Global Companion Diagnostics Market is set to grow at a lucrative CAGR of 13% by 2027

BRUSSELS - May 9, 2023 - PRLog -- Companion diagnostic (CDx) is a diagnostic test which is primarily used as a companion to a therapeutic drug to determine its applicability to a person. It involves multiple monitoring techniques to provide highly valuable data and information, thus allowing patients, health practitioners, and payers to decide with a higher level of certainty on the potential benefits of a treatment or care pathway.

Growing Demand for NGS Technology Drives the Companion Diagnostics Market Growth

An increasing demand for next-generation sequencing technology, particularly its capability to identify rare variants is very important to the long term success and the broader distribution of companion diagnostics solutions in the 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 Triggers Its Market Demand

Clinical studies indicate that as many as 75% of cancer patients do not respond positively to the same prescribed drug for cancer. In such cases, companion diagnostic test helps to indicate the presence of a molecular target and can reveal the off-target effects of a therapeutic, predicting toxicities and severe impacts associated with a drug.

Over 90% of worldwide 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 solutions which may not have been considered otherwise.

Key Market Challenges: Companion Diagnostics Market

The high costs of drug development therapies, associated clinical trials, the introduction of new stringent regulations for scientific validity and analytical and clinical performance for in-vitro diagnostics (IVD) are likely to affect the growth of the global companion diagnostics market in the upcoming few years.

North America is set to hold a higher share in the Companion Diagnostics Market

From a geographical outlook, North America is poised to hold a higher market share in the global companion diagnostics market. This can be mainly attributed to the rising cases of diseases like cancer & HIV, improvements in regulatory guidelines and economic benefits for drug developers in the early stage of drug development.

Competitive Landscape Analysis: Companion Diagnostics Market

Some of the well-established and leading players operating in the global companion diagnostics market are Thermo Fischer Scientific, Illumina, Bayer AG, Danaher Corporation, Invitae and Agilent Technologies, etc. among others.

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