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 12.00% during the forecast period of 2024-2032, with the values likely to reach USD 20.66 Billion by 2032.
Base Year
Historical Year
Forecast Year
Value in USD Billion
2024-2032
Companion Diagnostics Market Outlook
*this image is indicative*
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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.
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.
The market is witnessing several trends and developments to improve the current global scenario. Some of the notable trends are as follows:
| Key Trends | Impact |
| Expanding Indications | Started from oncology, companion diagnostics is utilized in other therapeutic areas like infectious diseases, inflammatory conditions, and cardiovascular diseases. The widespread use is acknowledged by the fact that it can enhance outcomes across several fields and provide tailored treatment based on specific patient profiles. |
| Focus On Precision Medicine | Precision medicine includes tailoring medical treatments to the requirements of individual patients, generally based on biomolecular, genetic, or clinical data. This optimizes clinical outcomes and companion diagnostics are vital medical devices offering information about patient’s condition or expected response to a treatment. |
| Rising healthcare Expenditures | Increasing healthcare investments aimed at improving the healthcare infrastructure is one the major market trends. Healthcare providers and payers are willing to adapt advanced diagnostic technologies that can improve patient outcomes and reduce overall healthcare costs. |
| Advancements in Technologies | Robust advancement in technologies is crucial for improving the precision and duration of tests to identify molecular and genetic marker. Technology like next-generation sequencing (NGS), allows deeper analysis of DNA with high sensitivity in detecting genomic variations. Polymerase chain reaction (PCR) amplifies tiny strands of DNA which can be analyzed effectively and hence provide precision in examination. This improves diagnostic accuracy leading to better alternatives for patients. |
Market Breakup by Product
Market Breakup by Technology
Market Breakup by Indication
Market Breakup by End User
Market Breakup by Region
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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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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.
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:
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2017-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product |
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| Breakup by Technology |
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| Breakup by Indication |
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| Breakup by End User |
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| Breakup by Region |
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| Market Dynamics |
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| Supplier Landscape |
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| Companies Covered | 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. |
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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