At CAGR of 11.2%, Global Companion Diagnostics Market to Cross USD 18.2 Billion by 2030 owing to Advancements in Genomic Research and the Availability of Reimbursement Policies
(Isstories Editorial):- Austin, Texas Oct 12, 2023 (Issuewire.com) – As per SNS Insider’s research, the companion diagnostics market is poised for continued growth due to a combination of factors, including advancements in genomic research, the increasing burden of chronic diseases, therapeutic innovations, regulatory support, collaborations, and improved reimbursement policies.
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Based on the SNS Insider report, the companion diagnostics market, valued at USD 7.8 billion in 2022, is expected to grow substantially, reaching approximately USD 18.2 billion by 2030, with a projected compound annual growth rate (CAGR) of around 11.2% during the forecast period spanning from 2023 to 2030.
Market Report Scope
Companion diagnostics represent a cutting-edge approach in the realm of personalized medicine, revolutionizing the way healthcare providers and pharmaceutical companies tailor treatments to individual patients. These diagnostics are a critical component of modern healthcare, enabling clinicians to make more informed decisions about treatment options for patients based on their unique genetic profiles. Regulatory agencies, such as the U.S. Food and Drug Administration (FDA), now often require companion diagnostics as part of the approval process for certain drugs. This reinforces the importance of tailoring treatments to individual patients and ensures that medications are used where they are most effective.
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Market Analysis
One of the primary drivers of the companion diagnostics market is the continuous advancement in genomic research. The mapping of the human genome and ongoing research into genetic variations associated with diseases have enabled the development of highly specific and targeted diagnostic tests. This has paved the way for more precise treatment strategies, boosting the demand for companion diagnostics. The increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, and autoimmune disorders has driven the need for more accurate diagnostic tools. Companion diagnostics offer a personalized approach to disease management, helping identify the most effective treatment options for patients. As the global burden of chronic diseases continues to rise, so does the demand for companion diagnostics. The development of novel therapeutic agents, including targeted therapies and immunotherapies, has surged in recent years. Companion diagnostics are essential in identifying patients who are most likely to respond to these advanced treatments. Pharmaceutical companies are increasingly incorporating companion diagnostics into their drug development pipelines, further fueling market growth.
Major Players Listed in the Report are as Follows:
Agilent Technologies, Inc., Illumina, Inc., QIAGEN N.V., Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche Ltd., ARUP Laboratories, Abbott, Myriad Genetics, Inc., bioMérieux SA, Invivoscribe, Inc., and others.
Companion Diagnostics Market Segmentation as Follows:
By Technology Type
- Frequency Immunohistochemistry
- Polymerase Chain Reaction (PCR)
- Next Generation Sequencing (NGS)
- In Situ Hybridization
- Others
By Indication
- Oncology
- Neurology
- Others
Impact of Recession
The ongoing recession can pose several challenges to the companion diagnostics market, including reduced healthcare spending, delayed adoption of innovative technologies, and regulatory hurdles. However, it can also lead to opportunities for cost-effective solutions and greater emphasis on remote healthcare. Government stimulus packages or funding for healthcare research and development may help mitigate some of the negative impacts on the market.
Impact of Russia-Ukraine War
The conflict has created economic uncertainty in the region, which can have a ripple effect on global financial markets. Instability can affect investment decisions and the ability of companies to allocate resources for research and development, including companion diagnostics. Depending on the duration and severity of the conflict, there may be shifts in market dynamics. Companies operating in the companion diagnostics sector may need to reassess their strategies, including market expansion plans and partnerships. Governments and regulatory bodies may implement changes or updates to regulations related to medical devices and diagnostics in response to the geopolitical situation. Companies will need to stay abreast of these changes.
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Key Regional Development
North America, particularly the United States, dominates the companion diagnostics market due to its well-established healthcare infrastructure, robust research and development, and high healthcare expenditure. The region has witnessed significant growth in personalized medicine, with an increasing number of cancer patients benefiting from targeted therapies guided by companion diagnostics. Europe is another prominent market for companion diagnostics. The European Medicines Agency (EMA) has been actively involved in regulating and approving companion diagnostics, ensuring their safety and efficacy. The Asia-Pacific region is experiencing rapid growth in the market, driven by the increasing prevalence of chronic diseases, rising healthcare investments, and expanding pharmaceutical and biotechnology industries.
Key Takeaway from Companion Diagnostics Market Study
Among the various segments within the market, the Frequency Immunohistochemistry (IHC) segment stands out as a dominant force poised for significant growth. Frequency IHC offers an unparalleled level of precision in detecting specific biomarkers and protein expression patterns within tumor tissues. This precision allows oncologists to tailor treatment strategies to each patient’s unique genetic and molecular profile, maximizing therapeutic efficacy.
In the realm of companion diagnostics, the oncology segment is poised to play a revolutionary role. Oncology companion diagnostics enable the customization of cancer treatment plans based on a patient’s genetic and molecular profile. This personalized approach enhances treatment efficacy while minimizing adverse effects.
Recent Developments Related to Companion Diagnostics Market
Foundation Medicine has recently unveiled an exciting partnership with Merck KGaA, Darmstadt, Germany, marking a significant step in the realm of precision medicine. This collaboration aims to pioneer the development of a cutting-edge companion diagnostic tool.
In a groundbreaking collaboration, Cell Signaling Technology (CST) and Leica Biosystems have joined forces to pave the way for a new era in personalized medicine. Their strategic partnership aims to develop cutting-edge companion diagnostics, heralding a transformative approach to patient care and treatment.
Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Companion Diagnostics Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Companion Diagnostics Market Segmentation, By Technology Type
Chapter 9 Companion Diagnostics Market Segmentation, By Indication
Chapter 10 Regional Analysis
Chapter 11 Company profile
Chapter 12 Competitive Landscape
Chapter 13 Use Case and Best Practices
Chapter 14 Conclusion
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