Global Companion Diagnostics Market to Grow at 12.7% During 2024-2032, Spurred by Growing Preference for Targeted Therapies

According to the latest report by IMARC Group, titled "Companion Diagnostics Market Report by Product & Service (Assays, Kits and Reagents, Software and Services), Technology (Immunohistochemistry (IHC), Polymerase Chain Reaction (PCR), In-situ Hybridization (ISH), Real-time PCR (RT-PCR), Gene Sequencing, and Others), Indication (Cancer, Neurological Diseases, Infectious Diseases, Cardiovascular Diseases, and Others), End User (Pharmaceutical & Biopharmaceutical Companies, Reference Laboratories, Contract Research Organizations, and Others), and Region 2024-2032," the global companion diagnostics market reached a value of US$ 6.7 Billion in 2023. Companion diagnostic is an in-vitro diagnostic testing kit, consisting of a combination of tests and therapies that are used for the development of personalized medicines. It is used to determine the personal molecular profile of patients that aids healthcare professionals in deciding upon the approach for their treatment. It also offers information regarding the safe and effective use of a certain corresponding drug or biological product. Its usage assists in delivering safe and effective medical care to patients by analyzing the responders and non-responders to the therapy and offering an in-depth understanding of the biology of their disease. Currently, these kits are widely used in oncology for drug discovery and delivering targeted therapies to individuals.

Global Companion Diagnostics Market Trends:

The market is primarily driven by the increasing incidences of various forms of cancer on the global level. Companion diagnostics are widely used in advanced oncology healthcare for targeting biomarker identification and delivering targeted therapies to patients, thereby providing a thrust to the market growth. There has also been a significant increase in the demand for in-vitro diagnostics among the masses. This, along with the growing preference for personalized healthcare (PHC) and precision medicine in the healthcare sector, is facilitating the uptake of these diagnostics. Apart from this, there has been a rise in the utilization of targeted drugs and therapies for treating several infectious, cardiovascular, neurological, and inflammatory conditions. Coupled with the development of next-generation sequencing (NGS) and the increasing number of clinical trials, this is creating a positive outlook for the market. Additionally, several regulatory bodies, such as the US Food and Drug Administration (US FDA), have provided a defined structure for companion diagnostic development while encouraging the market players to conduct research activities in this field. The continual launch of new biomarkers, as well as the increasing number of collaborations between two or more companies for developing novel companion diagnostic products, is also providing an impetus to the market growth. The market is further driven by the rising application of companion diagnostics for analyzing the efficacy of COVID-19 drugs among patients undergoing oncology therapies. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 12.7% during 2024-2032.

Market Summary:

• On the basis of the product & service, the market has been bifurcated into assays, kits and reagents, and, software and services.
• Based on the technology, the market has been divided into immunohistochemistry (IHC), polymerase chain reaction (PCR), in-situ hybridization (ISH), real-time PCR (RT-PCR), gene sequencing and others.
• On the basis of the indication, the market has been classified into cancer (lung cancer, breast cancer, colorectal cancer, gastric cancer, melanoma and others), neurological diseases, infectious diseases, cardiovascular diseases and others.
• Based on the end user, the market has been categorized into pharmaceutical & biopharmaceutical companies, reference laboratories, contract research organizations, and others.
• On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Abbott Laboratories, Agilent Technologies, Inc., bioMérieux SA, Danaher Corporation, Roche Holding AG, Myriad Genetics, Inc., Siemens Healthcare and Thermo Fisher Scientific Inc.

Report Scope:

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