Companion Diagnostics Market to Expand at CAGR of 9% during Forecast Period, Notes TMR Study
- Development of multiple companion diagnostics as well as biomarkers for lung cancer and increasing prevalence of cancer are likely to drive the expansion of the market expansion
- Companion diagnostics has significant scope for development in the near future, owing to a number of tests in the pipeline
ALBANY, N.Y., Feb. 28, 2022 /PRNewswire/ -- The global companion diagnostics market was worth US$ 5.24 Bn in 2020. It is likely to rise at a CAGR of 9% during the forecast period, from 2021 to 2028. The global market is anticipated to attain value of US$ 9.30 Bn by 2028. Due to the increasing prevalence of cancer and various chronic conditions throughout the world, the global companion diagnostics market is predicted to rise at a rapid pace. Firms in the companion diagnostics market are capitalizing on significant revenue prospects that are made available to them by rise in such diseases. Companion diagnostics are utilized to assess cancer patients' responses to targeted medication therapy. This aids in the development of tailored cancer therapy.
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Owing to the rising need for customized treatments, the global companion diagnostics market is booming. The global market is also likely to benefit from increasing cancer prevalence and lower development costs for new medications. Companion diagnostics tests as well as procedures aid in the making of better treatment selections.
The global companion diagnostics market is predicted to be led by North America. The market in the North America is being driven by well-established healthcare infrastructure and increasing treatment affordability. Companion diagnostics methods are becoming increasingly important as the global burden of chronic illnesses rises. The expansion of the companion diagnostics market in North America can be attributed to a significant number of active clinical trials, research activities, increasing outsourcing services, and higher government healthcare spending.
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Key Findings of Market Report
- The global companion diagnostics market is likely to be driven by rising demand and creation of customized medicine. Advancements in genomes research and biomarkers have raised demand for customized therapy. This can be ascribed to target-specific nature and efficiency of customized, as well as superior patient outcomes. Furthermore, in comparison with conventional medicines, targeted therapies have little or no negative effects.
- Due to increase in the prevalence and incidence rate of breast cancer throughout the world, the breast cancer category accounted for the largest market share in 2020. Companion diagnostics are critical in detecting particular indicators for breast cancer diagnosis and preparing the path for related treatment.
- Due to the existence of multiple tests in the pipeline, companion diagnostics is likely to experience tremendous development prospects in the upcoming years. The main benefit of using companion diagnostics is that it helps in forecasting whether a patient will react to a certain medication, thus improving patient outcomes and lowering total healthcare expenditures.
- In the near future, technological improvements that lead to faster clearance of companion diagnostic tests/assays are expected to fuel the global market. As per study, the FDA has authorized approximately 44 CDx assays in 2020. As a result, regulatory approvals for CDx tests in different countries are expected to drive the global market throughout the forecast period.
- Due to rising cancer prevalence rates in various countries, the Asia Pacific market is expected to increase rapidly over the next few years. In Asia Pacific, rise in demand for tailored pharmaceuticals is expected to drive the industry. Prominent global firms are drawn to the region due to development opportunities, strong economic growth, multiple avenues for scientific research, growing population, as well as favorable regulatory environment for healthcare.
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Global Companion Diagnostics Market: Growth Drivers
- One of the primary aspects driving the worldwide companion diagnostics market is the rising prevalence of breast cancer, which is offering value-grab possibilities for industry participants. The global market is growing due to rising awareness about breast cancer and health practitioners' heightened attention on its treatment. The lung cancer category, on the other hand, is a significant revenue generator in the global companion diagnostics market.
- As the frequency and incidence of infectious illnesses such as HIV rises, sophisticated companion diagnostics is likely to become more popular, propelling the market over the forecast period
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Global Companion Diagnostics Market: Key Players
Some of the key market players are
- Biogenex Laboratories, Inc.
- Myriad Genetic Laboratories, Inc.
- Invivoscribe Technologies, Inc.
- Ventana Medical Systems, Inc.
- ARUP Laboratories, Inc.
- Roche Molecular Systems, Inc.
Global Companion Diagnostics Market: Segmentation
Indication
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Gastric Cancer
- Melanoma
- Others
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