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The companion diagnostics market size is forecast to increase by USD 28.98 billion, at a CAGR of 36.5% between 2023 and 2028. The companion diagnostics market is experiencing significant growth due to the rising adoption of personalized medicine. This approach to healthcare identifies and treats diseases based on an individual's unique genetic makeup, necessitating precise diagnostic tools. Industry collaborations are increasingly common, with pharmaceutical companies partnering with diagnostic solution providers to develop and commercialize companion diagnostics. Furthermore, the life sciences sector is witnessing substantial investments, fueled by the potential of these advanced diagnostic solutions to improve patient outcomes and reduce healthcare costs. The companion diagnostics market is poised for expansion, driven by these trends and the increasing demand for personalized healthcare solutions.
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The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The life science segment is estimated to witness significant growth during the forecast period. This segment comprises pharmaceutical and biotechnology companies. With the growing prevalence of chronic diseases across the globe, there is an increasing need for pharmaceutical and biotechnology companies to manufacture high-quality and regulatorily compliant drugs and therapeutic treatments. The screening of clinically relevant compounds by use is carried out as part of the discovery process.
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The life science segment was the largest segment and was valued at USD 1.33 billion in 2018. In order to assess drug response biomarkers, toxicity, and immunotherapies responses, these diagnostics are used at the preclinical and clinical stages of drug development. The significant number of samples and the time needed to process them can be reduced, enabling users to obtain a complete set of information on each analyte they care about through testing several targets at one reaction in drug discovery. Thus, the increasing advantages provided by companion diagnostics are driving the demand for diagnostics products.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in North America is growing at a steady rate, owing to significant investments in healthcare research and testing. The strong distribution networks in countries such as the US and Canada and the increasing focus of pharmaceutical companies and medical device manufacturers on drug discovery and device development drive the market in the region.
Drug development in the field of cancer treatment has been revolutionized by advancements in genetic sequencing and genomics, enabling the identification of specific biomarkers. Pharmaceutical and biopharmaceutical companies utilize next-generation sequencing (NGS) to develop NGS-based companion diagnostic tests for precise patient selection. By analyzing the tumor genome, targeted therapeutic medications can be developed, including immunotherapy and CAR T-cell therapy, pioneered by leading companies. These innovations have significantly impacted the treatment landscape for chronic diseases such as lung cancer (NSCLC) and neurological disorders, as well as cardiovascular diseases. Hereditary sequencing informs medication choices, guiding patient-choice diagnostic systems and enabling personalized molecular data analysis for tailored therapy choices. With cutting-edge sequencing technologies, malignant growth treatment is evolving towards personalized immunotherapies and disease treatments based on individual patient profiles.
The rising use of personalized medicine is driving growth in the market share. Personalized medicine is a multi-faceted method of patient care that not only improves the capacity to diagnose and treat diseases but offers the potential to distinguish diseases at an earlier stage, which makes it easier for practitioners to treat them effectively. Personalization of medical care is gaining popularity due to its specificity in treating diseases based on the genetic characteristics of individuals. A significant number of people in the US who seek medical care undergo medical misdiagnoses, and the factors causing this can be delayed and lead to inaccurate diagnoses.
Moreover, there is growing popularity in the development of personalized medicines for the early detection of diseases and the selection of accurate treatment methods that can reduce mortality rates. Identification and assessment of the genetic composition of an individual play a vital role in determining the health and susceptibility to severe diseases. Increasing awareness about genetic diseases will assist in the development and commercialization of personalized medicines, which are dedicated to developing targeted drugs. Furthermore, the demand for companion diagnostic tests is expected to increase over the forecast period to provide accurate patient diagnosis and development of personalized medicine.
Rising occurrence of breast cancer is the key trend in the market. In the realm of drug development, the integration of companion diagnostics has emerged as a crucial component in the fight against cancer. Genomics and molecular data play a pivotal role in this process, as genetic sequencing and the identification of biomarkers facilitate the development of patient-selection diagnostic frameworks. Next-generation sequencing (NGS) and immunohistochemistry (IHC) are essential tools in this endeavor, enabling the analysis of the tumor genome and the identification of specific biomarkers for various therapeutic areas, including cardiovascular diseases (CVDs), neurological diseases, and infectious diseases. The application of companion diagnostics extends to cancer immunotherapies, such as CAR T-cell treatment and immunotherapies, which require a precise understanding of the patient's tumor profile for optimal treatment selection. Clinical trials are a critical aspect of this process, as they provide the necessary data to inform therapy choices and disease treatments. Companion diagnostics have gained significant importance in the context of personalized medicine, where the gene sequence and hereditary factors play a decisive role in therapy selection.
The drug and biotechnology industry has embraced this trend, with companies leading the way in the development of therapeutic medications and drugs tailored to specific patient populations. The companion diagnostics market is poised for growth, as the demand for cutting-edge sequencing and personalized treatment options continues to rise. The increasing prevalence of chronic diseases, such as breast cancer, further underscores the importance of this market in providing patients with the most effective therapy choices and disease treatments. Reference laboratories and IHC play a vital role in the companion diagnostics landscape, offering expertise and resources for the analysis of SARS-CoV-2 variants and other therapeutic medications. The application of companion diagnostics extends beyond cancer, with potential implications for the development of targeted therapies in various therapeutic areas, including cardiovascular diseases, neurological disorders, and infectious diseases.
Limited sustainability of smaller companies is the major challenge that affects the growth of the market. In the realm of drug development, the companion diagnostics market plays a pivotal role in identifying optimal patient populations for various therapeutic areas, including cancer, cardiovascular diseases, neurological disorders, and infectious diseases. This market is characterized by advanced technologies such as genetic sequencing, genomics, and next-generation sequencing (NGS), which enable the detection of biomarkers and the development of patient-selection diagnostic frameworks. Cancer treatment, for instance, has seen significant advancements with the advent of immunotherapies, including CAR T-cell treatment, and immunohistochemistry (IHC). Companion diagnostics are essential in identifying the tumor genome and determining the most effective therapeutic medications, such as monoclonal antibodies and targeted therapies. Moreover, the application of companion diagnostics extends to cutting-edge sequencing technologies, like hereditary sequencing, in the development of personalized medicine for chronic diseases like breast cancer.
In the context of infectious diseases, such as SARS-CoV-2, companion diagnostics are crucial in identifying variants and guiding therapy choices based on molecular data. Major players in the market invest in research and development to offer newer, efficient, and safer companion diagnostics. These companies focus on expanding their manufacturing facilities worldwide, especially in developing countries, to cater to the growing demand for these diagnostic tools. Reference laboratories also play a significant role in the companion diagnostics market by providing specialized testing services for various therapeutic areas. The integration of companion diagnostics with therapeutic medications and drugs is transforming the drug and biotechnology industry, enabling more effective and targeted disease treatments.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abbott Laboratories - The company offers companion diagnostics such as m2000 REALTIME SYSTEM AND ASSAYS, ALINITY m SYSTEM, AND ASSAYS.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Patient-selection diagnostic frameworks play a crucial role in guiding treatment decisions, utilizing techniques such as PCR (polymerase chain reaction), ICH (in situ hybridization), and ISH (immunohistochemistry) to analyze gene sequences in various therapeutic areas. This is particularly relevant in CAR T-cell treatment and clinical trials across cardiovascular diseases (CVDs), neurological diseases, and infectious diseases. Reference laboratories employ advanced technologies like Lumipulse G ?-Amyloid 1-42 Plasma and Lumipulse G -Amyloid 1-40 plasma to detect SARS-CoV-2 variants and biomarkers associated with conditions such as breast cancer and central nervous system (CNS) disorders. Targeted therapies, such as those targeting epidermal growth factor receptor (EGFR) mutations, offer alternatives to conventional treatments like chemotherapy and radiation treatment. As research progresses, there is growing interest in exploring the role of these techniques in managing inflammatory diseases and other acquired diseases, driving innovation in drug and biotechnology companies.
The companion diagnostics market is a significant sector in the healthcare industry, focusing on providing personalized treatment plans based on a patient's genetic makeup. This market is driven by the increasing adoption of precision medicine and the growing demand for accurate and reliable diagnostic tests. Genomics, biomarkers, and proteomics are the key technologies used in companion diagnostics. Cancer is a major application area for companion diagnostics, with cardiovascular diseases and neurological disorders also gaining traction. The market is segmented based on types of tests, including gene expression profiling, protein expression profiling, and genetic testing.
The market is expected to grow due to the increasing number of collaborations between diagnostic companies and pharmaceutical firms. Therapies and diagnostics are becoming more interconnected, leading to the development of targeted therapies and personalized treatment plans. The use of advanced technologies like artificial intelligence and machine learning is also driving the growth of the companion diagnostics market. These technologies enable the analysis of large amounts of data, leading to more accurate and efficient diagnostic tests. In conclusion, the companion diagnostics market is a dynamic and growing sector, driven by the increasing adoption of precision medicine and the use of advanced technologies. The market is expected to continue growing due to the increasing demand for personalized treatment plans and the development of targeted therapies.
Market Scope |
|
Report Coverage |
Details |
Page number |
177 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 36.5% |
Market growth 2024-2028 |
USD 28.98 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
26.88 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 34% |
Key countries |
US, UK, Germany, Japan, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Abnova Corp., Agilent Technologies Inc., Amoy Diagnostics Co. Ltd., ARUP Laboratories, Bayer AG, BioGenex Laboratories Inc., bioMerieux SA, F. Hoffmann La Roche Ltd., Guardant Health Inc., Illumina Inc., Invivoscribe Inc., Liquid Biotech USA Inc., Myriad Genetics Inc., NG Biotech, QIAGEN NV, Quest Diagnostics Inc., Siemens AG, Sysmex Corp., and Thermo Fisher Scientific Inc. |
Market dynamics |
Parent market analysis, Market Forecasting growth, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Indication
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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