Global Companion Diagnostics Market Report and Forecast 2024-2032

Global Companion Diagnostics Market Size

The global companion diagnostics market was valued at USD 7.45 billion in 2023, driven by increasing incidence of cancer and chronic diseases across the globe. The market is expected to grow at a CAGR of 12.0% during the forecast period of 2024-2032, with the values likely to reach USD 20.26 billion by 2032.

Global Companion Diagnostics Market Outlook

• The demand for companion diagnostics is on the rise, to combat the burden of cancer and other chronic diseases. Approximately 1 in 5  people develop cancer in their lifetime.

• One of the major market trends includes rising collaborations between key companies to provide improved diagnostics procedures for patients.

• The North America region is likely to experience notable growth in the forecast period. Increased healthcare infrastructure spending and the strong regulatory support is boosting its market value.

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Global Companion Diagnostics Market Overview

Companion diagnostics are in vitro medical devices used to determine if a particular treatment is suitable for a specific patient. This diagnostic method is fundamental in personalized treatment. It aims to improve the efficacy of a treatment regimen and minimize side effects and is mostly used in oncology where targeted therapies can be used to battle cancer. According to the American  Cancer Society, the number of cancer cases based on the projected population growth are predicted to increase to 35 million by 2050. The market growth is further driven by adoption of personalized treatment, and technological advancements like next-generation sequencing among others.

Global Companion Diagnostics Market Growth Drivers

Increasing Prevalence of Cancer Cases to Affect the Market Landscape Significantly

With rising incidence of cancer, the market has been expressing an influx of new and innovative products to provide enhanced patient outcomes. In October  2023, QIAGEN and Myriad Genetics partnered to develop advanced companion diagnostics for cancer. The collaboration focused on developing advance diagnostic tests so that cancer treatments can be patient specific. The initial projects under this partnership were expected to utilize next-generation sequencing and QIAGEN’s digital PCR platform, QIAcuity, to develop assays for various cancer types.

Growth in Strategic Partnerships and Mergers to Meet Rising Companion Diagnostics Market Demand

In February 2024, Roche  entered into a collaboration agreement with PathAI to expand its digital pathology capabilities specifically for companion diagnostics. This partnership with PathAI aimed on developing artificial intelligence (AI)-enabled digital pathology algorithms with Roche Tissue Diagnostics (RTD). The use of the algorithm would be aimed at advancing the filed of pathology and boosting precision in diagnostics leading to clinical care and drug development.

In January 2024, Agilent  Technologies Inc., collaborated with Incyte to develop companion diagnostics in oncology and hematology. The collaboration is intended to utilize Agilent’s capabilities in developing and marketing in-vitro diagnostic assays alongside Incyte’s growing portfolio of therapeutic products.

Global Companion Diagnostics Market Trends

The market is witnessing several trends and developments to improve the current global scenario. Some of the notable trends are as follows:

Global Companion Diagnostics Market Segmentation

Market Breakup by Product

• Assays

• Kits & Reagents

• Software & Services

Market Breakup by Technology

• Next-Generation Sequencing

• In Situ Hybridization

• Immunohistochemistry

• Others

Market Breakup by Indication

• Lung Cancer

• Breast Cancer

• Colorectal Cancer

• Others

Market Breakup by End User

• Pharmaceutical & Biopharmaceutical Companies

• Reference Laboratories

• Contract Research Organizations

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

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Global Companion Diagnostics Market Share

Market Segmentation Based on Product is Anticipated to Grow Significantly

Based on product, the market segmentation includes assays, kits and reagents, along with software and services. Assays are used in the identification of therapeutic targets like biomarkers or genetic profiles in patients to provide effective treatment plan, particularly in oncology. They act a core component, driving precision in treatments and hence contributes to the companion diagnostics market value. For the continuity of diagnostics, kits and reagents facilitates these assays by supplying the essential tools and consumables.

Fastest growth is projected in the software and services segment, attributed to its function in interpretation and integration of data into healthcare systems. With rise in personalized treatments, demand for software solution to manage complex diagnostic data is on the rise, leading to the increase in companion diagnostics market value.

Lung Cancer is Expected to Hold a Significant the Market Share

The segments by indication include lung cancer, breast cancer, colorectal cancer, and others. According to the World  Cancer Research Fund International, worldwide lung cancer is the second most common type of cancer. Due to the high incidence and the crucial need for targeted therapies, lung cancer is projected to lead the market, propelling the demand for companion diagnostics to identify targeted treatments relied on genetic markers.

With advancements and better insights of genetic mutations in the BRCA1 and BRCA2 markers, breast cancer diagnostics is also reflecting significant growth. Exploration and development of biomarkers and therapies for melanoma are on the rise. The diversity in cancer and the genomic precision are driving the market value.

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Global Companion Diagnostics Market Analysis by Region

Regionally, the market report offers an insight into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America leads the market followed by Europe, robust healthcare infrastructure with high spending and strong regulatory support with government initiatives promoting targeted therapies along with research conducted in oncology diagnostics, propels the regional market share.

Asia Pacific is anticipated to experience considerable growth, which can be attributed to the increase in healthcare expenditure, awareness regarding personalized treatment options, and the swift development of healthcare infrastructure in emerging economies like India, Japan, South Korea and China.

Leading Players in the Global Companion Diagnostics Market

The key features of the market report include patent analysis, grants analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• F. Hoffmann-La Roche Ltd

• Agilent Technologies, Inc.

• QIAGEN

• Thermo Fisher Scientific Inc.

• Almac Group

• Resonance Health Ltd

• Illumina, Inc.

• BIOMÉRIEUX

• Myriad Genetics, Inc.

• Siemens Healthcare Private Limited

• Abbott

• Exact Sciences Corporation

• Guardant Health

• ASURAGEN, INC.

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report

Key Questions Answered in the Global Companion Diagnostics Market Report

• What was the global companion diagnostics market value in 2023?

• What is the global companion diagnostics market forecast outlook for 2024-2032?
• What are the regional markets covered in the EMR report?
• What is market segmentation based on product?
• What is the market breakup based on indication?
• Who are the major end users in the market?
• What type of technologies are present in the market?
• What are the major factors aiding the global companion diagnostics market demand? 
• How has the companion diagnostics market performed so far and how is it anticipated to perform in the coming years?
• What are the market's major drivers, opportunities, and restraints? 
• Which regional market is expected to lead the market share in the forecast period? 
• Which country is expected to witness expedited growth during the forecast period? 
• How does the prevalence and incidence of cancer affect the market landscape?
• What are the major global companion diagnostics market trends?
• What product will dominate the market share? 
• Which technology type will experience the highest demand in the market segment?
• Who are the key players involved in the companion diagnostics market?
• What is patent landscape of the market?
• What are the current unmet needs and challenges in the market?
• How are partnerships, collaborations, mergers and acquisitions among the key market players shaping the market dynamics?