Global Companion Diagnostics Market is poised to grow at a CAGR of 13% by 2027 - Growing Demand for Personalized Medicine
Companion diagnostic (CDx) is a diagnostic test often used as a companion to a therapeutic drug to determine its applicability to a patient. It involves various monitoring methods to offer valuable information, allowing patients, health practitioners, and payers to decide with a larger level of certainty on the major benefits of a treatment or care pathway.
An Increasing Demand for NGS-Based Technology Triggers the Growth of the Companion Diagnostics Market
An increasing demand for next-generation sequencing technology, specially its ability to identify rare variants is key to its continued success and the global distribution of companion diagnostics solutions in companion diagnostics market. The application of NGS panels in one test has the potential to help in the treatment of different types of cancers.
Companion Diagnostics for the Targeted Cancer Drugs Fuels Its Global Demand
Clinical studies indicates that approximately 75% of cancer patients do not respond positively to the same cancer drug. In such scenarios, companion diagnostic tests helps to indicate the presence of a molecular target and can reveal the off-target side-effects of a therapeutic, predicting toxicities and ill-effects associated with a drug.
Over 90% of the globally approved CDx tests are associated with targeted cancer therapeutics. CDx approach to cancer genomic characterization also helps physicians to reveal the alterations driving the growth of a patient’s cancer and identify targeted treatment choices which may not have been considered.
Role of Companion Diagnostics in Precision Medicine Triggers the Growth of the Companion Diagnostics Market
Personalized medicine often refers to the practice of administering the correct dosage of the correct drug at the correct time. Companion diagnostics, which are used mainly to identify patients for a particular therapy, are a major driver to enable personalized treatment options and precision medicine. Companion diagnostics is offering various benefits in progressing personalized medicine and enriching preclinical and clinically targeted drug development.
Upcoming Market Challenges: Companion Diagnostics Market
The high costs of drug development therapies, clinical trials, the introduction of new stringent regulations for scientific validity, and analytical and clinical performance for in-vitro diagnostics (IVD) are likely to impact the global growth of the companion diagnostics market in the coming years.
North America is anticipated to hold a Larger Market Share in the Companion Diagnostics Market
From a geographical overview, North America is expected to hold a higher market share in the global companion diagnostics market. This can be mainly attributed to an increasing number of diseases like cancer & HIV, vast improvements in regulatory guidelines and potential economic advantages for drug developers early in the drug development in this region.
Competitive Landscape Analysis: Companion Diagnostics Market
Some of the established and leading players operating in the global companion diagnostics market are Thermo Fischer Scientific Inc., Illumina Inc., Bayer AG, Danaher Corporation, Invitae, and Agilent Technologies, Inc, among others.
Aggressive Growth Strategies Followed by the Key Market Players to Establish Their Foothold in the Global Companion Diagnostics Market
All the key and established players operating in the global companion diagnostics market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions, advancements and new product launches to gain a larger market share.
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