Companion Diagnostics Market Size to Hit USD 9.3 Billion Revenue by 2028 with 9% CAGR: Report by Transparency Market Research

Call for Personalized Medicine to Fast-Track Companion Diagnostics Market Scope

/EIN News/ -- Wilmington, Delaware, United States, Transparency Market Research Inc., Aug. 20, 2024 (GLOBE NEWSWIRE) -- The global companion diagnostics market (동반진단 시장) was worth US$ 5.2 Bn in 2020 and is expected to reach US$ 9.3 Billion by the year 2028 at a sizzling CAGR of 9.0% between 2020 and 2028.

Companion diagnostics help in matching a patient to a specific therapy or drug. For instance, a companion diagnostic test may identify if a patient’s tumor has any specific alterations in genes or any biomarker targeted by drug. In other words, companion diagnostics helps in determining if that drug is suitable for the patient or not.

The major advantage offered in the form of personalized medicine for the ones suffering from cancer is pushing the companion diagnostics market growth.

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What do the Latest Trends say?

The AI revolution has swayed the entire healthcare vertical and diagnostics is no exception. The key participants are joining hands with hi-tech companies in order to develop AI-powered companion diagnostics. Along these lines, Roche, on February 12, 2024, announced that it had entered into partnership with PathAI for developing AI digital pathology algorithms to be deployed using its digital pathology solution.

Advancements pertaining to next-generation sequencing are also being deployed for detecting genetic abnormalities. On these grounds, in November 2023, QIAGEN entered into partnership with Element Biosciences in order to provide next-generation sequencing (NGS) workflows for benchtop sequencer AVITI System for escalating process of discovery, reducing the operational costs, and improving turnaround times for genomic research.

Key Takeaways from Companion Diagnostics Market

• Cancer Spreading its Wings At a Faster Pace Worldwide
• Speedy Approvals of New Courses of Treatment for Cancer

The rise in incidence of cancer worldwide has increased the requirement of superlative CDx assays, as genomic testing makes way for a clear picture of the tumors of the patient and offers accurate insights to the medical practitioners regarding treatment protocols.

As per the American Cancer Society Journal, close to 1.9 million novel cancer cases were reported in the U.S. in the year 2022. The WHO gives a bigger picture over here. It states that in 2022 there were 2.26 million new-fangled cases of individuals diagnosed with breast cancer 2.21 with lung cancer throughout the world.

Guardant360 CDx is the very first, U.S. FDA-approved biopsy companion diagnostic that uses the NGS technology for identifying patients suffering from specific kinds of mutations of Epidermal Growth Factor receptor (EGFR) gene in metastatic Non-Small Cell Lung Cancer (NSCLC).

• In March 2023, The U.S. FDA approved a novel companion diagnostic assay called VENTANA PD-L1 (SP263) in order to identify the adults initially treated with cemiplimab with stage II to IIIA Non-Small Cell Lung Cancer (NSCLC). These factors are expected to bring a larger pool of cancer patients under the gambit of diagnostics followed by treatment with immediate effect.

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Companion Diagnostics Market: What’s Region-wise Contribution?

• North America: Leading the CDx Arena

North America dominates the companion diagnostics market space and is likely to continue doing so till 2028. This is due to higher incidence of cancer as well as the other chronic conditions coupled with advanced CDx assays increasingly being adopted in the U.S. As per the National Cancer Institute, over 1,00,000 novel cases of cancer are diagnosed in the U.S. every year.

• Europe: Second-largest Contributor

Europe holds the second-largest companion diagnostics market share with regards to revenue. This is due to increase in frequency of collaboration between companion diagnostics manufacturers and pharmaceutical companies in the region. QIAGEN, in December 2021, entered into collaboration with Denovo Biopharma LLC for developing a blood-based companion diagnostic (CDx) test for identifying the patients expressing Denovo genomic marker 1 (DGM1), and used for treating diffuse large B-cell lymphoma in lymphoid cancers.

• Asia Pacific: The Gradual Gripper

Asia Pacific is likely to witness a sizable growth in companion diagnostics industry due to rise in the number of medical device companies developing diagnostic products for treatment. As per the Janssen Asia Pacific, the region holds half of the new cases of cancer every year.

Who are Key Players in Companion Diagnostics Market?

Labcorp Drug Development, Agilent Technologies, Myriad Genetic Laboratories, Inc., QIAGEN, Roche Molecular Systems, Inc., Dako, Inc., Abbott Laboratories, Foundation Medicine, Inc., MolecularMD Corporation, Ventana Medical Systems, Inc., Illumina, Inc., Life Technologies Corporation, Invivoscribe Technologies, Inc., Arup Laboratories, Inc., Leica Biosystems, Biogenex Laboratories, Inc., bioMérieux, Inc., GE HealthCare, Agendia N.V., Exact sciences Corp, and Genomic HealthCare are the prominent players spanning the companion diagnostics market scope.

Development Plank of Companion Diagnostics Market

• In February 2024, F. Hoffmann-La Roche Ltd. Entered into partnership with PathAI to develop AI-enabled pathology algorithms in order to advance the companion diagnostic portfolio of the company.
• In November 2023, Amoy Diagnostics Co., Ltd. Collaborated with Cell Signaling Technology with an objective of supporting precision oncology with developing companion diagnostics in China.

The Companion Diagnostics Market is dissected as follows:

• By Indication

• Breast Cancer
• Lung Cancer
• Colorectal Cancer
• Gastric Cancer
• Melanoma
• Others (HIV, Thalassemia)

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