With 11% CAGR, Companion Diagnostics Market Size to Surpass USD 15.91 Billion by 2029

According to Fortune Business Insights, the Companion Diagnostics Market size was valued at USD 6.80 billion in 2021 and is expected to reach USD 15.91 billion by 2029, displaying a CAGR of 11.0% during the forecast period. In 2022, the market is expected to grow from its current value of USD 7.67 billion to further solidify its position in the market.

Pune, India, Feb. 10, 2023 (GLOBE NEWSWIRE) — The companion diagnostics market size was estimated at USD 6.80 billion in 2021. This market is expected to expand from USD 7.67 billion in 2022 to USD 15.91 billion by 2029, with a CAGR of 11.0% during the forecast period. In 2021, North America was the leader in this market with a revenue of USD 2.35 billion. This dominance can be attributed to the higher incidence of chronic diseases and cancer in the region, as well as the increasing utilization of advanced CDx assays.

Key Industry Development:

June 2022: In partnership with OmniSeq Corporation, Laboratory Corporation of America Holdings introduced OmniSeq INSIGHTsm, a complete genomic and immunological profiling tissue-based test utilizing Next-Generation Sequencing (NGS) technology. The test is intended to enhance patient outcomes and develop precision oncology.

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Companion Diagnostics Market Report Scope & Segmentation:

Growth Factors in Companion Diagnostics Market are:

• As the number of cancer patients continues to rise, the demand for effective diagnostic tools to guide treatment decisions also increases, driving growth in the companion diagnostics market.
• The development of new and improved diagnostic techniques, such as next-generation sequencing (NGS) and polymerase chain reaction (PCR), has led to the creation of more precise and accurate companion diagnostic tests.
• Companion diagnostics plays a crucial role in personalized medicine, providing physicians with information on a patient’s unique genetic profile to determine the most appropriate treatment. This trend is expected to drive growth in the companion diagnostics market.
• The rise in cancer cases has led to an increase in the demand for effective companion diagnostics (CDx) assays. Genomic testing offers clinicians’ comprehensive information on a patient’s tumor, allowing for precise treatment protocols, and as a result, the sales of CDx products have increased.
• To meet this growing demand, additional tests are being developed to detect specific mutations, further driving the growth of the global companion diagnostics market. The continued rise in cancer incidence is expected to fuel the market’s growth in the coming years.

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Segments Covered in this Report:

In 2021, the polymerase chain reaction (PCR) technology dominated the companion diagnostics market, due to the launch of new products by key players in the industry.

The cancer segment is expected to hold the largest market share for companion diagnostics, driven by the rising incidence of cancer and the focus of key players on developing advanced tests for cancer drugs using innovative technology.

Regional Insights:

North America to Lead Backed by Higher Occurrence of Cancer Patients

In 2021, North America produced USD 2.35 billion in revenue. The dominance of the region is linked to its higher incidence of cancer and other chronic diseases as well as to its expanding use of sophisticated CDx assays.

In 2021, Europe is expected to hold the second largest share of revenue in the global companion diagnostics market. The region’s success is attributed to the growth of partnerships between pharmaceutical companies and companion diagnostics manufacturers. As a result of these collaborations, the market in Europe is poised for continued growth.

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Companion Diagnostics Market Segmentations:

By Technology:

• Polymerase Chain Reaction
• Immunohistochemistry
• In-situ Hybridization
• Next Generation Gene Sequencing
• Others

By Indication:

• Cancer
• Neurological Diseases
• Infectious Diseases
• Others

By End-user:

• Pharmaceutical & Biopharmaceutical Companies
• Reference Laboratories
• CROs
• Others

List of Key Players Covered in the Report

• Abbott (U.S.)
• F. Hoffmann-La Roche Ltd. (Switzerland)
• Agilent Technologies, Inc. (U.S.)
• Illumina, Inc. (U.S.)
• Guardant Health (U.S.)
• Thermo Fisher Scientific Inc. (U.S.)
• BIOMERIEUX (France)
• QIAGEN (Germany)
• Myriad Genetics, Inc. (U.S.)

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