Companion Diagnostics Market to Reach US$ 9.30 Billion by End of 2028, TMR Study

The global 𝐜𝐨𝐦𝐩𝐚𝐧𝐢𝐨𝐧 𝐝𝐢𝐚𝐠𝐧𝐨𝐬𝐭𝐢𝐜𝐬 𝐦𝐚𝐫𝐤𝐞𝐭, valued at US$ 5.24 billion in 2020, is projected to grow at a CAGR of 9% from 2021 to 2028, reaching US$ 9.30 billion by 2028. Analysts anticipate significant growth driven by increasing incidences of oncology and chronic disorders worldwide. Despite promising revenue opportunities, challenges such as lengthy approval processes and limited reimbursement policies in certain regions may impede market expansion. Companion diagnostics play a crucial role in personalized medicine for cancer patients by assessing their response to targeted drug therapy.

𝐆𝐞𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅:
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Companion diagnostics are tests that help predict the effectiveness or safety of a therapeutic treatment for individuals with certain diseases. They assist physicians in making treatment decisions by determining the efficacy of a specific drug for a particular patient population. For example, Herceptin (trastuzumab) is used to treat breast cancer patients with the HER2 gene.

These diagnostics are poised for significant growth due to numerous tests in development. They offer the advantage of predicting patient response to therapy, leading to better outcomes and reduced healthcare costs. Additionally, they help avoid generic treatments, lowering the risk of side effects and hospitalizations.

𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐨𝐧 𝐃𝐢𝐚𝐠𝐧𝐨𝐬𝐭𝐢𝐜𝐬 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐊𝐞𝐲 𝐃𝐫𝐢𝐯𝐞𝐫𝐬

Technological advancements, increased cancer prevalence worldwide, and ongoing research and development efforts are expected to drive growth in the global companion diagnostics market.

Demand for personalized medicines and expansion of the pharmaceutical industry, along with key mergers and acquisitions, will contribute to market expansion.

The impact of COVID-19 on companion diagnostics is also projected to boost market growth during the forecast period.

The rising prevalence of infectious diseases like HIV will further drive demand for advanced companion diagnostics.

Breast cancer incidence is on the rise globally, particularly in both developing and developed countries, which will significantly impact the market.

Major risk factors for cancer include hereditary factors, aging, obesity, high alcohol consumption, hormone replacement therapy, and cosmetic implants.
Technological advancements leading to faster approval of companion diagnostic tests will be a key driver for market growth.

Regulatory approvals for companion diagnostic assays, with around 44 CDx assays approved by the FDA in 2020 alone, are expected to propel the market forward in the coming years.

𝐌𝐚𝐣𝐨𝐫 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

Labcorp Drug Development,Agilent Technologies,Myriad Genetic Laboratories, Inc.,Qiagen,Roche Molecular Systems, Inc.,Dako, Inc.,Abbott,Foundation Medicine, Inc.,MolecularMD Corporation,Ventana Medical Systems, Inc.,Illumina, Inc.,Life Technologies Corporation,Invivoscribe Technologies, Inc.,ARUP Laboratories, Inc.,Leica Biosystems,Biogenex Laboratories, Inc.,bioMérieux, Inc.,GE Healthcare,Agendia N.V,Exact Sciences Corp,Genomic Health

𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:

By Indication

Breast Cancer
Lung Cancer
Colorectal Cancer
Gastric Cancer
Melanoma
Others (HIV, Thalassemia)

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐨𝐧 𝐃𝐢𝐚𝐠𝐧𝐨𝐬𝐭𝐢𝐜𝐬 𝐌𝐚𝐫𝐤𝐞𝐭

North America dominated the global companion diagnostics market in 2020 and is expected to maintain this trend in the forecast period, driven by technological advancements, growing patient population, and increasing cancer prevalence.

The region saw 1,806,590 new cancer cases and 606,520 deaths in 2020, highlighting the demand for companion diagnostics in North America.

Asia Pacific is poised for rapid growth due to rising cancer rates, the COVID-19 pandemic, and advancements in diagnostic products. Breast cancer cases will particularly drive the market.

Increased demand for personalized medicines, along with untapped potential, scientific research, economic growth, and favorable regulatory environments, make Asia Pacific attractive to global players.

𝐆𝐞𝐭 𝐓𝐡𝐢𝐬 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭, 𝐈𝐧𝐬𝐭𝐚𝐧𝐭𝐥𝐲:
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𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬:

Integration of artificial intelligence and machine learning in companion diagnostics.

Expansion of companion diagnostics beyond oncology to other therapeutic areas.

Shift towards decentralized testing and point-of-care diagnostics.

𝐅𝐮𝐭𝐮𝐫𝐞 𝐎𝐮𝐭𝐥𝐨𝐨𝐤:

The Companion Diagnostics Market is poised for continued growth, driven by ongoing technological innovations, expanding applications, and increasing adoption across various disease areas. As precision medicine becomes increasingly mainstream, companion diagnostics will play an indispensable role in optimizing treatment strategies and improving patient outcomes.

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐭𝐮𝐝𝐲 𝐏𝐨𝐢𝐧𝐭𝐬:

Market dynamics analysis, including drivers, challenges, opportunities, and trends.
Comprehensive market segmentation analysis.
Regional analysis highlighting growth opportunities and market trends.
Competitive landscape assessment, identifying key players, market strategies, and recent developments.
Future outlook and growth prospects.

𝐁𝐫𝐨𝐰𝐬𝐞 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐓𝐌𝐑:

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐎𝐢𝐥 𝐏𝐮𝐦𝐩 𝐌𝐚𝐫𝐤𝐞𝐭- https://www.globenewswire.com/news-release/2023/01/31/2598865/0/en/Automotive-Oil-Pump-Market-Estimated-to-Grow-at-a-CAGR-Of-4-5-from-2022-to-2031-as-per-TMR-Study.html

𝐓𝐫𝐚𝐜𝐡𝐞𝐨𝐬𝐭𝐨𝐦𝐲 𝐃𝐞𝐯𝐢𝐜𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭- https://www.globenewswire.com/news-release/2023/01/31/2598797/0/en/Tracheostomy-Devices-Market-Value-to-Exceed-US-291-3-Million-by-2031-as-per-Transparency-Market-Research-Inc.html

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