Companion Diagnostics Market Size a Global Perspective on Growth and Development 2024 – 2031

KingsResearchInfo

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Companion Diagnostics Market Size Highlighting Major Drivers | Abbott, QIAGEN, Siemens Healthineers AG, Illumina, Inc

Companion Diagnostics Market Size at USD 18.23 Billion & 12.94% CAGR, Key Growth Factor Analysis Forecast 2031

Kings Research™ presents this information in its report titled, “Companion Diagnostics Market Size, Share & Industry Analysis, By Technology (Polymerase Chain Reaction, Next-Generation Gene Sequence, Immunohistochemistry), By End User (Pharmaceutical & Biopharma Companies, Reference Laboratories, Contract Research Organizations), By Indication (Cancer, Neurological Diseases, Infectious Diseases, Cardiovascular Diseases) and Regional Analysis, 2024-2031"

Companion Diagnostics Market Size was valued at USD 6.89 billion in 2023 & is projected to reach USD 18.23 billion by 2031, growing at a CAGR of 12.94% from 2024 - 2031.

Dominating Region: North America

Top 10 Companies in Companion Diagnostics Market:-

Hoffmann-La Roche Ltd.
Siemens Healthineers AG
Thermo Fisher Scientific Inc.
Abbott
Agilent Technologies, Inc.
QIAGEN
BIOMÉRIEUX
Illumina, Inc.
ARUP Laboratories
Myriad Genetics

Browse More Insights @ https://www.kingsresearch.com/companion-diagnostics-market-659

Key Industry Developments in Companion Diagnostics Market: -

Companies are developing companion diagnostics for infectious diseases, autoimmune disorders, cardiovascular diseases, and neurological conditions, among others. Roche teamed up with artificial intelligence guru PathAI to propel digital pathology technology further.

Over the period of 2024–2031, North America is expected to develop at a CAGR of 12.94%

Because of the growing trend toward precision healthcare and the need for more effective and focused treatment interventions due to the increased incidence of chronic diseases, especially cancer, the worldwide companion diagnostics market is expected to rise significantly.

Companion Diagnostics Market Trends: -

While oncology has been the primary focus of companion diagnostics, the application is expanding to other therapeutic areas such as infectious diseases, cardiovascular disorders, and neurological conditions. Advances in technology, including next-generation sequencing (NGS), digital PCR, and mass spectrometry, are enhancing the sensitivity, specificity, and throughput of companion diagnostic tests. These technologies enable comprehensive profiling of biomarkers, facilitating more accurate patient stratification. The integration of artificial intelligence (AI) and machine learning algorithms is revolutionizing data analysis in companion diagnostics, enabling more precise interpretation of complex molecular data and prediction of treatment responses.

Driving Forces Behind Market Growth: -

With Advancements in genomics and molecular biology, personalized medicine has emerged as a game-changer in healthcare. Companion diagnostics play a pivotal role in this paradigm by enabling targeted therapies tailored to an individual’s genetic makeup. Regulatory bodies like the FDA and the European Medicines Agency (EMA) have been proactive in recognizing the importance of companion diagnostics in drug development and patient care. Streamlined regulatory pathways have encouraged innovation and market entry for companion diagnostic products. The shift towards patient-centric healthcare models emphasizes the importance of personalized treatment approaches. Companion diagnostics empower patients by offering targeted therapies that are more effective and have fewer adverse effects compared to traditional treatments.

By Technology: