Companion Diagnostics Market is Forecasted to Soar at a Stellar 11.4% CAGR from 2024 to 2031 Owing to High Demand for Personalized Medicine and Targeted Therapies

Companion Diagnostics Market Size, Share, Growth Analysis, By Product and Services(Assays, Kits, Reagents, Instruments & Systems), Technology(PCR, ISH, NGS, IHC, Others), Indication (Cancer, Neurological, Cardiovascular, Others), Sample Types, End User, and Region - Industry Forecast 2024-2031
Companion Diagnostic Market [https://www.skyquestt.com/report/companion-diagnostics-market] size was valued at USD 6.62 Billion in 2022 and is poised to grow from USD 7.37 Billion in 2023 to USD 17.48 Billion by 2031, growing at a CAGR of 11.4% in the forecast period (2024-2031).

Companion diagnostics refers to a diagnostic test used to identify the applicability of therapeutic drugs to a specific patient. Rising emphasis on personalized medicine on a global level is estimated to primarily augment the demand for companion diagnostics across the study period. Increasing availability and acceptance of novel companion diagnostics products around the world will also augment market growth going forward.

Advancements in genomics and molecular biology are also forecasted to create new business scope for companion diagnostics companies. The rising use of companion diagnostics for the treatment of chronic diseases and their increased prevalence on a global level will also promote market growth over the coming years. The launch of favorable reimbursement policies covering companion diagnostics' expenses is also expected to influentially boost their adoption worldwide. Oncology is expected to remain the most opportune indication for companion diagnostics companies to invest in going forward.

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Partnerships Estimated to Remain a Preferred Strategy for All Companion Diagnostics Providers

Companion diagnostics companies are projected to heavily invest in the research and development of new products and technologies to improve their revenue generation. Companion diagnostics companies can expedite their research and development cycles by opting for partnerships with other organizations. Companies are also expected to utilize advancements in genomics and personalized medicine to boost their sales potential. Companion diagnostics market players are also anticipated to focus on getting approvals for their products from regulatory bodies.

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* Labcorp, a leading name in the life sciences and healthcare space, announced the launch of a new companion diagnostic for Amgen's new therapy back in July 2021. Patients with non-small cell lung cancer (NSCLC) can utilize Labcorp's therascreen Registered KRAS PCR Mutation Analysis to identify treatment potential using Amgen's LUMAKRAS Trademark (sotorasib).
* Boehringer Ingelheim, a leading research-driven pharmaceutical organization joined hands with Illumina Inc. to develop companion diagnostics back in January 2022. The partnership was specifically focusing on the oncology pipeline of Boehringer and intended to accelerate the therapy selection process for patients suffering from highly developed cancer tumors.
* Labcorp's new companion diagnostic for use with Pfizer's new gene therapy was approved by the United States Food and Drug Administration (FDA) in April 2024. nAbCyte Trademark Anti-AAVRh74var HB-FE Assay will help determine the eligibility of Hemophilia B patients to be treated with Pfizer's newly approved gene therapy.
* Roche, a top supplier of pharmaceuticals based out of Switzerland teamed up with PathAI, a top name in the AI-powered pathology business to improve pathology capabilities for companion diagnostics in February 2024. The partnership is expected to help these companies open up new application scope for personalized medicine business going forward.

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Personalized medicine use to treat chronic indications will emerge as the top opportunity for companion diagnostics companies going forward. New companies need to come up with high capital investments to fund their R&D efforts as this is a highly capital-intensive market. Established companies will need to target innovation if they wish to stand out in the competitive landscape going forward.

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