Companion Diagnostics Market

Market Overview:

The global companion diagnostics market size reached US$ 5.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 13.3 Billion by 2028, exhibiting a growth rate (CAGR) of 14.4% during 2023-2028. The increasing prevalence of cancer, the surging demand for personalized medicine, and ongoing technological advancements, such as next-generation sequencing (NGS), represent some of the key factors driving the market.

Companion diagnostics are medical tests that help physicians determine the most effective treatment plan. These tests are designed to identify specific biomarkers in a patient's tissue or blood sample, indicating whether the patient will likely benefit from a particular drug or therapy. They also analyze the detailed biological profile and the mechanism of action (MOA) of patients and assist medical professionals in understanding the potential side effects of medications. Companion diagnostics are widely used across personalized medicines as it considers each patient's unique characteristics, such as their genetic makeup, to determine the best treatment plan. In addition to this, they are increasingly used for testing specific genetic mutations in cancer patients or biomarkers in patients with hepatitis C. This helps physicians tailor treatments to individual patients, improving the likelihood of successful outcomes and reducing the risk of side effects.

Companion Diagnostics Market Trends:

The rising instances of various kinds of cancer across the globe are impelling the demand for more effective and targeted cancer treatments, which is primarily driving the market growth. Companion diagnostics help identify patients who are most likely to benefit from specific cancer therapies, resulting in better patient outcomes. Moreover, the growing demand for personalized medicines tailored to each patient's unique characteristics is creating a favorable outlook for the market. Concurrent with this, the widespread adoption of targeted drugs and therapies for treating numerous infectious, cardiovascular, neurological, and inflammatory conditions is acting as another significant growth-inducing factor. In addition to this, the favorable regulatory landscape for companion diagnostics, with an increasing number of tests receiving approval from governing authorities such as the United States Food and Drug Administration (US FDA), and the expanding number of clinical trials around the world are strengthening the market growth. Furthermore, ongoing advancements in diagnostic technologies, such as the emergence of next-generation sequencing (NGS) and liquid biopsy, which have allowed identifying biomarkers that were formerly difficult to detect, are contributing to the market growth. Besides this, the development of innovative genomic technologies, which have enabled the identification of genetic mutations and other biomarkers that can be used to guide treatment decisions, is fueling the market growth. Other factors, such as the rising use of biomarkers in drug development, extensive investments in precision medicine, and the escalating consumer awareness regarding the benefits of companion diagnostics, are presenting remunerative growth opportunities for the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global companion diagnostics market report, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on product & service, technology, indication, and end user. 

Product & Service Insights:

• Assays, Kits and Reagents
• Software and Services
   

The report has provided a detailed breakup and analysis of the companion diagnostics market based on the product & service. This includes assays, kits and reagents, and software and services. According to the report, assays, kits, and reagents represented the largest segment.

Technology Insights:

• Immunohistochemistry (IHC)
• Polymerase Chain Reaction (PCR)
• In-situ Hybridization (ISH)
• Real-time PCR (RT-PCR)
• Gene Sequencing
• Others
   

A detailed breakup and analysis of the companion diagnostics market based on technology has also been provided in the report. This includes immunohistochemistry (IHC), polymerase chain reaction (PCR), in-situ hybridization (ISH), real-time PCR (RT-PCR), gene sequencing, and others. According to the report, polymerase chain reaction (PCR) accounted for the largest market share.

Indication Insights:

• Cancer
  • Lung Cancer
  • Breast Cancer
  • Colorectal Cancer
  • Gastric Cancer
  • Melanoma
  • Others
• Neurological Diseases
• Infectious Diseases
• Cardiovascular Diseases
• Others
   

The report has provided a detailed breakup and analysis of the companion diagnostics market based on the indication. This includes cancer (lung cancer, breast cancer, colorectal cancer, gastric cancer, melanoma, and others), neurological diseases, infectious diseases, cardiovascular diseases, and others. According to the report, cancer represented the largest segment.

End User Insights:

• Pharmaceutical & Biopharmaceutical Companies
• Reference Laboratories
• Contract Research Organizations
• Others
   

A detailed breakup and analysis of the companion diagnostics market based on the end user has also been provided in the report. This includes pharmaceutical & biopharmaceutical companies, reference laboratories, contract research organizations, and others. According to the report, pharmaceutical & biopharmaceutical companies accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for companion diagnostics. Some of the factors driving the North America companion diagnostics market included the growing prevalence of cancer, the rising adoption of personalized medicines and targeted therapies, and significant advancements in next-generation sequencing (NGS).

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global companion diagnostics market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Abbott Laboratories, Agilent Technologies, BioMerieux, Danaher Corporation, Roche Holding AG, Myriad Genetics Inc., Siemens Healthcare, and Thermo Fisher Scientific Inc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the companion diagnostics market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global companion diagnostics market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the companion diagnostics industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.