Global Companion Diagnostics Market Is Projected to Reach $7,536.7 Million by 2030

As depicted, the genome sequencing cost is decreasing while the production (TB) is increasing. It is expected that the cost of genome sequencing would ultimately drop to as low as $100 by 2025. As a result, it is highly possible that the use of genome sequencing will become more widely adopted and integrated into regular clinical practice, thereby bolstering the scope of companion diagnostic usage across the healthcare continuum for treatment preferences.

As per BIS Research analysis, the global companion diagnostics market is projected to reach $7,536.7 million by 2030 from $1,764.7 million in 2019, at a CAGR of 12.45% during the forecast period of 2020-2030. This growth has been primarily attributed to the major drivers in this market, which comprise the growing incidence of cancer within the global population that has intensified the demand for better treatment assurance for all cancer types. Additionally, the growing demand for personalized medicine and the regulatory mandate for the co-development of drugs and diagnostics are driving the growth of the global CDx market. The market is expected to grow at a significant growth rate due to the opportunities that lie within its domain, which include the development of multiple-biomarker based CDx, powered by NGS technology, commercialization of CDx for non-oncology disease areas, and exploitation of advance data science technology in the field of companion diagnostics. However, there are significant challenges which are restraining the market growth. These challenges include an uncertain reimbursement scenario, companion diagnostics leakage in oncology and weak synchronization between therapeutics and diagnostics in marketing and distribution channels.

The BIS Research report on the global companion diagnostics market segments the market on the basis of technology (in-situ hybridization, immunohistochemistry, polymerase chain reaction, and next-generation sequencing), application area (lung cancer, breast cancer, colorectal cancer, leukemia, melanoma, stomach cancer, and others), and region (North America, Europe, Asia-Pacific, and Rest-of-the-World).

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