The Global Companion diagnostics Market is expected to grow at a CAGR of 13% during the forecast period (2022-2029).
A companion diagnostic is an in vitro medical device that provides information that is essential for the safe and effective use of a corresponding drug or biological product. This diagnostic test helps a health care professional to determine whether a particular therapeutic product is beneficial to patients and can outweigh any potentially serious side effects or risks.
The global companion diagnostics market growth is driven by the surge in R&D of targeted therapies, a rise in demand for personalized medicine with an increase in awareness in emerging economies, the discovery of new biomarkers for various conditions, and a higher number of unmet needs for the treatment of cancer are majorly driving the growth of the global companion diagnostics market.
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The growing need for targeted therapy will drive the market growth
With advances in genetic sequencing and genomics, it is now widely believed that drugs can work differently in different individuals. A better understanding of the genetic characteristics or biomarkers of an individual can promote the practice of administering “the right drug, at the right time, at the right dose, for the right person.” Pharmaceutical and biopharmaceutical companies are continuously attempting to implement patient-selection diagnostic frameworks in the earlier stages of drug development to provide targeted therapies to the right candidate. This further supports the growth of the companion diagnostics market.
The rising burden of cancer increases the demand and awareness for personalized medicines among the population. With companies expanding their collaborations for better biomarkers and diagnostics to focus on cost regulations, there has been a significant number of opportunities for its applications in indications like cancer, cardiovascular, and neurological disorders. For instance, in April 2019, Myriad Genetics Inc., AstraZeneca PLC, and Merck Group entered a partnership to identify unmet medical needs in men related to metastatic castration-resistant prostate cancer and expand the company’s patient access in the market.
- Neurological Diseases
- Infectious Diseases
- Polymerase Chain Reaction (PCR)
- Next Generation Sequencing (NGS)
- In Situ Hybridization
The Companion Diagnostics Market is highly competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Abbott Laboratories Inc., Agilent Technologies Inc., F.Hoffmann-La Roche Ltd, Biomerieux SA, Qiagen NV, Siemens Healthcare, Thermo Fisher Scientific Inc., Danaher Corporation (Beckman Coulter Inc.), Almac Group, Illumina Inc., among others.
The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Companion Diagnostics Market globally. For instance, In May 2020, Bayer AG and ArcherDX Inc. entered a collaboration for the development and commercialization of next-generation sequencing (NGS)-based companion diagnostics (CDx) for Vitrakvi (larotrectinib).
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