Companion Diagnostics Market to Expand at a CAGR of 9% during Forecast Period: TMR Study

Wilmington, Delaware, United States, April 21, 2023 (GLOBE NEWSWIRE) — The global companion diagnostics market size stood at USD 5.24 Bn in 2020 and is estimated to reach USD 9.30 Bn by 2028. The global market is likely to grow at a CAGR of 9% between 2021 and 2028.

Given the increase in prevalence of cancer and chronic diseases across the world, the market for companion diagnostics is anticipated to observe rapid expansion during the forecast period. A number of industry participants are taking advantage of the enormous revenue prospects prevailing in the market.

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Market Snapshot:

Effectiveness of targeted drug therapy for oncology patients is determined by companion diagnostics. For those with cancer, this aids in the development of customized treatment. The lengthy and difficult approval procedure, as well as the lengthy period required to create companion diagnostics, are nevertheless having an effect on the expansion of the global companion diagnostics market. Additionally, it is anticipated that the absence of reimbursement guidelines in certain parts of the world could limit market development.

Need for companion diagnostic techniques is being driven by the increase in occurrence of lung cancer, gastric cancer, breast cancer, melanoma, colorectal cancer, thalassemia, and HIV. The need for early identification and screening of chronic illnesses drives the demand for companion diagnostic tests. Additionally, these tests contribute to better patient outcomes, lower pharmacotherapy variability, higher diagnostic accuracy, and reduced side effects of medications. They aid in the identification of the most potent targeted therapeutic alternatives. They also have a greater success rate for medication development. Growth in demand for customized treatments has created business opportunities for the global companion diagnostics market.

Key Findings of Market Report

• Based on indications, the breast cancer segment held the dominant market share in 2020, and this pattern is anticipated to persist during the forecast period. Increase in breast cancer occurrence amongst middle-aged women worldwide and increasing public awareness of the significance of early detection are estimated to drive business growth in the segment.

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Global Companion Diagnostics Market: Key Players

• Labcorp Drug Development
• Agilent Technologies
• Myriad Genetic Laboratories, Inc.
• Qiagen
• Roche Molecular Systems, Inc.
• Dako, Inc.
• Abbott
• Foundation Medicine, Inc.
• MolecularMD Corporation
• Ventana Medical Systems, Inc.

Global Companion Diagnostics Market: Growth Drivers

• Rise in breast cancer cases throughout the world is expected to drive market demand for companion diagnostics. The global companion diagnostics market is growing at a rapid pace due to medical experts’ attention toward treatment and rise in awareness about breast cancer.
• Companion diagnostics offers substantial growth prospects, as multiple tests are now under development. The primary benefit of using companion diagnostics is that they help forecast whether a patient would react to a certain medication and enhance patient outcomes, which lowers total healthcare expenditures. Other benefits include the elimination of generic treatments, which reduces adverse effects and further hospitalizations. These benefits are expected to drive industry growth between 2021 and 2028.

Global Companion Diagnostics Market: Regional Landscape

• In 2020, the global market for companion diagnostics was dominated by North America, and this trend is anticipated to hold between 2021 and 2028. The market in North America is expected to be driven by technological developments, expanding patient population, and growing prevalence of cancer. The National Cancer Institute reports that 1,806,590 new incidents of cancer were reported in the U.S. in 2020, while 606,520 individuals died from the condition. As such, companion diagnostics are anticipated to become increasingly important in North America.

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Global Companion Diagnostics Market: Segmentation

Indication

• Breast Cancer
• Lung Cancer
• Colorectal Cancer
• Gastric Cancer
• Melanoma
• Others (HIV, Thalassemia)

Regions

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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