[New Launch] Companion Diagnostic Technologies Market is estimated to be US$ 22.9 billion by 2032; Rise in Personalized Medicine and Expanding Application Areas to Foster Market Growth-By PMI

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Prophecy Market Insights latest research report on the Companion Diagnostic Technologies Market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market’s size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.

Covina, Sept. 07, 2023 (GLOBE NEWSWIRE) — Companion diagnostics are often an IVD (in vitro diagnostics) that provides detailed info about safety and efficacy of biological product. Companion diagnostics play a crucial role in the personalized medicine approach, enabling healthcare professionals to make more informed treatment decisions for patients.

Growing prevalence of cancer diseases across globe has given rise in demand for efficient CDx (Companion Diagnostic) tests which in turn has provided lucrative opportunities in market growth. Further, growing advancement in next-generation sequencing (NGS) and wide use of NGS method by clinicians to detect cancer-related genes is expected to boost the demand for Companion Diagnostic Technologies market growth over the forecast period.

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Key Highlights:

  • In July 2021, Labcorp launched new companion diagnostic “therascreen KRAS PCR” Mutation Analysis, for identifying patients with NSCLC (non-small cell lung cancer) and for patient who are eligible for “LUMAKRAS” treatment developed by Amgen. Labcorp has become a first lab to make new companion diagnostic “therascreen KRAS PCR” with FDA (Food and Drug Administration) approval.

Analyst View:

Rising prevalence of chronic diseases and advancement in medical devices has fruitful the demand for target market growth. Companion Diagnostic help in monitoring response to treatment about specific therapeutic product for adjusting treatment to achieve effectiveness of drug which is likely to propel market growth.

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Prominent Players in Companion Diagnostic Technologies Market:

  • Qiagen LLC
  • Roche
  • Abbott Laboratories Inc.
  • Ventana Medical Systems
  • bioMerieux
  • Myriad Genetics Inc.
  • Resonance Health Ltd.
  • Leica Microsystems
  • Life Technologies

Scope of the Report:

Attribute Details
Base year for estimation 2022
Forecast period 2022 – 2032
Market representation Revenue in USD Billion & CAGR from 2022 to 2032
Market Segmentation By Type – Immunohistochemistry and Molecular Diagnostics
By Application – Oncology, Cardiovascular, Central Nervous System, Auto immune and Inflammation and Virology
Regional scope North America – U.S., Canada
Europe – UK, Germany, Spain, France, Italy, Russia, Rest of Europe
Asia Pacific – Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
Latin America – Brazil, Mexico, Argentina, Rest of Latin America
Middle East & Africa – South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
Report coverage Revenue forecast, company share, competitive landscape, growth factors, and trends

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Key Drivers:

  • Increasing Prevalence of Targeted Therapies: The growing prevalence of diseases such as cancer, along with the development of targeted therapies, is driving the demand for companion diagnostics. These diagnostics help identify suitable patients for specific treatments, improving treatment efficacy.
  • Personalized Medicine Advancements: Advances in personalized medicine and precision oncology are boosting the adoption of companion diagnostics. Tailoring treatments to an individual’s genetic makeup enhances patient outcomes.
  • Rising Demand for Biomarker Identification: Biomarkers play a crucial role in companion diagnostics. As the importance of identifying and validating biomarkers for disease diagnosis and treatment selection grows, so does the demand for companion diagnostics.
  • Supportive Regulatory Environment: Regulatory agencies, such as the FDA and EMA, are providing clearer guidelines for the approval of companion diagnostics. A favorable regulatory environment is streamlining market entry and development.
  • Increased Research and Development: Robust investment in research and development activities to discover new biomarkers and diagnostic technologies is fueling market growth.
  • Collaborations and Partnerships: Collaborations between pharmaceutical companies, diagnostic test manufacturers, and research institutions are accelerating the development and commercialization of companion diagnostics.
  • Growing Patient Awareness: Patients are becoming more informed about personalized medicine and the benefits of companion diagnostics, which can drive demand and target market growth.

Key Barriers:

  • High Development Costs: Developing and validating companion diagnostics can be expensive and time-consuming. High development costs can be a barrier for smaller companies and startups.
  • Reimbursement Challenges: Reimbursement policies and coverage for companion diagnostics can be inconsistent, affecting market adoption and accessibility.
  • Complex Regulatory Processes: While a supportive regulatory environment exists, navigating the complex regulatory processes for companion diagnostics can still be challenging and time-intensive.
  • Data Privacy and Ethical Concerns: The use of genetic and personal health data in companion diagnostics raises ethical and privacy concerns, which can lead to regulatory scrutiny and public resistance.
  • Limited Adoption in Emerging Markets: Companion diagnostics may have limited adoption in some emerging markets due to infrastructure limitations, affordability issues, and lack of awareness.

Market Opportunities:

  • Expanding Therapeutic Areas: Companion diagnostics were initially associated primarily with oncology, but opportunities are emerging in various therapeutic areas, including cardiovascular diseases, neurology, and autoimmune disorders. As more targeted therapies are developed across these domains, the demand for companion diagnostics will grow.
  • Emerging Biomarkers: Ongoing research is uncovering new biomarkers associated with diseases and treatment responses. Identifying and validating these biomarkers opens doors to new diagnostic tests and companion diagnostic opportunities.
  • Point-of-Care Companion Diagnostics: The development of rapid and portable companion diagnostic tests that can be used at the point of care or in resource-limited settings presents a significant opportunity to expand market reach and improve patient outcomes.
  • Global Expansion: Emerging markets, such as Asia-Pacific and Latin America, present untapped opportunities for companion diagnostic technologies. Expanding market access and awareness in these regions can drive substantial growth.
  • Integration with Electronic Health Records (EHRs): Integrating companion diagnostic data with electronic health records can enhance treatment decisions, patient monitoring, and data analysis. Companies focusing on EHR integration have a promising market opportunity.
  • Companion Diagnostics for Rare Diseases: The development of companion diagnostics for rare diseases can address unmet medical needs and provide opportunities for specialized testing services and treatments.
  • Targeted Immunotherapies: As immunotherapies become increasingly important in cancer treatment, companion diagnostics that identify suitable patients for immunotherapies represent a valuable market segment.

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