The companion diagnostics market has seen significant growth in recent years, driven by increasing demand for personalized medicine, the need for more targeted therapies, and advancements in technologies. The market is expected to continue to grow in the coming years, with new technologies and innovations driving improved patient outcomes.
Market Overview:
The companion diagnostics market is expected to reach a value of USD 13.55 billion by 2028, growing at a CAGR of 12.49% from 2022 to 2028. Companion diagnostics are tests that are used to identify patients who are most likely to benefit from a particular therapy. They are used in conjunction with targeted therapies to ensure that the right patient receives the right treatment. The market is dominated by oncology indications.
Market Drivers:
- Personalized Medicine
Personalized medicine is a new approach to treating diseases that takes into account the unique genetic makeup of each patient. Companion diagnostics play a key role in personalized medicine by providing information about the patient's genetic makeup and helping to select the most effective treatment options. As personalized medicine becomes more widely adopted, the companion diagnostics market is expected to see significant growth.
- Increasing Adoption of Next-Generation Sequencing (NGS)
Next-generation sequencing (NGS) has revolutionized the way genetic testing is performed, allowing for faster and more accurate sequencing of DNA and RNA. This technology has significant implications for the companion diagnostics market, as it allows for the identification of genetic mutations that may be driving a patient's disease. NGS is increasingly being used in companion diagnostics, particularly in oncology, where it is used to identify genetic mutations that can be targeted with specific therapies.
- Expansion of Indications
Companion diagnostics were initially developed for oncology indications, but they are now being developed for a wide range of indications, including cardiovascular diseases, infectious diseases, and neurodegenerative diseases. As the number of indications expands, the companion diagnostics market is expected to see significant growth.
- Collaborations and Partnerships
Collaborations and partnerships between pharmaceutical companies and diagnostic companies are becoming increasingly common in the companion diagnostics market. These collaborations allow for the development of more targeted therapies and more effective companion diagnostics. As these collaborations continue to grow, the companion diagnostics market is expected to see significant growth.
Some of the companies drive the market growth:
- Abbott Laboratories Molecular, Inc.,
- Agilent (Dako Denmark A/S),
- ARUP Laboratories, Inc.,
- BioMerieux, Danaher Corporation,
- Foundation Medicine, Inc.,
- Myriad Genetics, Inc.,
- QIAGEN N.V.,
- Roche (Ventana Medical Systems, Inc.),
- Thermo Fisher Scientific (Life Technologies Corporation).
To download a free sample of the report, Click Here https://www.stratviewresearch.com/Request-Sample/409/companion-diagnostics-market.html#form
Regional Analysis
Asia-Pacific is estimated to be the fastest-growing as well as the leading region in the market during 2022-2028. On account of the rapid growth in population, growing awareness regarding companion diagnostics, increasing demand for advanced therapies, and development in healthcare infrastructures. North America and Europe are also estimated to offer substantial growth opportunities during the forecast period.
