The global companion diagnostics market is predicted to garner a revenue of about USD 10560.0 million by 2033, up from USD 5371.9 million in 2023, with a CAGR of 7.0% during the forecast period.
Companion diagnostics are utilized to ascertain who would benefit from treatment. The market growth for companion diagnostics is propelled by technological advancements, which have brought many changes in the disease treatment method.
Companion diagnostics is characterized by the growing requirement for enhanced personalized patient treatment. It gives healthcare providers and their patients assurance about the treatment results in a positive way, contrary to traditional treatment procedures, positively impacting the companion diagnostics market outlook.
The rise in tailored medicine usage, in tandem with rising demand for targeted therapies, contributes to creating customized CDx and expanding the market size for companion diagnostics.
The advantages of CDx tests, such as their high sensitivity, affordability, and ability to produce accurate results quickly, push the expansion of the companion diagnostics market. It is now well-accepted that medications can interact differently with different people due to advancements in genetic sequencing and genomics.
Pharmaceutical and biopharmaceutical companies continuously work to adopt patient-selection diagnostic frameworks in the early stages of drug development to give focused therapeutics to the appropriate candidate.
The same is anticipated to push forward the adoption of companion diagnostics to a considerable extent over the forecast period.
Companion Diagnostics Industry (From 2018 to 2022)
| Attribute | Details |
|---|---|
| CAGR | 4.5% |
| Market Size - 2018 | USD 4258.27 million |
| Market Size - 2022 | USD 5089.2 million |
Companion Diagnostics Industry (From 2023 to 2033)
| Attribute | Details |
|---|---|
| CAGR | 7% |
| Market Size - 2023 | USD 5371.9 million |
| Market Size - 2033 | USD 10560.0 million |
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The period from 2018 to 2022 witnessed significant advancements in the companion diagnostics market, marked by increased integration with targeted therapies and personalized medicine. These years saw a growing emphasis on biomarker identification and molecular testing, shaping treatment strategies.
Unprecedented innovation in genomics, AI, and data analytics is set to revolutionize companion diagnostics as we enter the booming era from 2023 to 2033. Anticipated trends include enhanced point-of-care diagnostics, expanded applications in oncology, neurology, and infectious diseases, and the integration of non-invasive monitoring techniques.
Strong collaborations between pharmaceutical and diagnostic companies, regulatory facilitation, and patient-centric healthcare models may fuel market expansion for companion diagnostics.
In addition, the next decade promises transformative advancements, propelling companion diagnostics into an integral role within the broad landscape of precision medicine.
The next-generation sequencing-based companion diagnostic tests aim to coordinate treatment choices for disease medications by opening nuclear information from each persistent development genome. Compared to previous sequencing methodologies, front-end sequencing detects various biomarkers for diverse medicines in less time.
Utilizing NGS sheets for biomarker assessment in a single test may aid in treating various ailments. Many creative levels of advancement in NGS give market companies a quick advantage over competitors offering other headways like PCR, ICH, and ISH. The key market players are concentrating on creating amigo illustrative goods while considering NGS.
Principal Consultant
Market stability for companion diagnostics is extraordinary. F. Hoffmann-La Roche Ltd. (Switzerland), Agilent Technologies, Inc., Qiagen N.V. (Germany), Thermo Fisher Scientific, Inc., and Abbott Laboratories, Inc. are the top competitors in the companion diagnostics market. They represented a combined large part portion of the overall industry in 2020.
There is fierce competition between companies in the companion diagnostics industry. Only large companies can afford high capital investments and the high costs of research and development and production. This prevents the entry of new competitors.
Immunotherapy has demonstrated a crucial level of assurance in treating malignant development, but its high cost has hampered widespread access. Also, doctors may decide that it is best to combine treatments. This would extend the treatment's duration from five months to just over three years. The longer the time in this case, the more noticeable the cost.
Personalized immunotherapies are expensive. The cost of disease immunotherapies may be significantly high than other treatment options like chemotherapy or radiation therapy. This is how it is intended that the high price of immuno-oncology treatments may impede the growth of the companion diagnostics market.
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The significance of clinical preliminary examinations must be conveyed to the attention of patients, doctors, and the general public. Also, delivering exceptional access to the recent, reasonable, and well-researched information about these new treatments for malignant growth can aid in expanding physicians' awareness of this issue.
Advancing admittance to a normal and acknowledged truth source is essential to practicing open mindfulness. Also, a few distribution companies and business leaders distribute monthly diaries and data packets.
Partners have focused on awareness campaigns to ensure that patients and suppliers can access and understand the benefits of buddy diagnostics. These factors hamper the market growth for companion diagnostics.
| Category | Technology |
|---|---|
| Leading Segment | Real Time PCR |
| Market Share | 38.0% |
| Category | Product |
|---|---|
| Leading Segment | Assay, Kits & Reagents |
| Market Share | 74.0% |
Real time PCR drives significant revenues within the companion diagnostics sector due to its outstanding sensitivity, speed, and accuracy in detecting and quantifying target genetic material.
It is the best method for locating specific biomarkers and genetic alterations important for illness diagnosis, prognosis, and therapy decision-making since it allows for real-time monitoring of DNA amplification.
Real time PCR is frequently used because of its quick results and adaptability in examining different sample types. Moreover, real time PCR is crucial in customizing treatments for individual patients as precision medicine gains traction, driving demand.
Real Time PCR is positioned as a key technology in improving personalized medicine and fostering the companion diagnostics market growth due to its strong capacity to identify even minute amounts of target DNA and its automated process.
| Countries | Market CAGR (From 2023 to 2033) |
|---|---|
| Australia | 4.5% |
| China | 9.0% |
| India | 9.8% |
| The United Kingdom | 6.3% |
North America is the leading market, with a share of 27.3% in 2023 due to significant technical inventions and the increasing prevalence of chronic diseases like cancer. The companion diagnostics market trends and forecasts are swayed by the expansion of research activities in this field employing companion diagnostic kits and the growing number of healthcare organizations working on genetic databases created to comprehend the human genome.
| Countries | Market Share - 2023 |
|---|---|
| North America | 27.3% |
| Europe | 21.6% |
The second-leading market is anticipated to be in Europe, with a market share of companion diagnostics market share of 21.6% in 2023.
A substantial number of businesses are expected to participate as the regional sector expands, and research and development efforts to enhance personalized drug therapy for cancer patients are expected to increase, impacting the regional market. Additionally, rising per capita income increases the desire for individualized care, further promoting consumer development.
| Countries | Market Share (2023) |
|---|---|
| The United States | 24.0% |
| Germany | 5.1% |
| Japan | 5.6% |
Due to rising interest in customized treatment and developments in molecular diagnostics, Asia Pacific’s companion diagnostics industry is projected to expand significantly from 2023 to 2033. Also, the need for companion diagnostics to enable correct therapy selection is growing, with an emphasis on targeted therapeutics.
Market expansion is aided by the region's increasing healthcare infrastructure and partnerships between pharmaceutical and diagnostic companies.
The Asia Pacific companion diagnostics market offers key opportunities for both established players and emerging businesses as they work to improve patient outcomes and contribute to the paradigm shift in modern healthcare as regulatory frameworks change, and healthcare spending rises.
Promoting the companion diagnostics industry requires a strategic approach that combines targeted marketing tactics to reach healthcare professionals, patients, and other stakeholders.
Here are the chief marketing tactics that companion diagnostics manufacturers can utilize to promote the companion diagnostics business:
Develop comprehensive educational content such as whitepapers, case studies, webinars, and articles that explain the importance of companion diagnostics in personalized medicine. Highlight real-life success stories and breakthroughs achieved through the use of companion diagnostics.
Position the manufacturer as a thought leader in companion diagnostics by participating in industry conferences, seminars, and workshops. Present research findings, share insights, and engage in panel discussions to demonstrate the manufacturer's expertise.
Identify and partner with influential KOLs in the companion diagnostics and personalized medicine fields. Collaborate with these experts to co-create content, participate in webinars, and endorse the manufacturer's products.
Establish strong relationships with hospitals, research institutions, and clinics by offering workshops, training sessions, and continuing medical education (CME) opportunities related to companion diagnostics. Provide support and resources that help healthcare professionals understand how to integrate companion diagnostics into their patient care plans effectively.
Recognize the importance of patient advocacy and support groups in adopting companion diagnostics. Collaborate with patient advocacy organizations to raise awareness about the benefits of personalized medicine and companion diagnostics.
Utilize digital marketing strategies to reach different segments of the target audience. Develop targeted online advertisements, social media campaigns, and search engine optimization (SEO) tactics to ensure that healthcare professionals, patients, and researchers can easily find information about the manufacturer's companion diagnostics offerings.
The key to successful marketing in the companion diagnostics industry is to convey the value of personalized medicine, highlight success stories, and educate both healthcare professionals and patients about companion diagnostics' role in improving patient outcomes.
Numerous start-ups have been founded by many eminent personalities, leaving their mark in the companion diagnostics business, auguring well for its future trends.
Example:
The companion diagnostics industry has several significant competitors, which are highly competitive and fairly fragmented. Key companion diagnostics manufacturers are investing a lot of money in research and development to expand their product portfolios, which is going to compel growth in the companion diagnostics market.
The companion diagnostics manufacturers are taking various strategic actions to expand their global reach, including introducing new products, contract agreements, mergers and acquisitions, increased investments, and partnerships with other businesses.
To grow and survive in a more cutthroat and competitive market climate, competitors in the companion diagnostics sector must offer affordable products.
Recent Developments
| Company | Thermo Fisher Scientific |
|---|---|
| Strategy | FDA Greenlights Thermo Fisher's Oncomine Dx Test as Companion Diagnostic for HER2 Mutations |
| Details | Thermo Fisher Scientific's Oncomine Dx Target Test received premarket approval from the United States Food and Drug Administration in August 2022 to be used as a companion diagnostic (CDx) to identify patients with non-small-cell lung cancer whose tumors have HER2 (ERBB2) activating mutations that might be candidates for ENHERTU. |
| Company | Genetron Holdings Limited |
|---|---|
| Strategy | Genetron Holdings and HUTCHMED (China) Partner to Develop Companion Diagnostic |
| Details | Genetron Holdings Limited and HUTCHMED (China) Limited entered into a collaboration agreement to create a companion diagnostic in February 2022. Genetron Holdings Limited is a top precision oncology platform company in China specializing in molecular profiling tests, early cancer screening products, and companion diagnostics development. |
| Company | Amoy Diagnostics Co. Ltd. |
|---|---|
| Strategy | AmoyDx Pan Lung Cancer PCR Panel Launches in Japan |
| Details | The AmoyDx Pan Lung Cancer PCR Panel was introduced in Japan in January 2022 by Amoy Diagnostics Co. Ltd. and PREMIA Holdings (HK) Limited as a reimbursed companion diagnostic for various anti-cancer drugs. |
The market size of companion diagnostics is estimated to hit USD 10560.0 million by 2033.
The companion diagnostics industry is to record a valuation of USD 5371.9 million in 2023.
The companion diagnostics industry is likely to secure a CAGR of 7% through 2033.
China, Japan, and South Korea are the central Asian countries in the Companion Diagnostics market.
The pharmaceutical sector is the primary consumer of Companion Diagnostics.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 5.1. Colorectal Cancer 5.2. Breast Cancer 5.3. Lung Cancer 5.4. Melanoma 5.5. Urology 5.6. Gastric Cancer 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Technology 6.1. Immunohistochemistry 6.2. Molecular Diagnostics 6.3. In-situ Hybridization 6.4. FISH 6.5. CISH 6.6. Real Time PCR 6.7. Gene Sequencing 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. ARUP Laboratories 17.2. Roche Molecular Systems Inc. 17.3. Dako Inc. 17.4. Qiagen Ltd. 17.5. bioMérieux Inc. 17.6. Ventana Medical Systems Inc. 17.7. Abbott Molecular Inc. 17.8. Myriad Genetics Inc. 17.9. Biogenex Laboratories, Inc. 17.10. Thermo Fisher Scientific Inc. 17.11. Leica Biosystems Nussloch GmbH 17.12. Others 18. Assumptions & Acronyms Used 19. Research Methodology
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Companion Diagnostics Market
