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Companion Diagnostics Market Poised for USD 17.13 Billion Boom by 2031 Fueled by Personalized Medicine and Technological Innovation

06-06-2024 04:26 PM CET | Health & Medicine

Press release from: SNS Insider

Companion Diagnostics Market Poised for USD 17.13 Billion Boom

The SNS Insider report indicates that the Companion Diagnostics Market Size was estimated at USD 6.68 billion in 2023 and is poised to reach USD 17.13 billion by 2031, anticipated to expand at a compound annual growth rate (CAGR) of approximately 12.5% during the forecast period from 2024 to 2031.

The market growth is driven by the increasing adoption of personalized medicine approaches, the rising prevalence of chronic diseases, and the growing demand for targeted therapies. Advancements in diagnostic technologies, such as next-generation sequencing (NGS) and molecular profiling, are also contributing to the expansion of the companion diagnostics market by enabling more accurate and comprehensive testing capabilities.

Market Analysis
The increasing incidence of cancer and the development of targeted cancer therapies are key drivers for the companion diagnostics market. Additionally, the growing awareness of the benefits of personalized medicine, including improved treatment efficacy and reduced adverse effects, is fueling the demand for companion diagnostic tests. Furthermore, regulatory initiatives and guidelines promoting the co-development of companion diagnostics alongside targeted therapies are fostering the growth of this market.

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List of Companion Diagnostics Market Companies Profiled in Report:
- Agilent Technologies Inc.
- Illumina Inc.
- Thermo Fisher Scientific Inc.
- F. Hoffmann-La Roche Ltd.
- ARUP Laboratories
- Abbott
- Myriad Genetics Inc.
- bioMérieux SA
- Invivoscribe Inc.

Recent Developments in the Companion Diagnostics Market
In March 2024, Roche Diagnostics received approval from the U.S. Food and Drug Administration (FDA) for its novel companion diagnostic test, the VENTANA PD-L1 (SP142) Assay. This test is designed to identify patients with non-small cell lung cancer (NSCLC) who are eligible for treatment with Roche's immunotherapy drug, Tecentriq (atezolizumab). The approval of this companion diagnostic test highlights Roche's commitment to personalized healthcare and provides healthcare professionals with a valuable tool for optimizing treatment decisions in NSCLC.

In December 2023, Thermo Fisher Scientific Inc. and Guardant Health, Inc. announced a strategic collaboration to develop next-generation companion diagnostics for cancer therapies. This partnership combines Thermo Fisher's expertise in diagnostic technologies with Guardant Health's proprietary liquid biopsy platform. The collaboration aims to accelerate the development of minimally invasive companion diagnostic tests that can detect actionable biomarkers and guide targeted treatment strategies, ultimately improving patient outcomes.

By Product & Service
• Assays, Kits & Reagents
• Instruments/systems
• Software & Services

By Technology
• Polymerase Chain Reaction
• Next-generation Sequencing
• In Situ Hybridization
• Immunohistochemistry
• Other Technologies

By Indication
• Cancer
• Neurological Disorders
• Cardiovascular Diseases
• Infectious Diseases
• Other Indications

By Sample Type
• Tissue Samples
• Blood Samples
• Other Sample Types

By End User
• Pharmaceutical & Biopharmaceutical Companies
• Reference Laboratories
• Contract Research Organizations
• Other End Users

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Impact of Russia-Ukraine War on the Companion Diagnostics Market
The ongoing Russia-Ukraine war is likely to have a limited direct impact on the companion diagnostics market, as neither country is a major player in this industry. However, the war may indirectly affect the market through disruptions in the supply chain of raw materials and components used in diagnostic testing, potentially leading to temporary shortages and price fluctuations.

Impact of Economic Slowdown on the Companion Diagnostics Market
An economic slowdown could potentially affect the companion diagnostics market, particularly in terms of healthcare spending and the adoption of novel diagnostic technologies. However, the impact is expected to be moderate, as companion diagnostic testing is an integral part of personalized medicine approaches and is essential for optimizing treatment outcomes. Additionally, the long-term benefits of companion diagnostics, such as improved treatment efficacy and reduced healthcare costs, may encourage continued investments in this market.

North America Is Expected To Hold The Largest Market Share Throughout The Forecast Period
This dominance can be attributed to factors such as the well-established healthcare infrastructure, the presence of leading diagnostic companies, and the increasing adoption of personalized medicine approaches in the region. The United States, in particular, is a key contributor to the companion diagnostics market, driven by favorable reimbursement policies and regulatory initiatives supporting the development and commercialization of companion diagnostic tests.

Key Takeaways for Market Report Purchasers
- A comprehensive analysis of the companion diagnostics market, encompassing current trends, growth drivers, and challenges.
- Insightful segmentation of the market by Product, Technology, Indication, and Geography, providing a thorough understanding of each segment's dynamics.
- Evaluation of the impact of the Russia-Ukraine war and economic slowdown on the market's growth trajectory.
- In-depth examination of key regional developments and the factors influencing market dominance.

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Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Companion Diagnostics Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter's 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Companion Diagnostics Market Segmentation, By Product & Service
Chapter 9 Companion Diagnostics Market Segmentation, By Technology
Chapter 10 Companion Diagnostics Market Segmentation, By Indication
Chapter 11 Companion Diagnostics Market Segmentation, By Sample Type
Chapter 12 Companion Diagnostics Market Segmentation, By End User
Chapter 13 Regional Analysis
Chapter 14 Company profile
Chapter 15 Competitive Landscape
Chapter 16 Use Case and Best Practices
Chapter 17 Conclusion

Contact Us:
Akash Anand - Head of Business Development & Strategy
Phone: +1-415-230-0044 | +91-7798602273 (IND)

About US:
SNS Insider has been a leader in data and analytics globally with its authentic consumer and market insights. The trust of our clients and business partners has always been at the center of who we are as a company. We are a business that leads the industry in innovation, and to support the success of our clients, our highly skilled engineers, consultants, and data scientists have consistently pushed the limits of the industry with innovative methodology and measuring technologies.

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