Companion Diagnostics Market size to grow by USD 11.03 billion from 2023 to 2027, North America to account for 36% of market growth, Technavio

NEW YORK, Feb. 29, 2024 /PRNewswire/ -- The companion diagnostics market size is expected to grow by USD 11.03 billion from 2022 to 2027. In addition, the momentum of the market will accelerate at a CAGR of 22.59% during the forecast period, according to Technavio Research. The market has been segmented by end-user (life science, health centers, and others), indication (oncology, neurology, and others), and geography (North America, Europe, Asia, and the Rest of the World (ROW)). North America is estimated to contribute 36% to the growth of the global market during the forecast period. The market in this region is driven by robust distribution networks in countries such as the US and Canada, where pharmaceutical companies and healthcare equipment manufacturers are increasingly focused on drug discovery and development. Read a Free PDF Sample Report

Company Profile:

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.

Abbott Laboratories - The company offers companion diagnostics such as m2000 REALTIME SYSTEM AND ASSAYS, ALINITY m SYSTEM, AND ASSAYS. To gain access to more vendor profiles available with Technavio, buy the report!

The life science segment is estimated to witness significant growth during the forecast period. With the increasing incidence of chronic diseases around the world, there is a growing demand from pharmaceutical and biotechnology companies to develop high-quality drugs and treatments that comply with regulatory requirements. View a Free PDF Sample Report

The rising use of personalized medicine

Due to its specificity as regards treatment for illnesses based on the individual's genetics, personalization of care is gaining popularity. Furthermore, companion diagnostics are increasingly being adopted in the development of personalized medicines to detect diseases before they develop and select appropriate treatment methods that can decrease mortality rates.

The growing importance of promotional activities is a major trend in the market. Identify key trends, drivers, and challenges in the market. Download a sample report to gain access to this information.

Analyst Review

The Companion Diagnostics Market plays a pivotal role in modern healthcare, particularly in the realm of personalized medicine. Companion diagnostics testing, including techniques like in situ hybridization (ISH) and immunohistochemistry (IHC), are indispensable tools in the diagnosis and treatment of various diseases, notably cancer, cardiovascular diseases (CVDs), neurological diseases, and infectious diseases. These diagnostics enable clinicians to tailor treatments to individual patients based on their unique genetic makeup or biomarker profiles, maximizing efficacy while minimizing adverse effects.

Pharmaceutical and biotechnology companies heavily rely on companion diagnostics to streamline drug development processes, ensuring that medications are targeted to specific patient populations most likely to benefit. Moreover, reference laboratories and contract research organizations (CROs) play critical roles in conducting companion diagnostic testing, providing essential services to healthcare providers and drug developers alike.

The rising prevalence of cancer, CVDs, neurological disorders, and infectious diseases underscores the increasing demand for companion diagnostics. As precision medicine continues to gain momentum, the market for these diagnostics is expected to expand significantly in the coming years. Key players in the pharmaceutical and biotechnology sectors are investing heavily in companion diagnostics, forging partnerships with diagnostic companies and laboratories to advance personalized treatment approaches.

In conclusion, companion diagnostics represent a crucial component of modern healthcare, facilitating targeted therapies and improving patient outcomes across a spectrum of diseases. As technology advances and our understanding of disease mechanisms deepens, the role of companion diagnostics in guiding treatment decisions is only poised to grow, shaping the future of medicine. 

The Companion Diagnostics Market is witnessing growth driven by advancements in Companion diagnostics testing for precise treatment in cancer and cardiovascular diseases (CVDs). Technologies like in situ hybridization (ISH) and immunohistochemistry (IHC) are pivotal in guiding personalized therapies, enhancing patient outcomes. View a Free PDF Sample Report

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ToC:

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

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SOURCE Technavio