Companion Diagnostics Market size worth $ 10 Billion, Globally, by 2028 at 13% CAGR: Verified Market Research®
Advantages of companion diagnostics, the growing need for targeted therapy, the rising importance of personalized medicine, the increasing global incidence of cancer are driving the growth of the global Companion Diagnostics Industry
JERSEY CITY, N.J., Nov. 11, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Companion Diagnostics Market" By Technology Type (Frequency Immunohistochemistry, Polymerase Chain Reaction (PCR), Next Generation Sequencing (NGS)), By Indication (Oncology, Neurology), and By Geography. According to Verified Market Research, the Global Companion Diagnostics Market size was valued at USD 3.58 Billion in 2020 and is projected to reach USD 10 Billion by 2028, growing at a CAGR of 13% from 2021 to 2028.
Companion diagnostics is a medical device used along with therapeutic drugs to analyze the effect & applicability of drugs on a specific human body. Companion diagnostics are developed along with drugs for selecting or excluding groups of patients based on the characteristics of which they respond to the therapy. This device helps the healthcare professional to analyze whether a particular treatment is beneficial to the patient.
Recently, in 2020, Roche received FDA approval for Cobas EGFR Mutation Test v2 companion diagnostic for EGFR tyrosine kinase inhibitor for the treatment of lung cancer. Companion Diagnostic (CDx) is a clinical test co-developed with a therapeutic drug for screening the responders and non-responders to that particular drug. It is done in order to identify a patient group that can or cannot be treated with that corresponding drug. CDx helps practitioners to determine the benefits, side effects, and risks associated with the intake of therapeutic drugs, thereby ensuring patient safety.
The increasing preferences for targeted therapies, growing applications of personalized medicines, higher prevalence of chronic diseases, and increasing incidences of allergies in patients due to side effects of medicines; give rise to the development of customized CDx, thereby propagating the growth of the global Companion Diagnostics Market Additionally, the benefits offered by CDx test such as cost-effectiveness, high sensitivity, fast and accurate results in fewer time frames; further, escalate the growth of Companion Diagnostics Market.
On May 2021, QIAGEN N.V. (NYSE: QGEN; Frankfurt Prime Standard: QIA) announced the launch of an expanded scope of companion diagnostic (CDx) claims for the therascreen® KRAS RGQ PCR Kit (therascreen KRAS Kit) after it received U.S. regulatory approval as a companion diagnostic to aid in the identification of non-small cell lung cancer (NSCLC) patients that may be eligible for treatment with LUMAKRASTM (sotorasib), a newly approved therapy developed and marketed by Amgen Inc. (AMGN).
In January 2020, QIAGEN N.V. and Amgen collaborated with the aim to develop tissue-based companion diagnostics for the identification of patients with cancers that have the KRAS G12C mutation.
In April 2019, Myriad Genetics, Inc. (US) and AstraZeneca plc (UK) and Merck Group (Germany) entered into a partnership, to identify unmet medical needs in men related to metastatic castration-resistant prostate cancer and expand the company's patient access in the market.
The major players in the market are Abbott Laboratories Molecular, Inc., Agilent (Dako Denmark A/S), ARUP Laboratories, Inc., BioMerieux, Danaher Corporation (Leica Microsystems), Foundation Medicine, Inc., Myriad Genetics, Inc., Roche (Ventana Medical Systems, Inc), Thermo Fisher Scientific (Life Technologies Corporation), QIAGEN N.V.
Verified Market Research has segmented the Global Companion Diagnostics Market On the basis of Technology Type, Indication, and Geography.
Companion Diagnostics Market, By Technology Type
Polymerase Chain Reaction (PCR)
Next Generation Sequencing (NGS)
In Situ Hybridization
Companion Diagnostics Market, By Indication
Companion Diagnostics Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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