PUBLISHER: Market Glass, Inc. (Formerly Global Industry Analysts, Inc.) | PRODUCT CODE: 1884823
PUBLISHER: Market Glass, Inc. (Formerly Global Industry Analysts, Inc.) | PRODUCT CODE: 1884823
Global Companion Diagnostics Market to Reach US$14.1 Billion by 2030
The global market for Companion Diagnostics estimated at US$7.3 Billion in the year 2024, is expected to reach US$14.1 Billion by 2030, growing at a CAGR of 11.6% over the analysis period 2024-2030. Assay Kits & Reagents, one of the segments analyzed in the report, is expected to record a 10.9% CAGR and reach US$9.1 Billion by the end of the analysis period. Growth in the Software & Services segment is estimated at 13.1% CAGR over the analysis period.
The U.S. Market is Estimated at US$2.0 Billion While China is Forecast to Grow at 15.6% CAGR
The Companion Diagnostics market in the U.S. is estimated at US$2.0 Billion in the year 2024. China, the world's second largest economy, is forecast to reach a projected market size of US$2.9 Billion by the year 2030 trailing a CAGR of 15.6% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 8.5% and 10.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.2% CAGR.
Companion Diagnostics - Key Trends and Drivers
Companion diagnostics are an integral component of precision medicine, designed to identify the suitability of specific treatments for individual patients based on their unique genetic makeup or other biomarkers. These diagnostic tests are critical in the field of oncology, where they help determine the most effective therapies for cancer patients, ensuring treatments are tailored to the molecular profile of a patient's tumor. By enabling personalized treatment plans, companion diagnostics improve the efficacy and safety of therapies, reduce adverse effects, and ultimately enhance patient outcomes. They work by identifying patients who are most likely to benefit from a particular therapeutic product, ensuring that the right drug is administered to the right patient at the right time. This approach is transforming the landscape of medical treatment, moving away from the one-size-fits-all model to more targeted and individualized care.
The technological advancements in molecular diagnostics and genomics are significantly driving the evolution of companion diagnostics. Next-generation sequencing (NGS) and polymerase chain reaction (PCR) are among the key technologies that have enhanced the precision and speed of companion diagnostics. These technologies enable comprehensive genomic profiling and accurate detection of genetic mutations and alterations associated with various diseases, particularly cancer. Additionally, the integration of artificial intelligence (AI) and machine learning in data analysis has further refined the accuracy of these diagnostics, allowing for more precise and reliable results. The development of multiplex assays, which can detect multiple biomarkers simultaneously, has also expanded the scope and efficiency of companion diagnostics. This technological progress is not only improving diagnostic capabilities but also fostering collaborations between pharmaceutical companies and diagnostic manufacturers to co-develop drugs and companion tests, thereby accelerating the delivery of personalized therapies to patients.
The growth in the companion diagnostics market is driven by several factors. The increasing prevalence of cancer and other chronic diseases necessitates the development of targeted therapies, which in turn boosts the demand for companion diagnostics. Regulatory agencies, such as the FDA, are emphasizing the importance of companion diagnostics in the drug approval process, encouraging pharmaceutical companies to incorporate these tests into their clinical development strategies. The rise of precision medicine and the growing adoption of personalized treatment approaches are also propelling market growth. Furthermore, advancements in molecular diagnostics technologies, such as NGS and digital PCR, are enhancing the accuracy and efficiency of companion diagnostics, making them more accessible and reliable. The expansion of biomarker discovery and the increasing use of biomarkers in drug development are generating new opportunities for the market. Additionally, the collaboration between diagnostic companies and pharmaceutical firms is fostering innovation and accelerating the development of new companion diagnostics. These factors collectively contribute to the robust growth and widespread adoption of companion diagnostics, transforming the landscape of personalized medicine and improving patient care.
SCOPE OF STUDY:
The report analyzes the Companion Diagnostics market in terms of units by the following Segments, and Geographic Regions/Countries:
Segments:
Offering (Assay Kits & Reagents, Software & Services); Technology (Polymerase Chain Reaction (PCR) Technology, Immunohistochemistry (IHC) Technology, In Situ Hybridization (ISH) Technology, Next-Generation Sequencing (NGS) Technology, Other Technologies); Indication (Oncology Indication, Neurology Indication, Other Indications); End-Use (Pharma & Biopharma Companies End-Use, Reference Laboratories End-Use, CROs End-Use, Other End-Uses)
Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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