Global Companion Diagnostics Market is expected to witness a growth rate of 12.3% to reach US$ 11.3 Bn market size by 2030. 

Industry drivers and trends:

Precision medicine has been a trend in the healthcare industry over the past few years, where in personalized therapies are developed and used for treatment of individuals. Companion diagnostics is a part of the same area where in personalized/targeted therapies have even gained more power as patients are chosen for certain therapies based on presence of certain biomarkers in patients which are identified using companion diagnostic tests.

Furthermore increasing prevalence of diseases such as cancer is expected to further propel growth of the targeted therapies and in turn global companion diagnostics market growth. Combination of CDx and targeted therapies has potential to impart successful therapy outcomes with lower risk of serious side effects. 

• Leading and newer players are engaged in collaborations and partnerships which is expected to support global companion diagnostics market growth over the forecast period. For instance, in June 2022, Grail, LLC, announced a broad strategic collaboration with AstraZeneca to develop and commercialize companion diagnostic (CDx) assays for use with AstraZeneca’s therapies
• Implementation of newer technologies such as artificial intelligence, big data, and machine learning is expected to further support global companion diagnostics market growth. For instance, advanced machine learning tools are being employed to identify disease pathways and biomarkers which could be useful to prepare accurately targeting therapies.

Key Takeaways:

• North America region occupies highest market share in the global companion diagnostics market followed by Europe
• Diagnostic kits segment is expected to hold majority of the market share over the forecast period followed by assays
• Breast cancer disease indications holds highest market share in the global companion diagnostics market followed by lung cancer
• Advancements in targeted therapies is further expected to support global companion diagnostics market growth over the forecast period

Segments Covered in the Global Companion Diagnostics Market Report:

The global companion diagnostics market is segmented based on product type, technology, disease indication, and region as follows:

• Product Type (Revenue, USD Billion; 2022–2030)
  • Diagnostics Kits
  • Assays
  • Others
• Technology (Revenue, USD Billion; 2022–2030)
  • PCR
  • NGS
  • ISH
  • IHC
• Disease Indication (Revenue, USD Billion; 2022–2030)
  • Breast Cancer
  • Lung Cancer
  • Blood Cancer
  • Colorectal Cancer
  • Others
• Region (Revenue, USD Billion; 2022–2030)
  • North America 
    • U.S.
    • Canada
  • Europe 
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific 
    • China
    • Japan
    • South Korea
    • India
    • ASEAN
    • Rest of APAC
  • Latin America 
    • Brazil
    • Mexico
    • Rest of LATAM
  • Middle East & Africa 
    • Saudi Arabia
    • UAE
    • Rest of MEA

Definition:

Companion diagnostics are medical devices or tests that are used to identify patients who are most likely to benefit from a particular therapeutic product, or to identify patients who are at increased risk for serious side effects as a result of treatment. Companion diagnostics can be used to guide treatment decisions, improve patient outcomes, and reduce the risk of adverse events.

Companion diagnostics are often developed in conjunction with new therapeutic drugs. This allows researchers to identify the patients who are most likely to respond to the drug, and to avoid giving the drug to patients who are at high risk for side effects. For example, a companion diagnostic test for a new cancer drug might be used to identify patients who have a particular genetic mutation that makes them more likely to respond to the drug.