Companion diagnostic (CDx) is a diagnostic test used as a companion to a therapeutic drug to discover its applicability to a person. It requires multiple monitoring methods to provide extremely valuable data, allowing patients, health practitioners, and payers to decide with a higher level of certainty on the possible advantages of a treatment or care pathway.

Growing Demand for NGS-Based Technology Drives the Companion Diagnostics Market
The increasing demand for next-generation sequencing technology especially its capability to identify rare variants is crucial to continuing success and the wider distribution of companion diagnostics solutions in the market. The use of NGS panels in one test has the potential to help in the treatment of many different types of cancers.

For instance,

 In July 2022, Almac Diagnostic partnered with AstraZeneca to develop and commercialize a variety of companion diagnostic (CDx) products based on NGS and qPCR-based technologies

Demand for Companion Diagnostics for Targeted Cancer Drugs Drives the Companion Diagnostics Market
According to clinical research, up to 75% of cancer patients do not respond well to the same cancer treatment. In such cases, companion diagnostic tests help to indicate the presence of a molecular target and can also reveal the off-target effects of a therapeutic, predicting toxicities and adverse effects associated with a drug.
More than 90% of all globally certified CDx tests are associated with targeted cancer therapeutics. Some of the

Potential Role of Companion Diagnostics in Precision Medicine Drives the Companion Diagnostics Market
Personalized medicine is the practice of giving the correct dosage of the correct medicines at the correct time. Companion diagnostics, which are used to identify eligible patients for a particular therapy, are a significant driver to enable personalized treatment choices and precision medicine. Companion diagnostics offers numerous advantages in the advancement of personalized medicine and the improvement of preclinical and clinically focused drug development.

Major Challenges in Companion Diagnostics Market
The high cost of drug development therapies, associated clinical trials, the introduction of new stringent regulations for scientific validity, and analytical and clinical performance for in-vitro diagnostics (IVD) are expected to stifle growth in the companion diagnostics market in the next years.
North America is expected to hold a large share of the Companion Diagnostics Market
From a geographical standpoint, North America holds a dominant market share of the companion diagnostics market. This can be primarily attributed to the rising prevalence of diseases like cancer & HIV, improvements in regulatory guidelines, and potential economic benefits for drug developers early in drug development in the region.

Competitive Landscape Analysis of Companion Diagnostics Market
Some of the significant players operating in the market's include Thermo Fischer Scientific Inc., Illumina Inc., Bayer AG, Danaher Corporation, Invitae, and Agilent Technologies, Inc, among others.
Organic and Inorganic Growth Strategies Deployed by Players for Gaining a Foothold in the Companion Diagnostics Market
Players operating in this market are adopting organic and inorganic growth strategies such as collaborations, acquisitions, and new product launches to gain market share.

For instance,

 In October 2022, Roche announced they have received approval from the FDA for the first companion diagnostic to identify patients with HER2-low metastatic breast cancer

 In May 2022, Illumina, Inc. announced the incorporation of a companion diagnostic (CDx) indication to its CE-marked in vitro diagnostic TruSight Oncology (TSO) Comprehensive (EU) test

Key Strategic Questions Addressed in this Report

• What is the market size & forecast for the companion diagnostics market?
• What are the historical, present, and forecasted market shares and growth rates of various segments and
sub-segments of the companion diagnostics market?
• How has Covid-19 impacted the companion diagnostics market?
• What are the major growth drivers, restraints/challenges impacting the companion diagnostics market?
• What are the opportunities prevailing in the companion diagnostics market?
• What is the investment landscape of companion diagnostics market?
• Which region has the highest share in the global market? Which region is expected to witness the highest
growth rate in the next 5 years?

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