Global Companion Diagnostics Market is anticipated to grow at a CAGR of ~13% by 2027

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

Rapidly Growing Demand for NGS-Based Technology Drives the Companion Diagnostics Market

An increasing demand for next-generation sequencing technology particularly its capability to identify rare variants?is important to the success and the wider 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 many different types of cancers.

For instance,

• In July 2022, Almac Diagnostic partnered with AstraZeneca to develop and commercialize multiple companion diagnostic (CDx) products based on NGS and qPCR-based technologies.

Companion Diagnostics for Targeted Cancer Drugs Fuels Its Demand

Clinical studies indicates that as many as 75% of cancer patients do not respond favorably to the same prescribed cancer drug repeatedly. In such cases, companion diagnostic tests helps to indicate the presence of a molecular target and can also reveal the off-target effects of a therapeutic, predicting toxicities and adverse effects associated with a drug.

Over 90% of globally approved CDx tests are associated with targeted cancer therapeutics. CDx approach to cancer genomic characterization helps the physicians to reveal the alterations driving the growth of a patient’s cancer and identify targeted treatment solutions which may not have been otherwise considered.?

Potential Role of Companion Diagnostics in Precision Medicine Triggers the Growth of the Companion Diagnostics Market

Personalized medicine refers to the practice of administering the right consumption of the right drug at the right time. Companion diagnostics, which are used to identify eligible patients for a specific therapy, is an important driver to enable personalized treatment options and precision medicine. Companion diagnostics is offering several benefits in progressing personalized medicine and improving preclinical and clinically targeted drug development.

Competitive Landscape Analysis: Companion Diagnostics Market

Some of the established and leading players operating in the companion diagnostics market are ThermoFisher Scientific , Illumina , 拜耳 , Danaher Corporation , Invitae , and 安捷伦 , among others.

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 impact the growth of the global companion diagnostics market in the coming few years.

North America is anticipated to hold a larger market share in the Companion Diagnostics Market

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

Growth Strategies Adopted by the Key Industry Players to Establish Their Strong Foothold in the Companion Diagnostics Market

All the leading players operating in the companion diagnostics market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions, developments and new product launches to garner a larger market share in the global market.

For instance,

• In October 2022, Roche announced they have received approval from the?FDA for the first companion diagnostic to identify patients with HER2-low metastatic breast cancer.
• In May 2022, Illumina, Inc. announced the addition of a companion diagnostic (CDx) indication to its CE-marked?in vitro?diagnostic?TruSight Oncology (TSO) Comprehensive (EU) test.

Explore Detailed Insights on Companion Diagnostics Market Report @ https://meditechinsights.com/companion-diagnostics-market/

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