Companion Diagnostic Market to Hit USD 15.28 Bn. in 2030 at a Growth rate of 12.6% as per Stellar Market Research study

Companion Diagnostic Market to Hit USD 15.28 Bn. in 2030 at a Growth rate of 12.6% as per Stellar Market Research study

Stellar Market Research, a business research firm has published a report on the "Companion Diagnostic Market". The total market size of the Companion Diagnostic Market was USD 6.66Bn 2023 and is expected to grow at 12.6% CAGR through the forecast period by reaching nearly USD 15.28 Bn in 2030

Companion Diagnostic Market Report Scope and Research Methodology

Market Size in 2023: USD 6.66Billion
Market Size in 2030: USD 15.28Billion
CAGR: 12.6%
Forecast Period: 2024-2030
Base Year: 2023
Number of Pages: 226
No. of Tables: 52
No. of Charts and Figures: 36
Segment Covered: Technology, Product and Service, End-User, Indication
Regional Scope: North America, Europe, Asia Pacific, Middle East and Africa, and South America
Report Coverage: Market Share, Size and Forecast by Revenue | 2023-2030, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Competitive Analysis, SMR Competition Matrix, Key Players Benchmarking, Competitive Leadership Mapping, Global Key Players Market Ranking Analysis

Companion Diagnostic Market Overview:

A companion diagnostic is a medical test essential for the safe and effective use of targeted drug treatments, particularly in cancer care. It identifies biomarkers or genetic mutations that help healthcare professionals determine if a drug's benefits outweigh its risks for a specific patient. Companion diagnostics are developed alongside the drug they accompany and are approved as part of the drug's licensing. This ensures personalized treatment by matching patients with therapies most likely to benefit them, improving outcomes and reducing adverse effects.
The rising prevalence of cancer and chronic diseases drives the demand for these diagnostics. According to the WHO, there were 20 million new cancer cases worldwide in 2022. PCR technology leads the market due to its reliability and cost-effectiveness, while Next-Generation Sequencing (NGS) is gaining traction for its detailed genomic profiling. Despite market growth, challenges include slow reimbursement policies, which can hinder the adoption of new technologies by creating uncertainty about their clinical utility and cost-effectiveness, potentially deterring investment in companion diagnostics.

𝐔𝐧𝐥𝐨𝐜𝐤 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬: 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐎𝐮𝐫 𝐋𝐚𝐭𝐞𝐬𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.stellarmr.com/report/req_sample/companion-diagnostic-market/2360

Companion Diagnostic Market Dynamics:

The rising global prevalence of cancer and chronic diseases is driving demand for companion diagnostics, which provide precise insights into tumor profiles through genomic testing. For example, the FDA-approved Guardant360 Companion Diagnostic for detecting EGFR gene mutations in metastatic lung cancer highlights the sector's advancements. Strategic collaborations, such as those between QIAGEN and Myriad Genetics, are also advancing oncology diagnostics, supporting personalized medicine that tailors treatments based on individual genetic profiles. This approach improves therapeutic outcomes, reduces adverse effects, and supports early detection, enhancing overall patient care.

Technological innovations, including next-generation sequencing (NGS), have significantly enhanced the capabilities of companion diagnostics, providing detailed genetic and molecular information for better treatment decisions. However, challenges persist, particularly around cost and reimbursement. Developing these tests requires substantial investment and regulatory approval, and securing reimbursement can be difficult due to varying policies and the need to demonstrate cost-effectiveness. Despite these hurdles, addressing cost and reimbursement issues is vital for realizing the full potential of companion diagnostics in personalized medicine.

Companion Diagnostic Market Segmentation Analysis:

By Technology

• PCR
• NGS

By Product & Service

• Assays, Kits, and Reagents
• Instruments & Systems
• Software & Services

By End User

• Hospitals & Clinics
• Diagnostic Laboratories
• Research Institutions
• Pharmaceutical Companies

By Indication

• Cancer
• Infectious Diseases
• Cardiovascular Diseases
• Neurological Diseases

𝐅𝐑𝐄𝐄 𝐆𝐞𝐭 𝐚 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰! @ https://www.stellarmr.com/report/req_sample/companion-diagnostic-market/2360

Key Players in the Companion Diagnostic Market

1. Abbott (Abbott Park, U.S.)
2. Agilent Technologies, Inc. (Santa Clara, U.S.)
3. Illumina, Inc. (San Diego, U.S.)
4. Guardant Health (Redwood City, U.S.)
5. Thermo Fisher Scientific Inc. (Waltham, U.S.)
6. Myriad Genetics, Inc. (Salt Lake City, U.S.)
7. BIOMERIEUX (Marcy-l'Étoile, France)
8. QIAGEN (Hilden, Germany)
9. Roche Diagnostics (Basel, Switzerland)
10. Sysmex Corporation (Kobe, Japan)
11. SRL Diagnostics (Mumbai, India)

Key questions answered in the Companion Diagnostic Market report are:

• What are the challenges in the Companion Diagnostic Market?
• Which market segment held the largest share of the Companion Diagnostic market in 2023?
• What are the global trends in the Companion Diagnostic Market?
• What are the upcoming industry applications and trends for the Companion Diagnostic Market?
• Which region is dominating the Companion Diagnostic market?
• What is the Expected growth of the Global Companion Diagnostic Market size from 2023 to 2030?
• What are the leading market players in the Global Companion Diagnostic Market?

𝐅𝐨𝐫 𝐌𝐨𝐫𝐞 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐀𝐛𝐨𝐮𝐭 𝐓𝐡𝐢𝐬 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐏𝐥𝐞𝐚𝐬𝐞 𝐕𝐢𝐬𝐢𝐭: https://www.stellarmr.com/report/companion-diagnostic-market/2360

Key Offerings:

• Historical Market Size and Competitive Landscape
• Market Size, Share, Size & Forecast by Different Segments| 2023-2030
• Companion Diagnostic Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends
• Companion Diagnostic Market Segmentation- A detailed analysis by Type, End-user, and Region
• Competitive Landscape- Profiles of selected key players by region in a strategic perspective
 Competitive landscape - Market Leaders, Market Followers, Regional player
 Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis

Stellar Market Research is leading Life Science Research Firm, has also published the following reports:

♦ TD Vaccine Market https://www.stellarmr.com/report/TD-Vaccine-Market/1999

♦ Protein Microarray Market https://www.stellarmr.com/report/Protein-Microarray-Market/1914

Contact Stellar Market Research:

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sales@stellarmr.com

+91 96073265656

Stellar Market Research is a consulting and advisory firm focused on helping clients reach their business transformation objectives with advisory services and strategic business. The company's vision is to be an integral part of the client's business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage. Its strong emphasis on symptomatic science and analysis of a market, buyer behavior, product usage, pricing pattern, and industry facet equips a strategy maker with an arsenal of data that will enable their organization to maintain its stronghold or plan strategies and take actions that will result in remarkable growth and increase their market position.

This release was published on openPR.