Companion Diagnostics Market: What’s New?

1
Companion Diagnostics Market Whats New?

• With rising health consciousness and expenditure,
  precision medicine has emerged as a major
  solution to treating chronic conditions.
  Estimates indicate that the personalized medicine
  segment is expected to account for around 40 by
  the end of 2022, with oncology being a major
  therapeutic area. As a result, this growth is
  expected to support the expansion of the
  companion diagnostics market as CDx tests
  identify the right drug for a specific patient
  pool.
• Triton Market Researchs report infers that the
  global companion diagnostics market is expected
  to progress at a CAGR of 12.84 during the
  forecast period 2022-2028.
• Presently, medical treatments are typically
  designed using uniform patterns, with patients
  with the same disease undergoing matching
  treatments. This trial-and-error style often
  becomes time- consuming and ineffective. Hence,
  the development of precision medicine with the
  help of CDx widens the studied markets scope.
• CDx Development Technological Advancements Backs
  Regional Growth
• In addition to a growing focus on precision
  medicine, the expansion of the companion
  diagnostics market is also fueled by
  technological advancements. Top trends that
  support the markets growth globally, especially
  in the Asia-Pacific, include
• Predictive Biomarkers have proven vital in
  calculating responses to certain therapeutic
  interventions. For instance, the Oncotype Dx and
  MammaPrint tests and KRAS employ predictive

2

• biomarkers, providing the most effective
  treatment to breast and colorectal cancer
  patients. Estimates suggest that the oncology
  category secures the majority of shares in the
  market in terms of indication. As a result,
  biomarkers have gained significant prominence
  among oncologists across nations, including
  India. For instance, Tata Memorial Hospital,
  NIMHANS, and AIIMS are striving to identify new
  genes and biomarkers, ultimately generating
  opportunities for the Asia-Pacific companion
  diagnostics market.
• Polymerase Chain Reaction (PCR) leads the
  mechanism segment in terms of revenue share in
  2022. It is projected to evolve at a CAGR of
  13.13 during the forecasted period. Factors such
  as cost-efficient, faster turnaround time, and
  ease of application have supported its dominance
  in neurology and oncology applications. Besides
  this, PCR-based CDx has witnessed substantial
  growth due to approvals such as BRACAnalysis CDx
  by Myriad Genetics. Such developments are
  expected to influence market players to expand
  their PCR capabilities, augmenting the companion
  diagnostics markets development.
• Next Generation Sequencing is another major
  technology fueling the CDx market development.
  Since NGS permits rapid sequencing, it has
  supported major advances in determining the
  molecular basis of various chronic conditions.
  NGS is expected to become the fastest-growing
  segment in the mechanism category. In this
  regard, PCR techniques are expected to support
  the success of NGS technology in the upcoming
  years. To illustrate, NGS diagnosis and PCR
  techniques offer high-precision care with less
  turnaround time. The rising competency in genome
  sequencing has also generated substantial
  opportunities for vendors like Shuwen Biotech and
  Simcere Diagnostics in the Chinese companion
  diagnostics market.
• Competitive Landscape Strategic Highlights
  Latest CDx Approvals
• The inclusion of analytics and big data has
  helped identify various biomarker-based illness
  indications regularly. This has triggered
  businesses to enter the market through
  innovations. Moreover, since its easy to shift
  from one product to another, the competition
  among existing players has elevated over the
  years. Such developments have thus led to the
  advent of new strategies to launch and gain
  approvals for their CDx devices.
• In August 2022, Roche Diagnostics gained approval
  from FDA for VENTANA MMR RxDx Panel, the first
  immunohistochemistry CDx test. Based on cancer
  biomarkers, it helps detect solid tumor patients.
• Foundation Medicines FoundationOne CDx and
  Liquid CDx were authorized with various companion
  diagnostics claims by the FDA in June 2022.
• In May 2022, BioMerieux announced approval from
  FDA for its BIOFIRE Joint Infection Panel. The
  panel tests for 31 pathogens implicated in acute
  joint infections and contains 8 AMR genes to
  optimize therapy.
• Evotec SE and BioMeriux, in July 2022, declared
  their partnership to create the next generation
  of antimicrobial and actionable diagnostics to
  prevent antimicrobial resistance.

3
5. In July 2021, Illumina expanded its oncology
partnerships with Bristol Myer Squibb, Kura
Oncology, Myriad Genetics, and Merck. This joint
venture aims to develop tools for precision
oncology. Growth Prospects CDx for Targeted
Cancer Medication Earlier, the commercial
success of Herceptin and Gleevec revolutionized
companion diagnostics globally. However, the
increased prevalence of cancer cases has led to a
dramatic shift in the drug development process,
from uniform to precision medicine approach,
increasing the need for new CDx solutions. Hence,
the demand for predictive biomarkers for targeted
cancer therapeutics is expected to take center
stage, thereby creating opportunities for the
companion diagnostics market.
FAQ Q1) What is the size of the companion
diagnostics market? The companion diagnostics
market obtained 5314.48 million and is expected
to gain revenue worth 12740.68 million by
2028. Q2) What are the key end-users of the
companion diagnostics market? The key end-users
include pharmaceutical and biopharmaceutical
companies, reference laboratories, and others.