The Europe companion diagnostics market was valued at $1.11 billion in 2023 and is expected to reach $3.56 billion by 2033, growing at a CAGR of 12.30% between 2023 and 2033. Advances in biomedical imaging, a rise in companion diagnostics product approvals, and the rising prevalence of cancer are driving the companion diagnostics market's expansion in Europe. These elements are major forces behind the region's growing use of companion diagnostics and precision medicine in individualized cancer care.
New companion diagnostics devices are being actively approved by European regulatory bodies, which is driving the market's growth. The market is expanding due to technological developments in molecular diagnostics, including enhanced biomedical imaging methods and next-generation sequencing (NGS). These developments make it possible to identify biomarkers more precisely, which enables more precisely tailored treatments.
Companion diagnostics are becoming popular not only in oncology but also in other treatment domains as infectious and cardiovascular illnesses. The companion diagnostics market in Europe is anticipated to expand gradually due to rising R&D expenditures and a favorable regulatory framework, expanding the use of customized medicine and boosting patient outcomes throughout the continent.
Competitive Strategy: The Europe companion diagnostics market is a highly fragmented market, with many smaller and private companies constantly entering the market. Key players in the Europe companion diagnostics market analyzed and profiled in the study involve established players that offer various kinds of products and services.
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Market Introduction
The growing desire for precision medicine and the rising incidence of cancer are driving the companion diagnostics industry in Europe. Particularly in oncology, companion diagnostics are essential for tailoring treatment regimens by identifying patients who are most likely to benefit from particular medicines. Companion diagnostics is a crucial tool for improving treatment outcomes because the increase in cancer incidence throughout Europe has increased the need for such focused medicines.New companion diagnostics devices are being actively approved by European regulatory bodies, which is driving the market's growth. The market is expanding due to technological developments in molecular diagnostics, including enhanced biomedical imaging methods and next-generation sequencing (NGS). These developments make it possible to identify biomarkers more precisely, which enables more precisely tailored treatments.
Companion diagnostics are becoming popular not only in oncology but also in other treatment domains as infectious and cardiovascular illnesses. The companion diagnostics market in Europe is anticipated to expand gradually due to rising R&D expenditures and a favorable regulatory framework, expanding the use of customized medicine and boosting patient outcomes throughout the continent.
Market Segmentation
Segmentation 1: by Technology
- Polymerase Chain Reaction (PCR)
- Immunohistochemistry (IHC)
- In-Situ Hybridization (ISH)
- Next-Generation Sequencing (NGS)
- Others
Segmentation 2: by Application
- Lung Cancer
- Breast Cancer
- Colorectal Cancer
- Leukemia
- Stomach Cancer
- Melanoma
- Others
Segmentation 3: by End User
- Pharmaceutical and Biotechnology Companies
- Reference Laboratories and Hospitals
- Others
Segmentation 4: by Country
- Germany
- U.K.
- France
- Italy
- Spain
- Rest-of-Europe
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Product/Innovation Strategy: The Europe companion diagnostics market has been segmented based on various categories, such as technology, application, end user, and country.Competitive Strategy: The Europe companion diagnostics market is a highly fragmented market, with many smaller and private companies constantly entering the market. Key players in the Europe companion diagnostics market analyzed and profiled in the study involve established players that offer various kinds of products and services.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.Some prominent names established in this market are:
- bioMérieux
- F. Hoffmann-La Roche Ltd
- ICON Plc
- QIAGEN N.V.
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Table of Contents
Executive SummaryScope and Definition
1 Markets
2 Regions
3 Markets - Competitive Benchmarking & Company Profiles
4 Research Methodology
List of Figures
List of Tables
Companies Mentioned
- bioMérieux
- F. Hoffmann-La Roche Ltd
- ICON plc
- QIAGEN N.V.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 73 |
| Published | October 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 1.11 Billion |
| Forecasted Market Value ( USD | $ 3.56 Billion |
| Compound Annual Growth Rate | 12.3% |
| Regions Covered | Europe |
| No. of Companies Mentioned | 4 |
