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Companion Diagnostics Global Market Report 2022

·4-min read

Major players in the companion diagnostics market are F Hoffmann-La Roche Ltd, Agilent Technologies Inc, Qiagen NV, Thermo Fisher Scientific Inc, Abbott Laboratories Inc, Myriad Genetics Inc, Almac Group, Illumina Inc, Seimens Healthineers AG, Abnova Corporation, Guardant Health Inc, ARUP Laboratories Inc, Foundation Medicine Inc, Bayer AG, Clinical Lab Products, Leica Biosystems Nussloch GmbH and Life Technologies Tm.

New York, Sept. 16, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Companion Diagnostics Global Market Report 2022" -

The global companion diagnostics market is expected to grow from $4.37 billion in 2021 to $5.15 billion in 2022 at a compound annual growth rate (CAGR) of 17.86%. The companion diagnostics market is expected to reach $9.99 billion in 2026 at a compound annual growth rate (CAGR) of 18.01%.

The companion diagnostics market consists of sales of companion diagnostics solutions and services by entities (organizations, sole traders, and partnerships) that is an in vitro diagnostic medical device used to check the safety and effectivity of a corresponding drug or biological product. The test aids a medical expert to match a patient to a specific drug or therapy.

The main products and services of companion diagnostics are assays, kits and reagents and software and services.Assays, kits and reagents are used in various life science, environmental, and research labs.

An assay is a procedure for examining a substance to ascertain its composition or quality.Kits are a set or collection of equipment, materials, or instruction for a particular use.

A reagent is a chemical used in laboratory testing to make, measure, or detect other compounds.Polymerase chain reaction, next-generation sequencing, in situ hybridization and immunohistochemistry are the technologies used in companion diagnostics.

The companion diagnostics are used for identifying lung, breast, colorectal, leukemia and melanoma cancer diseases. Pharmaceutical and biopharmaceutical companies, reference laboratories and contract research organizations use companion diagnostics.

North America was the largest region in the companion diagnostics market in 2021. The regions covered in the companion diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The companion diagnostics market research report is one of a series of new reports that provides companion diagnostics market statistics, including companion diagnostics industry global market size, regional shares, competitors with a companion diagnostics market share, detailed companion diagnostics market segments, market trends and opportunities, and any further data you may need to thrive in the companion diagnostics industry. This companion diagnostics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The increasing number of targeted therapies is expected to propel the growth of the companion diagnostics market.Targeted therapy is a pharmacological therapy that targets particular characteristics of cancer cells to inhibit the growth and spread of the disease.

The medications circulate throughout the body but have a more targeted effect than chemotherapy and frequently have fewer adverse effects.Biological marker-based companion diagnostic testing for targeted cancer therapy is becoming an essential part of personalized cancer care.

According to the April 2021 article of European Society for Medical Oncology, the genome-targeted therapy estimated eligibility was 8.82% by the end of 2018 and increase to 13.60% in 2020. Therefore, the rising number of therapies drives the companion diagnostics market.

Technological advancement is a key trend in the companion diagnostics market.Artificial intelligence is used to develop more efficient drugs for companion diagnostics.

The continuously gathered massive data sets from diverse genetic profiling have enabled the widespread application of AI.For instance, Deep Genomics, a Toronto-based start-up, is utilizing artificial intelligence to uncover better medications for genetic illnesses and speed up their introduction into clinical trials.

The goal is to employ deep learning to explore the human genome for knowledge about the causes of diseases and to create and test chemical compounds that can be used as remedies. In a computer model, deep learning enables scientists to test billions of chemical compounds in search of promising formulations that they can turn into medicines that save lives for people worldwide.

In April 2021, Agilent Technologies Inc., a US-based Analytical laboratory company that manufactures instruments, reagents, software, services, and consumables for comprehensive laboratory workflow, acquired Resolution Bioscience for $695 million. With this acquisition, Agilent’s strengths in NGS-based cancer diagnostics are complements and expands, and also gives the company access to technology to meet the demands of the rapidly expanding precision medicine sector. Resolution Bioscience is a US-based healthcare research company specializing in NGS technology, molecular biology, cancer diagnostics, and more.

The countries covered in the companion diagnostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
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