Companion Diagnostics Market Is Expected To Reach $6.45 Billion by 2026 | CAGR 18.3%

The global Companion Diagnostics market is expected to reach $6.45 billion by 2026, growing at a CAGR of 18.3% from 2019 to 2026.

WILMINGTON, DE, UNITED STATES, September 7, 2024 /EINPresswire.com/ -- Companion Diagnostics Market- Global Outlook and Forecast 2023-2033 is latest research study released by Allied Market Research evaluating the market risk side analysis, highlighting opportunities and leveraged with strategic and tactical decision-making support (2023-2033). The market Study is segmented by key a region that is accelerating the marketization. The report provides information on market research and development, growth drivers, and the changing investment structure of the Global Companion Diagnostics Market. Some of the key players profiled in the study are Abbott Laboratories Molecular, Agilent (Dako Denmark A/S), ARUP Laboratories, BioMerieux, Danaher Corporation (Leica Microsystems), Foundation Medicine, Myriad Genetics, Roche (Ventana Medical Systems), Thermo Fisher Scientific (Life Technologies Corporation), QIAGEN. The global Companion Diagnostics market is expected to reach $6.45 billion by 2026, growing at a CAGR of 18.3% from 2019 to 2026.

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Companion Diagnostics Market Key Growth Drivers

Increasing Demand for Personalized Medicine: The rise of personalized medicine, which tailors treatments to individual patients based on their genetic, molecular, or cellular profiles, is a major driver of the companion diagnostics market. These diagnostics help identify which patients are most likely to benefit from a specific treatment, enhancing therapeutic efficacy and minimizing side effects.

Growing Prevalence of Cancer: The increasing incidence of cancer worldwide has led to a greater demand for companion diagnostics, particularly for targeted cancer therapies. Companion diagnostics are widely used to detect specific genetic mutations or biomarkers (e.g., HER2, EGFR, KRAS) that guide oncologists in selecting the most appropriate therapies for cancer patients.

Advancements in Molecular Diagnostics Technologies: Continuous innovation in technologies such as next-generation sequencing (NGS), polymerase chain reaction (PCR), and liquid biopsy has improved the accuracy, speed, and affordability of companion diagnostics. These advancements are expanding the applications of companion diagnostics across various therapeutic areas.

Rising Approval of Targeted Therapies: Regulatory agencies such as the FDA are increasingly approving targeted therapies, especially for oncology and rare diseases. Many of these therapies require companion diagnostics to identify eligible patients, which is driving demand for these tests. As the pipeline of targeted therapies grows, so does the need for companion diagnostics.

Increasing Focus on Biomarker Discovery: Pharmaceutical companies and research organizations are investing heavily in discovering new biomarkers for various diseases. Companion diagnostics play a crucial role in translating biomarker research into clinical practice by enabling targeted therapies to be developed and tailored to specific patient subgroups.

Regulatory Support for Companion Diagnostics: Regulatory bodies like the FDA and EMA encourage the development of companion diagnostics as part of drug development. Co-approval of drugs and diagnostics accelerates the availability of personalized therapies, providing incentives for pharmaceutical and diagnostic companies to collaborate.

Growing Adoption of Liquid Biopsy: The rising popularity of liquid biopsy, a non-invasive method to detect circulating tumor DNA (ctDNA) and other biomarkers, is expanding the applications of companion diagnostics in cancer care. Liquid biopsy enables real-time monitoring of treatment efficacy and disease progression, enhancing the precision of personalized therapies.

Increasing Use of Companion Diagnostics Beyond Oncology: While oncology has been the dominant therapeutic area for companion diagnostics, these tools are expanding into other areas such as cardiovascular diseases, neurological disorders, and infectious diseases. This broadening scope is driving market growth as companion diagnostics are applied to more disease categories.

Collaborations Between Pharmaceutical and Diagnostics Companies: Partnerships between drug developers and diagnostics companies are increasing, with a focus on co-developing companion diagnostics alongside new drugs. These collaborations accelerate the commercialization of targeted therapies and diagnostics, fostering market growth.

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The segments and sub-section of Companion Diagnostics market is shown below:

By Technology Type: Immunohistochemistry, Polymerase Chain Reaction [PCR], Next Generation Sequencing [NGS], In Situ Hybridization, and Others

By Indication: Oncology, Neurology, and Others

Some of the key players involved in the Market are: Abbott Laboratories Molecular, Agilent (Dako Denmark A/S), ARUP Laboratories, BioMerieux, Danaher Corporation (Leica Microsystems), Foundation Medicine, Myriad Genetics, Roche (Ventana Medical Systems), Thermo Fisher Scientific (Life Technologies Corporation), QIAGEN.

Important years considered in the Companion Diagnostics study:
Historical year – 2017-2022; Base year – 2023; Forecast period** – 2023 to 2033 [** unless otherwise stated]

If opting for the Global version of Companion Diagnostics Market; then below country analysis would be included:
– North America (USA, Canada and Mexico)
– Europe (Germany, France, the United Kingdom, Netherlands, Italy, Nordic Nations, Spain, Switzerland and Rest of Europe)
– Asia-Pacific (China, Japan, Australia, New Zealand, South Korea, India, Southeast Asia and Rest of APAC)
– South America (Brazil, Argentina, Chile, Colombia, Rest of countries etc.)
– Middle East and Africa (Saudi Arabia, United Arab Emirates, Israel, Egypt, Turkey, Nigeria, South Africa, Rest of MEA)

Introduction about Companion Diagnostics Market
Companion Diagnostics Market Size (Sales) Market Share by Type (Product Category)
Companion Diagnostics Market by Application/End Users
Companion Diagnostics Sales (Volume) and Market Share Comparison by Applications
Global Companion Diagnostics Sales and Growth Rate (2023-2033)
Companion Diagnostics Competition by Players/Suppliers, Region, Type, and Application
Companion Diagnostics (Volume, Value, and Sales Price) table defined for each geographic region defined.
Companion Diagnostics Players/Suppliers Profiles and Sales Data
Key Raw Materials Analysis & Price Trends
Supply Chain, Sourcing Strategy and Downstream Buyers, Industrial Chain Analysis
……..and view more in complete table of Contents

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Thanks for reading this article; you can also get an individual chapter-wise sections or region-wise report versions like North America, LATAM, Europe, or Southeast Asia.

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