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Companion Diagnostics Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | F Hoffmann-La Roche Ltd., Agilent Technologies Inc., Qiagen NV, Thermo Fisher Scientific Inc
Companion Diagnostics Market Size
The Business Research Company offers in-depth market insights through Companion Diagnostics Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The companion diagnostics market size has grown exponentially in recent years. It will grow from $6.26 billion in 2023 to $7.52 billion in 2024 at a compound annual growth rate (CAGR) of 20.1%. The growth in the historic period can be attributed to increased adoption of personalized medicine, growth of oncology and cancer therapies, increased pharmaceutical r&d collaboration, precision medicine initiatives, and biomarker discovery
.
The companion diagnostics market size is expected to see exponential growth in the next few years. It will grow to $15.8 billion in 2028 at a compound annual growth rate (CAGR) of 20.4%. The growth in the forecast period can be attributed to targeted therapy development, infectious disease diagnostics, increasing rare disease diagnostics, increasing biomarker-based drug development, point-of-care testing, and liquid biopsy applications. Major trends in the forecast period include immunotherapy and immunology advances, ai and machine learning in diagnostics, product innovations, adoption of industry 4.0, strategic collaborations.
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Market Segmentation:
The main products and services of companion diagnostics are assays, kits and reagents and software and services. Assays, kits and reagents are used in various life science, environmental, and research labs. An assay is a procedure for examining a substance to ascertain its composition or quality. Kits are a set or collection of equipment, materials, or instruction for a particular use. A reagent is a chemical used in laboratory testing to make, measure, or detect other compounds. Polymerase chain reaction, next-generation sequencing, in situ hybridization and immunohistochemistry are the technologies used in companion diagnostics. The companion diagnostics are used for identifying lung, breast, colorectal, leukemia and melanoma cancer diseases. Pharmaceutical and biopharmaceutical companies, reference laboratories and contract research organizations use companion diagnostics.
Major Driver - The Surge In Targeted Therapies Fueling The Expansion Of Companion Diagnostics
The increasing number of targeted therapies is expected to propel the growth of the companion diagnostics market. 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. According to the April 2021 article of European Society for Medical Oncology, the genome-targeted therapy estimated eligibility was 8.82% by the previous years and increased to 13.60% in 2020. Therefore, the rising number of therapies drives the companion diagnostics market growth.
Competitive Landscape:
Major companies operating in the companion diagnostics market include F Hoffmann-La Roche Ltd., Agilent Technologies Inc., Qiagen NV, Thermo Fisher Scientific Inc., Abbott Laboratories Inc., Abnova Corp., Amoy Diagnostics Co. Ltd., ARUP Laboratories, Bayer AG, Biomerieux SA, Danaher Corporation, Guardant Health Inc., Illumina Inc., Myriad Genetics Inc., Siemens Healthcare GmbH, Almac Group, Biogenex Laboratories Inc., Caris Life Sciences, Cepheid Inc., Diaceutics plc, Epic Sciences Inc., Foundation Medicine Inc., Genomic Health Inc., Grail Inc., Hologic Inc., HTG Molecular Diagnostics Inc., Inivata Ltd., Invivoscribe Inc., MolecularMD Corporation, Natera Inc., NeoGenomics Laboratories Inc., Personal Genome Diagnostics Inc., Precision Therapeutics Inc., Prometheus Laboratories Inc., Sividon Diagnostics GmbH, Sysmex Corporation, Ventana Medical Systems, Vermillion Inc.
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Top Trend - Technological Advancements And Ai Revolutionize Companion Diagnostics For More Efficient Drug Development
Technological advancement is a key trend in the companion diagnostics market. 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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Companion Diagnostics Market Characteristics
3. Companion Diagnostics Market Trends And Strategies
4. Companion Diagnostics Market - Macro Economic Scenario
5. Companion Diagnostics Market Size And Growth
…..
27. Companion Diagnostics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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