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Companion Diagnostics Market Revenue, Gross Margin, Opportunities, Challenges and Risks Analysis Report 2024-2033
Companion Diagnostics Market Trends
As per the report, 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 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%.
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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.
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 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
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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.
Contents of the report:
1. Executive Summary
2. Companion Diagnostics Market Report Structure
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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