Companion Diagnostics Market, By Technology Type (Real Time-Polymerase Chain Reactions (PCR), Gene Sequencing, Fluorescence in situ Hybridization, and Others) By Application (Oncology, Cardiovascular Diseases, Infectious Diseases, Neurological Diseases and Others), By End User (Hospitals, Research Laboratories, Biopharmaceutical companies, and Others), By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa)

Published In : Dec 2023

Code : CMI109

Pages :160

Formats :

Excel and PDF

Industry : Clinical Diagnostic

Market Challenges And Opportunities

Global Companion Diagnostics Market Drivers:

Increasing number of cancer patients: Rising prevalence of cancer cases is one of the key factors fueling the growth of the companion diagnostics market. For instance, in February 2023, according to data published by the American Society of Clinical Oncology (ASCO), there were more than 3.8 Mn women living with or beyond breast cancer in the U.S. In 2023, an estimated 297,790 women in the U. S. will be diagnosed with invasive breast cancer, 55,720 women will be diagnosed with non-invasive (in situ) breast cancer, and 43,700 deaths (43,170 women and 530 men) from breast cancer will occur in the U.S.
Technical advancements in companion diagnostics: Technical advancements in the field of companion diagnostics are enabling personalized treatment approaches which are a key factor in driving the growth of the companion diagnostics market. Next generation sequencing (NGS) technologies and protein biomarker analysis techniques are allowing detection of mutations, gene expression levels, and other molecular indicators with higher sensitivity and specificity. This is empowering doctors to stratify patients and prescribe targeted therapies. For example, analysis of HER2 expression in breast cancer helps to determine, whether a patient will benefit from Herceptin, a monoclonal antibody treatment. Similarly, Epidermal Growth Factor Receptor (EGFR) mutation testing in lung cancer guides the use of tyrosine kinase inhibitors like Tarceva.
Growing funding for R&D projects related to companion diagnostics: The funding for research and development (R&D) projects related to companion diagnostics from government and non-profit organizations has significantly increased over the past few years. Companion diagnostics aim to identify specific biomarkers that help to determine which patients are likely to respond to a particular therapeutic product. This targeted therapy allows for improved outcomes and less adverse effects by treating only the patients with a high likelihood of responding to that therapy.

Global Companion Diagnostics Market Opportunities:

Liquid biopsy as companion diagnostics: Liquid biopsy as companion diagnostics offers promising opportunities for growth in the companion diagnostics market. Liquid biopsy involves collecting blood samples to analyze circulating tumor DNA (ctDNA) or circulating tumor cells (CTCs), thus allowing for detection of cancer mutations without invasive tumor tissue biopsies. This non-invasive approach provides several advantages over conventional tissue biopsies for companion diagnostic use.
Collaboration between pharmaceutical and diagnostic companies: Collaboration between pharmaceutical and diagnostic companies could unlock significant opportunities in the companion diagnostics market. When drug developers work closely with diagnostics makers from the early stages of drug development, it ensures that the companion diagnostic is optimally developed to detect patients who are most likely to benefit from the targeted therapy. For instance, on July 6, 2023, Tempus a healthcare technology company collaborated with TScan Therapeutics a biotech company to develop a companion diagnostic (CDx) test. This collaboration supports TScan Therapeutics’s screening protocol for its Phase 1 solid tumor clinical trial.