Companion Diagnostics Market Trend | Demand for Customized Medication and Tailored Treatment Coupled with the Recognition by Industry Participants of the Co-Development Paradigm of Drug Diagnostics will Drive Industry Demand

The global Companion Diagnostics Market size was USD 2.43 Billion in 2019 and is forecasted to reach USD 9.72 Billion by 2027 growing at a CAGR of 18.9% during forecast period, according to a new report by Emergen Research. Primary factor driving market revenue growth is the increasing prevalence of target diseases and growing demand for personalized medicines. According to the National Center for Biotechnology Information (NCBI), around 50% of all cancer patients can be treated with personalized medicine. Similarly, as per the U.S Food & Drug Administration (FDA), in 2018, out of 1,030 new drugs approved globally, 473 (45.9%) were personalized medicines. Moreover, recent advancements and approvals in the field of companion diagnostics are also supplementing market growth.

For the early detection and screening of chronic diseases, there is a growing need for companion diagnostic tests. Additionally, these tests contribute to better patient outcomes, lower pharmacotherapy variability, higher diagnostic accuracy, and reduced side effects of medications. They also aid in the identification of the most successful targeted therapeutic alternatives. They also have a greater success rate for drug development.

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With advances in genetic sequencing and genomics, it is generally accepted that different people can respond to medications differently. The technique of giving "the correct drug, at the right time, at the right dose, for the right person" can be advanced by having a better understanding of a person's genetic traits or biomarkers. In order to give focused therapeutics to the appropriate candidate, pharmaceutical and biopharmaceutical companies are continuously working to adopt patient-selection diagnostic frameworks in the early stages of drug development. This helps the market for companion diagnostics grow even more.

To make informed decisions about cancer therapy, NGS-based companion diagnostic tests seek to decode molecular data from each patient's tumour genome. In comparison to other sequencing approaches, next-generation sequencing finds more biomarkers for more pharmacological therapies in a shorter amount of time. The assessment of many biomarkers using NGS panels in a single test has the potential to aid in the treatment of a variety of malignancies. The numerous technological developments in NGS give market participants a direct competitive advantage over suppliers of other technologies like PCR, ICH, and ISH. Major market participants are concentrating on creating companion diagnostic solutions based on NGS as a result.

The market is expected to expand as a result of the increased incidence rate of NSCLC around the world and the expansion of oncology companion analytic tests for the illness. For instance, the United States FDA authorised the Foundation One CDx test in 2021 for use in conjunction with capmatinib for the treatment of NSCLC. Additionally, Roche Molecular Systems, Inc. obtained FDA approval from the US government in 2018 for the cobas EFGR mutation test v2, a PCR test designed to analyse mutations in the epidermal development impact receptor gene in NSCLC.

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Further key findings from the report suggest

  • The assays, kits, and reagents segment held the biggest market share for companion diagnostics in 2020, primarily as a result of the vast product selection and expanding use of assays and kits across a variety of therapeutic fields.
  • The market for companion diagnostics was dominated by the PCR category. A rising number of uses of PCR in the high-throughput detection of mutants with a limited or low allele frequency of genes are being made possible by factors including the simplicity of usage and general availability of PCR kits and reagents in companion diagnostic testing.
  • The market for companion diagnostics was dominated by the cancer segment. Factors like the expanding role of companion diagnostics in the treatment of cancer with customised therapy and the increased usefulness of biomarkers in the diagnosis of cancer.
  • Technology-based genetic sequencing brought about USD 0.47 billion in income in 2019. Due to the highly advanced sequencing techniques that enable the detection of mutations, fusions, changes in copy numbers, tumour mutation load, microsatellite instability, etc., it is anticipated to grow at a CAGR of 17.6% throughout the projection period.
  • A larger portion of the market for companion diagnostics was dominated by pharmaceutical and biotechnology businesses. the growing importance of companion diagnostic biomarkers and the expanding utilisation of companion diagnostics as a result of their increased prominence in medication development.
  • The market for companion diagnostics was dominated by North America. The development of the companion diagnostics market in North America can be ascribed to the region's large number of top companion diagnostics vendors and national clinical laboratories, easy access to cutting-edge technology, and well-developed healthcare systems in both the US and Canada.
  • Key participants include Agilent Technologies, Foundation Medicine, Myriad Genetic Laboratories, Thermo Fisher Scientific, Johnson & Johnson, Arup Laboratories, Abbott, MolecularMD, BioMĂ©rieux, and Illumina, among others.

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For the purpose of this report, Emergen Research has segmented into the global Companion Diagnostics Market based on the technology, disease indication, application, and region:

Technology Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)

  • Immunohistochemistry
  • In Situ Hybridization
  • Polymerase Chain Reaction
  • Genetic Sequencing

Disease Indication Outlook (Volume, Kilotons; 2017-2027, Revenue, USD Billion; 2017-2027)

  • Breast Cancer
  • Lung Cancer
  • Colorectal Cancer
  • Skin Cancer

Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)

  • Hospitals
  • Diagnostic Laboratories

Regional Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)

  • North America
    • S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Benelux
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • Rest of APAC
  • MEA
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • Latin America
    • Brazil
    • Rest of LATAM

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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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