Companion Diagnostics Market Size, Growth & Industry Trends Analysis Report, 2023-2030
Companion Diagnostics Market registered a revenue of USD 6.7 billion in 2022 and is projected to reach USD 20.6 billion in 2030, growing at a very high CAGR of 15.1% during the forecast period.
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Major Companion Diagnostics Market Drivers
Companion diagnostics play an important role in the effective and safe use of a corresponding drug. Greater patient access and better clinical utility evidence have facilitated the acceleration of diagnostics in the medical world. There is an emerging consensus that diagnostics appear to offer a set of tools, which helps the biopharmaceutical players address and overcome the problems, which has drastically changed the landscape of the market. Furthermore, strategic initiatives by the key players in the market have helped develop the novel techniques that have pushed the pace of market. For instance, in 2021, INOVIO pharmaceuticals inc. and QIAGEN have strategically collaborated for the development novel diagnostic for immunotherapy in HPV-associated cervical dysplasia. The collaboration aims to utilize QIAGEN’s bioinformatic expertise to further the predictive power of the biomarker signature developed by INOVIO, which is expected to shift the paddles for the market.
In addition, the rising adoption and availability of personalized medicines for diseases like Brineura, for the treatment of CLN2 type batten disease, Rydapt for acute myeloid leukaemia, is likely to continue to pave the road towards growth, which can be an opportunity for the market.
Restraint in the Companion Diagnostics Market
However, high cost in the advancement and infrastructure for research and development is the factor that is hampering the market.
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Offering – Segment Analysis
Based on the offering, the product segment is anticipated to dominate the market over the forecast period. This is due to the emergence of highly sensitive technologies such as NGS for cancer diagnosis. Leading companies such as Roche, Illumina and ThermoFisher Scientific are expected to see lucrative growth opportunities in the coming decades due to increased use of cancer diagnostic equipment due to the rising disease burden.
Disease Type – Segment Analysis
Based on the disease type, NSCLC segment is likely to dominate the market over the forecast period. This is due to the high incidence rate of NSCLC coupled with a rise in the development of oncology diagnostic tests for the disease. For instance, In May 2020, the FDA approved FoundationOne CDx assay for use with Capmatinib to treat metastatic NSCLC, which has contributed to the growth of the market.
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Regional – Segment Analysis:
Based on the region, North America is expected to dominate the market over the forecast period. Funding and grants provided by bodies, such as the National Cancer Institute (NCI), to accelerate precision therapy development which has positively influenced the market. Effective regulations pertaining to the approval of oncology companion diagnostic tests for cancer coupled with accelerated R&D for integrated and personalized medicine in the U.S. have driven the market.
Top Market Players
Various notable players operating in the market, include, Agilent Technologies, Inc., Illumina, Inc., QIAGEN, Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche Ltd., ARUP Laboratories., Abbott, Myriad Genetics, Inc., BioMérieux SA, Invivoscribe, Inc., among others.
Key Developments:
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- In 2020, Thermo Fisher Scientific Inc. and Agios Pharmaceuticals strategic partnership was made to codevelop a second companion diagnostics platform for oncology.
Segments covered in the Report:
The global companion diagnostics market has been segmented based on offering, technology, disease type, end-use and regions. Based on offering, the market is segmented into product and service. Based on technology, the market is segmented into PCR, NGS, IHC, FISH and others. Based on disease type, the market is segmented into breast cancer, NSCLC, melanoma, colorectal and others. Based on end-use the market is segmented into hospitals, pathology and diagnostic labs, academic medical center and others.
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Report Coverage |
Details |
Market Revenues (2022) |
USD 6.7 billion |
Market Base Year |
2022 |
Market Forecast Year |
2023-2030 |
Base Year & Forecast Units |
Revenues (USD Billion) |
Market Segment | By Offering, By Technology, By Disease Type, By End-Use, By Region |
Regional Coverage | Asia Pacific, Europe, North America, and RoW |
Companies Profiled | Agilent Technologies, Inc., Illumina, Inc., QIAGEN, Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche Ltd., ARUP Laboratories., Abbott, Myriad Genetics, Inc., BioMérieux SA, Invivoscribe, Inc., among others; a total of 10 companies covered. |
25% Free Customization Available | We will customize this report up to 25% as a free customization to address our client’s specific requirements |
Market Segmentation
Global Companion Diagnostics Market by Offering
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- Solution
- Service
Global Companion Diagnostics Market by Technology
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- PCR
- NGS
- IHC
- FISH
- Others
Global Companion Diagnostics Market by Disease Type
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- Breast Cancer
- NSCLC
- Melanoma
- Colorectal
- Others
Global Companion Diagnostics Market by End-Use
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- Hospitals
- Pathology and Diagnostic Labs
- Academic Medical Center
- Others
Global Companion Diagnostics Market by Region
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-
North America Companion Diagnostics Market (Option 1: As a part of the free 25% customization)
- By Offering
- By Technology
- By Disease Type
- By End-Use
- US Market All-Up
- Canada Market All-Up
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Europe Companion Diagnostics Market (Option 2: As a part of the free 25% customization)
- By Offering
- By Technology
- By Disease Type
- By End-Use
- UK Market All-Up
- Germany Market All-Up
- France Market All-Up
- Spain Market All-Up
- Rest of Europe Market All-Up
-
Asia-Pacific Companion Diagnostics Market (Option 3: As a part of the free 25% customization)
- By Offering
- By Technology
- By Disease Type
- By End-Use
- China Market All-Up
- India Market All-Up
- Japan Market All-Up
- Rest of APAC Market All-Up
-
RoW Companion Diagnostics Market (Option 4: As a part of the free 25% customization)
- By Offering
- By Technology
- By Disease Type
- By End-Use
- Brazil Market All-Up
- South Africa Market All-Up
- Saudi Arabia Market All-Up
- UAE Market All-Up
- Rest of world (remaining countries of the LAMEA region) Market All-Up
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Major Players Operating in the Companion Diagnostics (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)
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- Agilent Technologies, Inc.
- Illumina, Inc.
- QIAGEN
- Thermo Fisher Scientific, Inc.
- Hoffmann-La Roche Ltd.
- ARUP Laboratories.
- Abbott
- Myriad Genetics, Inc.
- BioMérieux SA
- Invivoscribe, Inc.
- Published Date: May-2023
- Report Format: Excel/PPT
- Report Code: UP1747-001001
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Corporate License:
Report is shared with unlimited user (employees) of the purchasing corporation only
The report is used by the purchaser (One Individual) only
Multi-User License:Report is shared with maximum 5 users (employees) including the purchaser of the purchasing corporation only
Corporate License:
Report is shared with unlimited user (employees) of the purchasing corporation only
Companion Diagnostics Market Size, Growth & Industry Trends Analysis Report, 2023-2030
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