostics Market Size And Growth
……
26. Africa Companion Diagnostics Market
27. Companion Diagnostics Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Companion Diagnostics Market
29. Companion Diagnostics Market Future Outlook and Potential Analysis
30. Appendix
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