Global Companion Diagnostics Market, as
forecasted by BCC Research, to Grow at a Compound Annual Growth
Rate (CAGR) of 15.2% from 2023 to 2028
BOSTON, May 17, 2024
/PRNewswire/ -- 'Companion Diagnostics: Technologies and Markets'
is all about using special tests alongside certain medicines to
figure out which treatment will work best for each person. These
tests are called companion diagnostics because they go together
with specific drugs, helping doctors choose the right treatment
based on things like a person's genes or other important
factors.
When discussing "Technologies and Markets," it involves two main
aspects: the fascinating scientific advancements behind these
tests, such as genetic testing or advanced imaging, and the
business side of things, like understanding the market size, growth
rate, regulations, and competition. Essentially, it's a combination
of scientific innovation and business strategy aimed at enhancing
healthcare treatments and outcomes.
"According to the latest research study, the demand for
Companion Diagnostics: Technologies and Markets expected to
grow from $7.6 billion in 2023 and
will reach $15.4 billion by the end
of 2028 at a compound annual growth rate (CAGR) of 15.2% from
2023 through 2028"
This report dives deep into the companion diagnostics market,
looking at both its present and future potential. It examines
what's driving the market forward, what opportunities exist, and
what challenges might slow it down. The report breaks down the
market by different aspects like the products and services offered,
the types of tests conducted, the technology used, and where these
diagnostics are applied. It also looks at who's using them, such as
labs, drug companies, and research organizations. The report even
gives snapshots of the major companies in this field, including
what they offer, how well they're doing financially, and what new
developments they're working on. It also looks at where all this
activity is happening, splitting the market into regions like
North America, Europe, Asia-Pacific, and the Rest of the World,
providing data from 2020 to 2028.
Some Interesting Facts
In the world of companion diagnostics, cancer testing is the big
thing right now because more people are using treatments that boost
the immune system, and companies and doctors in cancer care are
working hard on this. Another growing area is a special kind of
technology called Next-Generation Sequencing (NGS) which is getting
better and more popular for these tests because it's teaming up
with others and advancing quickly. And when it comes to the stuff
used for these tests, like kits and materials, they're super
important because they're used a lot. Companies make a lot of money
selling these because they're needed for testing all the time.
To discover more insights and information about Companion
Diagnostics: Technologies and Markets, click here for further
exploration.
Companion diagnostics: technologies and markets are driven by
factors such as:
- Rising Incidence of Cancer: more people are getting
diagnosed with cancer over time. This can happen because the
population is growing, people are living longer, and lifestyle
choices like smoking and unhealthy eating are more common.
Environmental factors like pollution and sun exposure also play a
role. As more people get cancer, it puts a strain on healthcare
systems to diagnose and treat it, and to make sure there are enough
resources to go around.
- Growing Adoption of Personalized
Medicine.: Physicians are using treatments customized for
individuals, considering factors like their genes or unique
characteristics. Rather than applying one-size-fits-all approaches,
they tailor treatments to suit each person, aiming for better
effectiveness and fewer side effects. As personalized medicine
becomes more widespread, it has the potential to enhance treatment
outcomes and revolutionize healthcare practices.
- Expanded Application in Non-Oncology
Areas.: medical treatments or tools developed for cancer
are now being used for other health problems too. For example,
tests or therapies originally meant for cancer might now help with
things like brain diseases, heart problems, infections, or other
illnesses. This expansion could make healthcare better for lots of
different medical issues, not just cancer.
- Optimization of Drug Development Costs: Discovering
methods to speed up and reduce the cost of developing new
medicines. By enhancing the drug development process, companies can
save money and resources, making it more affordable to introduce
new medications to patients. This ensures that resources are
utilized efficiently and helps deliver new drugs to patients faster
and at more affordable prices.
Request a Copy of the Companion Diagnostics:
Technologies and Markets
Report
Synopsis
Report
Metrics
|
Details
|
Base year
considered
|
2022
|
Forecast Period
considered
|
2023-2028
|
Base year market
size
|
$6.6 billion
|
Market Size
Forecast
|
$15.4
billion
|
Growth Rate
|
CAGR of 15.2% for the
forecast period of 2023-2028
|
Segment
Covered
|
Product and Service,
Type of Test, Technology, Application, End User
|
Regions
covered
|
North America, Europe,
Asia-Pacific, Rest of the World (RoW)
|
Countries
covered
|
U.S., Canada, Germany,
France, U.K., Italy, Rest of Europe, China, India, Japan, Rest of
Asia-Pacific
|
Key Market
Drivers
|
- Rising Incidence of
Cancer
- Growing Adoption of
Personalized Medicine
- Expanded
Application in Non-Oncology Areas
- Optimization of
Drug Development Costs
|
Segmentation Analysis
By Product: When discussing 'Product' in this
context, three main categories are involved: Instruments, which are
the tools or machines used for testing; Consumables, which are the
materials or supplies needed for the tests, like test kits or
chemicals; and Services, which include assistance or support
provided alongside the products, such as training or maintenance.
In simpler terms, it's about the different things needed to perform
tests: the machines, the materials used during testing, and the
help or services that accompany them."
Type of Test: When discussing 'Type of Test' in this
context, two main categories are considered: LDT-CDx and Commercial
CDx. LDT-CDx stands for 'Lab-Developed Tests for Companion
Diagnostics,' which are tests created and used by specific labs.
Conversely, Commercial CDx refers to 'Commercial Companion
Diagnostics,' which are tests developed and sold by companies for
widespread use. Simply put, it's about whether the test was made by
a specific lab or by a company for broader use.
By Technology: When discussing 'Technology' in this
context, it refers to the various methods doctors use to test for
different things. This includes PCR for DNA analysis,
Immunohistochemistry for detecting proteins in tissues, and
Next-generation sequencing for quickly reading DNA. Additionally,
there's in situ hybridization for identifying specific DNA or RNA
in cells, Genotyping for spotting genetic differences, Immunoassays
for measuring substances in blood, and Exosomes for cell
communication. 'Others' may include additional testing methods.
Alongside these, there are also 'Services' provided, such as
training or maintenance.
By Applications: When discussing 'Applications' in
this context, it refers to the various health issues these tests
can assist with. This includes testing for Cancer, checking for
Neurologic Disorders like Alzheimer's or Parkinson's disease,
monitoring cardiovascular disease such as heart conditions, and
diagnosing Infectious Diseases like flu or COVID-19. 'Others' might
encompass a range of additional health problems these tests can
help identify.
End Users: In this context, 'End Users' refers to the
different groups or organizations that use these tests. This
includes Clinical Laboratories for diagnosing diseases,
Pharmaceutical Companies for drug development, and Contract
Research Organizations (CROs) for conducting research. 'Others'
could be other groups using the tests for different reasons.
This report on companion diagnostics: technologies and
markets provide comprehensive insights and analysis, addressing the
following key questions:
- What is the projected market size and growth rate of the
companion diagnostics market?
The global companion diagnostics market is expected to grow at a
compound annual growth rate (CAGR) of 15.2% to reach $ 15,433.3 million by 2028 from $ 7,606.8 million in 2023.
- What are the key factors driving the growth of the companion
diagnostics market?
Key drivers of the companion diagnostics market are the growing
incidence of cancer, the increasing need for personalized medicine,
and advances in NGS technologies.
- What segments are covered in the companion diagnostics
market?
The companion diagnostics market is segmented based on product,
type of test, technology application, end user, and region.
- By product, which segment will dominate the market by the end
of 2028?
The consumables segment will dominate the market by the end of
2028.
- Which region has the highest market share in the companion
diagnostics market?
North America holds the highest
share of the market.
Some of the Key Market Players Are:
- ABBOTT
- AGILENT TECHNOLOGIES INC.
- ARUP LABORATORIES
- BIOMERIEUX
- DANAHER CORP.
- F. HOFFMANN-LA ROCHE LTD.
- ILLUMINA INC.
- MYRIAD GENETICS INC.
- QIAGEN
- THERMO FISHER SCIENTIFIC INC.
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Directly Purchase a copy of the report with BCC
Research.
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touch with info@bccresearch.com.
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