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

Companion Diagnostics MarketSize and Trends

Global companion diagnostics market size is estimated to be valued at US$ 6.95 Bn in 2023 and is expected to reach US$ 15.63 Bn by 2030, exhibiting a compound annual growth rate (CAGR) of 12.3 % from 2023 to 2030.

Global companion diagnostics market is segmented into technology type, application, end user, and region. By technology type, the real time-polymerase chain reactions (PCR) segment accounted for the largest market share in 2022. The high share of this segment is due to the continuous regulatory approvals of new products.

Figure1. Global Companion Diagnostics Market Share (%), By Region, 2023

Strategic alliances and partnerships: Strategic alliances and partnerships are playing a major role in influencing the companion diagnostics market. Many pharmaceutical and biotech companies are forming strategic partnerships and collaborations with diagnostic tool makers to co-develop companion diagnostics for their pipeline drugs. For instance, in June 2022, GRAIL, LLC, a healthcare company collaborated with AstraZeneca a pharmaceutical company to develop and commercialize companion diagnostic (CDx) assays. This collaboration focus on developing companion diagnostic tests to identify patients with high-risk and early-stage disease.
Biomarker discovery and development: The discovery and development of new biomarkers is greatly influencing the companion diagnostics market. Biomarkers play a crucial role in precision medicine by helping doctors select the right treatment for the right patient. As a deeper understanding is gained of the molecular causes of diseases, more biomarkers are being identified that can guide therapeutic decisions and improve clinical outcomes. Pharmaceutical companies are collaborating extensively with diagnostic firms to co-develop companion diagnostics alongside drug candidates.

Global Companion Diagnostics Market Regional Insights