Companion Diagnostics Market is Predicted to Achieve US$ 15.0 billion by 2031, Growing at a CAGR of 12.2% Over the Forecast Period 2024-2031 | Abbott Laboratories, Inc., Biomerieux SA, Siemens Healthcare.

The global companion diagnostics market reached US$ 6.1 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 15.0 billion by 2031. The global companion diagnostics market is expected to exhibit a CAGR of 12.2% during the forecast period (2024-2031).

Companion Diagnostics Market report, published by DataM Intelligence, provides in-depth insights and analysis on key market trends, growth opportunities, and emerging challenges. Committed to delivering actionable intelligence, DataM Intelligence empowers businesses to make informed decisions and stay ahead of the competition. Through a combination of qualitative and quantitative research methods, it offers comprehensive reports that help clients navigate complex market landscapes, drive strategic growth, and seize new opportunities in an ever-evolving global market.

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Companion diagnostics are specialized medical tests used to identify patients who are most likely to benefit from specific targeted therapies. These diagnostics help personalize treatment by detecting biomarkers, ensuring optimal drug efficacy, and reducing adverse effects. They play a crucial role in oncology, cardiology, and autoimmune diseases. The growing trend of precision medicine is driving demand for companion diagnostics. Regulatory approvals and advancements in genetic testing are expanding their application in disease management.

List of the Key Players in the Companion Diagnostics Market:

F. Hoffmann-La Roche Ltd., Agilent Technologies, Inc., Qiagen N.V., Thermo Fisher Scientific, Inc., Abbott Laboratories, Inc., Biomerieux SA, Siemens Healthcare, Thermo Fisher Scientific Inc., Danaher Corporation (Beckman Coulter Inc.), Guardant Health and Illumina Inc.

Industry Development:

On February 10, 2022, Genetron Holdings Limited, a leading precision oncology company in China, specializing in molecular profiling tests and companion diagnostics, announced a collaboration with HUTCHMED (China) Limited. The partnership aims to jointly develop a companion diagnostic (CDx) test for ORPATHYS (savolitinib), a targeted therapy used in cancer treatment, specifically for the Chinese market. This collaboration highlights the growing importance of precision medicine and companion diagnostics in improving targeted cancer therapies in China.

Growth Forecast Projected:

The Global Companion Diagnostics Market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2031. In 2023, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

Research Process:

Both primary and secondary data sources have been used in the global Companion Diagnostics Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

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Segment Covered in the Companion Diagnostics Market:

By Indications: Oncology (Colorectal Cancer, Leukemia, Breast Cancer, Lung Cancer, Others), Neurology, Others.

By Technology: In-situ Hybridization, Immunohistochemistry, Polymerase Chain Reaction, Next-Generation Sequencing, Others.

By End-User: Pharmaceutical and Biopharmaceutical Companies, Research Laboratories, Others.

Regional Analysis for Companion Diagnostics Market:

The regional analysis of the Companion Diagnostics Market covers key regions including North America, Europe, Asia Pacific Middle East and Africa and South America. The North America with a focus on the U.S., Canada, and Mexico; Europe, highlighting major countries like the U.K., Germany, France, and Italy, along with other nations in the region; Asia-Pacific, covering India, China, Japan, South Korea, and Australia, among others; South America, with emphasis on Colombia, Brazil, and Argentina; and the Middle East & Africa, which includes Saudi Arabia, the U.A.E., South Africa, and other countries. This comprehensive regional breakdown helps identify unique market trends and growth opportunities specific to each area.

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Benefits of the Report:

➡ A descriptive analysis of demand-supply gap, market size estimation, SWOT analysis, PESTEL Analysis and forecast in the global market.

➡ Top-down and bottom-up approach for regional analysis

➡ Porter's five forces model gives an in-depth analysis of buyers and suppliers, threats of new entrants & substitutes and competition amongst the key market players.

➡ By understanding the value chain analysis, the stakeholders can get a clear and detailed picture of this Market

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People Also Ask:

➠ What is the global sales, production, consumption, import, and export value of the Companion Diagnostics market?

➠ Who are the leading manufacturers in the global Companion Diagnostics industry? What is their operational status in terms of capacity, production, sales, pricing, costs, gross margin, and revenue?

➠ What opportunities and challenges do vendors in the global Companion Diagnostics industry face?

➠ Which applications, end-users, or product types are expected to see growth? What is the market share for each type and application?

➠ What are the key factors and limitations affecting the growth of the Companion Diagnostics market?

➠ What are the various sales, marketing, and distribution channels in the global industry?

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