Companion Diagnostics Market By Indication: Cancer, Neurological Disorders, Cardiovascular Diseases, Infectious Diseases, Other Indications; By Product & Service: Assays, Kits & Reagents, Software & Services; By Technology: Polymerase Chain Reaction, Next-Generation Sequencing, In Situ Hybridization, Immunohistochemistry, Other; By Indication: Oncology, Neurology, Infectious Diseases, Others; By E

Published Date: July - 2024 | Publisher: MRA | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format

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Companion Diagnostics Market By Indication: Cancer, Neurological Disorders, Cardiovascular Diseases, Infectious Diseases, Other Indications; By Product & Service: Assays, Kits & Reagents, Software & Services; By Technology: Polymerase Chain Reaction, Next-Generation Sequencing, In Situ Hybridization, Immunohistochemistry, Other; By Indication: Oncology, Neurology, Infectious Diseases, Others; By E

Companion Diagnostics Market By IndicationCancer, Neurological Disorders, Cardiovascular Diseases, Infectious Diseases, Other Indications; By Product & ServiceAssays, Kits & Reagents, Software & Services; By TechnologyPolymerase Chain Reaction, Next-Generation Sequencing, In Situ Hybridization, Immunohistochemistry, Other; By IndicationOncology, Neurology, Infectious Diseases, Others; By E

Companion Diagnostics Market Size And Forecast

According to the new report titled " Companion Diagnostics Market By IndicationCancer, Neurological Disorders, Cardiovascular Diseases, Infectious Diseases, Other Indications; By Product & ServiceAssays, Kits & Reagents, Software & Services; By TechnologyPolymerase Chain Reaction, Next-Generation Sequencing, In Situ Hybridization, Immunohistochemistry, Other; By IndicationOncology, Neurology, Infectious Diseases, Others; By End-User), Global Analysis to 2023"

 The valuation of the Companion Diagnostics market was $ 6.1 Billion in 2023 and is projected to reach $16.89 Billion by 2032, at a CAGR of 12.31% from 2021 to 2032.

The Companion Diagnostics Market was valued at $ 6.1 Billion by 2023 and expected to grow at CAGR of 12.31% over forecast period.  Companion diagnostics (CDx) refers to a type of diagnostic test that is used alongside specific therapies, particularly in the field of personalized medicine. These tests help healthcare providers determine whether a particular treatment is appropriate for an individual patient based on their unique molecular or genetic characteristics. Companion diagnostics play a crucial role in personalized medicine by tailoring treatment decisions to the individual characteristics of each patient.

Imagine you're a detective trying to figure out the best treatment for each patient. Companion diagnostics are like super-sleuths that help us identify patients who will respond well to specific treatments. These tests scour a patient's genes and molecules to find clues that can predict their reaction to medicine. That way, doctors can give the right treatment to the right patient, minimizing the risk of side effects for those who won't benefit. With so many people suffering from chronic diseases like cancer and heart problems, the need for personalized treatment is skyrocketing. Companion diagnostics allow doctors to tailor treatments to each patient's unique genetic makeup, leading to better outcomes. It's no wonder that governments and businesses are pouring money into precision medicine research to fuel the development of these groundbreaking tests.

Cancer held the largest share in the Companion Diagnostics market

"When it comes to Companion Diagnostics, Cancer takes the wheel. These diagnostics are like a roadmap for doctors treating cancer patients. They use special tests to identify the unique molecular makeup of each patient's tumor. Cancer is like a tricky puzzle, with each tumor being different. Companion diagnostics help doctors match the puzzle pieces by finding the specific genetic mutations or molecular pathways that are driving the tumor's growth. This allows them to choose targeted therapies that are designed to attack those specific puzzle pieces, like a laser beam finding its target. By tailoring treatments to each patient's tumor, doctors can increase the chances of success and make sure patients get the best care possible."

This personalized approach can lead to better treatment outcomes and reduced side effects compared to traditional, one-size-fits-all approaches. Companion diagnostics can provide valuable information about a patient's prognosis and likelihood of responding to certain treatments. Predictive testing assesses whether a patient is likely to respond to a specific therapy, while prognostic testing evaluates the patient's overall disease outlook. This information helps oncologists tailor treatment plans and provide patients with more accurate prognostic information.

North America headed the Companion Diagnostics market in 2023

Precision medicine is like a custom-tailored approach to healthcare, where treatments are based on your unique genetic makeup and medical history. In cancer treatment, precision oncology uses tests called companion diagnostics to find the exact genetic changes driving your tumor. This information helps doctors choose the right drugs for your specific cancer, increasing your chances of success. North America is leading the way in precision oncology research and treatments. The use of companion diagnostics is skyrocketing because doctors and patients alike are seeing the benefits of targeted therapies. The demand for companion diagnostics is growing rapidly as precision medicine becomes more common. Governments and private companies are investing heavily in research to develop new companion diagnostics and treatments. This investment is driving down costs and making precision oncology more accessible to everyone. Thanks to the advancements in North America, precision oncology is transforming cancer treatment. Patients are living longer, healthier lives with fewer side effects. And the future looks even brighter as research continues to unlock new breakthroughs.

Funding for research and development in genomics, biomarker discovery, and companion diagnostics has expanded, fueling innovation and driving the adoption of these tests in clinical practice. Overall, the demand for companion diagnostics in North America is expected to continue to grow as precision medicine becomes increasingly mainstream in cancer care. These tests are integral to advancing personalized treatment approaches, improving patient outcomes, and driving innovation in oncology research and drug development.

Key market players operating in the market that are

profiled in the report are F. Hoffmann-La Roche Ltd. (Switzerland), Agilent Technologies, Inc. (US), Qiagen N.V. (Germany), Thermo Fisher Scientific, Inc. (US), Abbott Laboratories, Inc. (US) etc

Report Scope

REPORT ATTRIBUTES DETAILS
STUDY PERIOD

2021-2031
BASE YEAR

2024
FORECAST PERIOD

2024-2031
HISTORICAL PERIOD

2021-2023
UNIT

Value (USD Billion)
KEY COMPANIES PROFILED

Abbott Laboratories Molecular, Inc., Agilent (Dako Denmark A/S), ARUP Laboratories, Inc., BioMerieux, Danaher Corporation (Leica Microsystems), Foundation Medicine, Inc., Eurofins, Myriad Genetics, Inc., Roche (Ventana Medical Systems, Inc), Thermo Fisher Scientific (Life Technologies Corporation), and QIAGEN N.V.
SEGMENTS COVERED

By Technology Type, By Indication, By Geography
CUSTOMIZATION SCOPE

Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope

 Key Players

  •  Abbott Laboratories Molecular
  • Inc.
  • Agilent (Dako Denmark A/S)
  • ARUP Laboratories
  • Inc.
  • BioMerieux
  • Danaher Corporation (Leica Microsystems)
  • Foundation Medicine
  • Inc.
  • Eurofins
  • Myriad Genetics
  • Inc.
  • Roche (Ventana Medical Systems
  • Inc)
  • Thermo Fisher Scientific (Life Technologies Corporation)
  • and QIAGEN N.V.

Global Companion Diagnostics Market Segmentation Analysis

The Companion Diagnostics Market is segmented based on Technology Type, Indication, and Geography.

 

Companion Diagnostics Market, By Technology Type

  • Frequency Immunohistochemistry
  • Polymerase Chain Reaction (PCR)
  • Next Generation Sequencing (NGS)
  • In Situ Hybridization
  • Others

Understanding the different ways diseases are identified and diagnosed is crucial for improving patient outcomes. Scientists have developed several technologies to detect and study various aspects of diseases, and each of these technologies has its strengths and limitations. One of the most widely used technologies is the Polymerase Chain Reaction (PCR). Think of it as a molecular copying machine that can make millions of copies of a specific DNA sequence. This is essential for studying diseases because it allows scientists to amplify small amounts of genetic material, making it easier to analyze. PCR is also cost-effective, highly sensitive (meaning it can detect even tiny amounts of DNA), and specific (meaning it can pinpoint the DNA sequence of interest). It's no wonder that PCR currently dominates the market and is likely to continue growing in popularity. Another promising technology is Next Generation Sequencing (NGS). This technology can analyze much larger amounts of DNA than PCR, making it ideal for studying complex diseases like cancer. NGS can identify even rare genetic changes, which is helpful for diagnosing and treating diseases. It's also faster than traditional sequencing methods, which means patients can get their results sooner. As a result, NGS is expected to become increasingly important in the future. Other technologies like In Situ Hybridization and Frequency Immunohistochemistry are also valuable tools in the field of disease diagnosis and research. By combining these technologies, scientists and healthcare providers can gain a more comprehensive understanding of diseases and develop better treatments.

Companion Diagnostics Market, By Indication

  • Oncology
  • Neurology
  • Others

Based on Indication, the market is segmented into oncology, neurology, and others. The oncology segment accounted for the largest market share in 2021. Some key factors driving the growth of the oncology segment include increased cancer prevalence, an increase in the number of R&D activities for cancer, an increase in the number of unmet needs for cancer treatment, an increase in the number of FDA-approved companion diagnostics, and increased patient awareness about personalized medicine.

Companion Diagnostics Market, By Geography

  • North America
  • Europe
  • Asia Pacific
  • Middle East And Africa
  • Latin America

The world's market for cancer treatments and services can be divided into different regions, like North America, Europe, Asia Pacific, and everywhere else. North America has a big slice of the market pie, and it's only expected to get bigger in the coming years. Why? Because there are a lot of different types of cancer in North America, especially in the United States. Canada is a perfect example. The number of people getting cancer is going up, and a lot of them are dying from it. According to the Canadian Cancer Society, about 28% of all deaths in Canada are caused by cancer. And researchers say that by 2025, 2 out of every 5 Canadians will be diagnosed with cancer. That's a lot of people who will need treatment.

Paragraph 1 Cancer is sadly on the rise in Mexico, and it's taking a heavy toll on the country. Each year, the number of people diagnosed with cancer goes up, which means the government has to spend more and more money on healthcare for these patients. In 2019 alone, there were over 190,000 new cancer cases in Mexico, and more than 83,000 people died from the disease. And it's only expected to get worse, with experts predicting that the number of cancer cases will skyrocket to over 1.2 million in the next ten years. Paragraph 2 The Asia-Pacific region is a big player in the healthcare industry, and it's also a hot spot for companies that make companion diagnostics. Companion diagnostics are tests that help doctors tailor cancer treatments to each patient, which can lead to better outcomes. There are a lot of reasons why the companion diagnostics market is growing in Asia-Pacificthere are a lot of people living in the region, people are becoming more aware of the importance of early cancer detection, and there's a growing demand for high-tech treatments. But there's also a downsidedeveloping these tests can be really expensive, which could slow down the growth of the market.

Reasons to Purchase this Report

Discover Key Market Insights We'll analyze the market through a lens that considers both economic and non-economic factors, helping you understand how different segments drive the industry. Market Size and Growth Get a clear picture of the market's value in billions of dollars, segmented by category and subcategory. We'll also reveal which region and segment are poised for the most rapid growth and market dominance. Regional Analysis Explore how the market varies across different regions. We'll uncover consumption patterns, key factors influencing growth, and opportunities specific to each area. Competitive Landscape We'll rank the top players in the industry and provide a comprehensive overview of their strategies, including new product launches, partnerships, expansions, and acquisitions. Company Profiles Dive into the profiles of major market players, gaining insights into their strengths, weaknesses, products, and overall performance. Market Outlook Get the latest on industry trends, growth drivers, challenges, and opportunities. We'll forecast the future direction of the market, empowering you to make informed decisions. Market Analysis Tools We'll use Porter's Five Forces Analysis and Value Chain Analysis to provide a comprehensive understanding of the market's dynamics. Growth Prospects and Support Discover the opportunities and challenges facing emerging and developed markets. Our analysts will provide tailored support for six months after your purchase, ensuring you stay informed and ahead of the curve.

Table of Content

1 INTRODUCTION OF GLOBAL COMPANION DIAGNOSTICS MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources

4 GLOBAL COMPANION DIAGNOSTICS MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
4.5 Regulatory Framework

5 GLOBAL COMPANION DIAGNOSTICS MARKET, BY TECHNOLOGY TYPE
5.1 Overview
5.2 Immunohistochemistry
5.3 Polymerase Chain Reaction (PCR)
5.4 Next Generation Sequencing (NGS)
5.5 In Situ Hybridization
5.6 Others

6 GLOBAL COMPANION DIAGNOSTICS MARKET, BY INDICATION
6.1 Overview
6.2 Oncology
6.3 Neurology
6.4 Others

7 GLOBAL COMPANION DIAGNOSTICS MARKET, BY GEOGRAPHY
7.1 Overview
7.2 North America
7.2.1 U.S.
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 U.K.
7.3.3 France
7.3.4 Rest of Europe
7.4 Asia Pacific
7.4.1 China
7.4.2 Japan
7.4.3 India
7.4.4 Rest of Asia Pacific
7.5 Rest of the World
7.5.1 Latin America
7.5.2 Middle East and Africa

8 GLOBAL COMPANION DIAGNOSTICS MARKET COMPETITIVE LANDSCAPE
8.1 Overview
8.2 Company Market Ranking
8.3 Key Development Strategies

9 COMPANY PROFILES

9.1 Abbott Laboratories Molecular, Inc.
9.1.1 Overview
9.1.2 Financial Performance
9.1.3 Product Outlook
9.1.4 Key Developments

9.2 Agilent (Dako Denmark A/S)
9.2.1 Overview
9.2.2 Financial Performance
9.2.3 Product Outlook
9.2.4 Key Developments

9.3 ARUP Laboratories, Inc.
9.3.1 Overview
9.3.2 Financial Performance
9.3.3 Product Outlook
9.3.4 Key Developments

9.4 BioMerieux
9.4.1 Overview
9.4.2 Financial Performance
9.4.3 Product Outlook
9.4.4 Key Developments

9.5 Danaher Corporation (Leica Microsystems)
9.5.1 Overview
9.5.2 Financial Performance
9.5.3 Product Outlook
9.5.4 Key Developments

9.6 Foundation Medicine, Inc.
9.6.1 Overview
9.6.2 Financial Performance
9.6.3 Product Outlook
9.6.4 Key Developments

9.7 Myriad Genetics, Inc.
9.7.1 Overview
9.7.2 Financial Performance
9.7.3 Product Outlook
9.7.4 Key Developments

9.8 Roche (Ventana Medical Systems, Inc)
9.8.1 Overview
9.8.2 Financial Performance
9.8.3 Product Outlook
9.8.4 Key Developments

9.9 QIAGEN N.V.
9.9.1 Overview
9.9.2 Financial Performance
9.9.3 Product Outlook
9.9.4 Key Developments

9.10 Thermo Fisher Scientific (Life Technologies Corporation)
9.10.1 Overview
9.10.2 Financial Performance
9.10.3 Product Outlook
9.10.4 Key Developments

10 KEY DEVELOPMENTS
10.1 Product Launches/Developments
10.2 Mergers and Acquisitions
10.3 Business Expansions
10.4 Partnerships and Collaborations

11 Appendix
11.1 Related Research

 Key Players

  •  Abbott Laboratories Molecular
  • Inc.
  • Agilent (Dako Denmark A/S)
  • ARUP Laboratories
  • Inc.
  • BioMerieux
  • Danaher Corporation (Leica Microsystems)
  • Foundation Medicine
  • Inc.
  • Eurofins
  • Myriad Genetics
  • Inc.
  • Roche (Ventana Medical Systems
  • Inc)
  • Thermo Fisher Scientific (Life Technologies Corporation)
  • and QIAGEN N.V.

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