Companion Diagnostics Global Market Report 2022: Widespread Adoption of AI Presents Opportunities

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Oct 11, 2022, 14:30 ET

DUBLIN, Oct. 11, 2022 /PRNewswire/ -- The "Companion Diagnostics Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

The global companion diagnostics market is expected to grow from $4.37 billion in 2021 to $5.15 billion in 2022 at a compound annual growth rate (CAGR) of 17.86%. The companion diagnostics market is expected to reach $9.99 billion in 2026 at a compound annual growth rate (CAGR) of 18.01%.

North America was the largest region in the companion diagnostics market in 2021. The regions covered in the companion diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The increasing number of targeted therapies is expected to propel the growth of the companion diagnostics market. Targeted therapy is a pharmacological therapy that targets particular characteristics of cancer cells to inhibit the growth and spread of the disease.

The medications circulate throughout the body but have a more targeted effect than chemotherapy and frequently have fewer adverse effects. Biological marker-based companion diagnostic testing for targeted cancer therapy is becoming an essential part of personalized cancer care. According to the April 2021 article of European Society for Medical Oncology, the genome-targeted therapy estimated eligibility was 8.82% by the end of 2018 and increase to 13.60% in 2020. Therefore, the rising number of therapies drives the companion diagnostics market.

Technological advancement is a key trend in the companion diagnostics market. Artificial intelligence is used to develop more efficient drugs for companion diagnostics. The continuously gathered massive data sets from diverse genetic profiling have enabled the widespread application of AI.

For instance, Deep Genomics, a Toronto-based start-up, is utilizing artificial intelligence to uncover better medications for genetic illnesses and speed up their introduction into clinical trials. The goal is to employ deep learning to explore the human genome for knowledge about the causes of diseases and to create and test chemical compounds that can be used as remedies.

In a computer model, deep learning enables scientists to test billions of chemical compounds in search of promising formulations that they can turn into medicines that save lives for people worldwide.

In April 2021, Agilent Technologies Inc., a US-based Analytical laboratory company that manufactures instruments, reagents, software, services, and consumables for comprehensive laboratory workflow, acquired Resolution Bioscience for $695 million. With this acquisition, Agilent's strengths in NGS-based cancer diagnostics are complements and expands, and also gives the company access to technology to meet the demands of the rapidly expanding precision medicine sector. Resolution Bioscience is a US-based healthcare research company specializing in NGS technology, molecular biology, cancer diagnostics, and more.

Scope

Markets Covered:

1) By Product And Service: Assays, Kits And Reagents; Software And Services
2) By Technology: Polymerase Chain Reaction; Next-Generation Sequencing; In Situ Hybridization; Immunohistochemistry
3) By Indication: Lung Cancer; Breast Cancer; Colorectal Cancer; Leukemia; Melanoma
4) By End-User: Pharmaceutical And Biopharmaceutical Companies; Reference Laboratories; Contract Research Organizations

Key Topics Covered:

1. Executive Summary

2. Companion Diagnostics Market Characteristics

3. Companion Diagnostics Market Trends And Strategies

4. Impact Of COVID-19 On Companion Diagnostics

5. Companion Diagnostics Market Size And Growth

6. Companion Diagnostics Market Segmentation

7. Companion Diagnostics Market Regional And Country Analysis

8. Asia-Pacific Companion Diagnostics Market

9. China Companion Diagnostics Market

10. India Companion Diagnostics Market

11. Japan Companion Diagnostics Market

12. Australia Companion Diagnostics Market

13. Indonesia Companion Diagnostics Market

14. South Korea Companion Diagnostics Market

15. Western Europe Companion Diagnostics Market

16. UK Companion Diagnostics Market

17. Germany Companion Diagnostics Market

18. France Companion Diagnostics Market

19. Eastern Europe Companion Diagnostics Market

20. Russia Companion Diagnostics Market

21. North America Companion Diagnostics Market

22. USA Companion Diagnostics Market

23. South America Companion Diagnostics Market

24. Brazil Companion Diagnostics Market

25. Middle East Companion Diagnostics Market

26. Africa Companion Diagnostics Market

27. Companion Diagnostics Market Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions In The Companion Diagnostics Market