Companion Diagnostics Market Size

Companion Diagnostics Market Analysis

The companion diagnostics market is expected to register a CAGR of 3.5% over the forecast period.

Early diagnosis of COVID-19 became essential in the market, as it could help find the proper treatment for patients affected by the disease. The most commonly used and reliable test for the diagnosis of COVID-19 was the polymerase chain reaction (PCR) test performed using nasopharyngeal swabs or other upper respiratory tract specimens, including throat swabs. Thus, diagnosis using polymerase chain reaction (PCR) emerged as a major focus for managing the disease. For instance, According to an article published by Systematic Reviews in Pharmacy, in 2022, SARS-CoV-2 vaccination companion diagnostics to improve COVID-19 vaccination schedules involved serological antibody tests. SARS-CoV-2 vaccine companion diagnostics offered significant benefits at that stage of research, including permanent, reliable immune protection by its monitoring with a specific test combination and, consequently, medical security against COVID-19. Thus, boosting the market growth.

Moreover, the companion diagnostics market is expected to experience substantial growth due to the rise in product launches, the development of new biomarkers for various diseases, a surge in research and development of targeted therapies, an increase in demand for customized medicine with increased recognition in the developing markets, and a higher number of unmet cancer care needs. For instance, in January 2022, Amoy Diagnostics Co. Ltd and PREMIA Holdings (HK) Limited launched the AmoyDx Pan Lung Cancer PCR Panel (the 'PLC Panel') in Japan as a reimbursed companion diagnostic for multiple anti-cancer agents. Furthermore, the growth of the global companion diagnostics market can be attributed to the rising focus on personalized medicine and the co-development of drug and diagnostic technologies. Moreover, the increasing cases of adverse drug reactions related to medications due to the lack of efficacy drive the need for companion diagnostics. Globally, the rising burden of cancer increases the demand and awareness for personalized medicines among the population. For instance, as per the data published by the Australian Institute of Health and Welfare, in December 2021, it was estimated that about 151,000 Australians were diagnosed with cancer (413 per day), and 49,000 died (135 per day). With companies expanding their collaborations for better biomarkers and diagnostics to focus on cost regulations, there have been many opportunities for applications in indications like cancer, cardiovascular, and neurological disorders.

Thus, the abovementioned factors are impacting the market growth of the companion diagnostics market. However, the high cost of drug development and associated clinical trials and reimbursement issues among many countries are expected to restrain the market growth.