Press release
Companion Diagnostics Market Surges Towards Exponential Growth, Envisioning $15.8 Billion by 2028
Companion Diagnostics Market
Experiencing remarkable growth, the companion diagnostics market is poised to elevate from $6.26 billion in 2023 to $7.52 billion in 2024, exhibiting a robust compound annual growth rate (CAGR) of 20.1%. The upward trajectory is set to continue, with the market forecasted to reach $15.8 billion by 2028, boasting a CAGR of 20.4%.
Drivers: Surge In Targeted Therapies Driving Market Expansion:
The proliferation of targeted therapies is anticipated to be a key driver in propelling the companion diagnostics market's growth. Targeted therapy, focusing on specific cancer cell characteristics, presents a more targeted and less adverse effect approach compared to traditional chemotherapy. The rising eligibility for genome-targeted therapy, from 8.82% in previous years to 13.60% in 2020, underscores the increasing prominence of targeted therapies, driving the companion diagnostics market.
Drivers: Pioneering Precision Medicine in Chronic Diseases:
The growing prevalence of chronic diseases, termed non-communicable diseases (NCDs), is expected to fuel the expansion of the companion diagnostics market. Recognizing the slow progression and long-term nature of chronic diseases, companion diagnostics play a crucial role in identifying suitable treatment options, crafting personalized treatment plans, and enhancing patient outcomes. The World Health Organization reported 74% of global deaths caused by NCDs in September 2022, emphasizing the pivotal role of companion diagnostics in battling chronic diseases.
Explore the Global Companion Diagnostics Market with a Detailed Sample Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=7038&type=smp
Key Players: Major Companies Shaping Market Dynamics:
Leading companies contributing significantly to the companion diagnostics market include F Hoffmann-La Roche Ltd., Agilent Technologies Inc., Qiagen NV, Thermo Fisher Scientific Inc., Abbott Laboratories Inc., and others. Their innovative approaches and strategic initiatives play a vital role in driving market dynamics.
Trends: Technological Advancements and AI Revolutionize Diagnostics:
Technological advancements, especially in artificial intelligence (AI), are transforming companion diagnostics, making drug development more efficient. AI, leveraging massive data sets from genetic profiling, aids in exploring the human genome for disease causes and expediting the introduction of better medications into clinical trials. Companies like Deep Genomics utilize deep learning to test billions of chemical compounds, accelerating the drug discovery process.
Trends: Innovative Diagnostics Transforming Precision Medicine:
Innovation takes center stage as major companies introduce groundbreaking solutions like therascreen KRAS PCR Mutation Analysis, designed to identify non-small cell lung cancer patients. This companion diagnostic, launched by Laboratory Corporation of America Holdings, aids in selecting patients for Amgen's lung cancer therapy, LUMAKRAS (sotorasib), preventing ineffective treatments and potential side effects.
Region Info: North America Leads in Companion Diagnostics Market:
North America emerged as the largest region in the companion diagnostics market in 2023. The comprehensive market report encompasses regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, and the Middle East and Africa.
Segments:
The companion diagnostics market covered in this report is segmented -
1) By Product And Service: Assays, Kits And Reagents, Software And Services
2) By Technology: Polymerase Chain Reaction, Next-Generation Sequencing, In Situ Hybridization, Immunohistochemistry
3) By Indication: Lung Cancer, Breast Cancer, Colorectal Cancer, Leukemia, Melanoma
4) By End-User: Pharmaceutical And Biopharmaceutical Companies, Reference Laboratories, Contract Research Organizations
Access the Complete Report for In-Depth Analysis:
https://www.thebusinessresearchcompany.com/report/companion-diagnostics-global-market-report
Companion Diagnostics Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Companion Diagnostics Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on companion diagnostics market size, companion diagnostics market drivers and trends, companion diagnostics market major players, competitors' revenues, companion diagnostics market positioning, and market growth across geographies. The companion diagnostics market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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