Global Companion Diagnostics Market: Information By Products & Services (Assays, Kits & Reagents, Software & Services), By Technology (Polymerase Chain Reaction (PCR), Next-Generation Sequencing (NGS), In Situ Hybridization (ISH) and Immunohistochemistry (IHC)), Indication (Cancer, Neurological Diseases, Infectious Diseases, Cardiovascular Diseases), By End-User (Pharmaceutical & Biopharmaceutical Companies, Contract Research Organizations and Laboratories) - Forecast till 2027
Market Highlights
Global Companion Diagnostics Market is expected to register a CAGR of 20.29% during the forecast period, with a market value of USD 8,081.50 Million by 2027. A companion diagnostic is an in vitro diagnostic medical kit. Through this test, the healthcare professional can determine whether a particular therapeutic product is effective to the patient or possess any serious side effects or risks.
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Key Players
MRFR recognizes the following companies as the Key Players in the global companion diagnostics market— F. Hoffmann-La Roche Ltd (Switzerland), Thermo Fisher Scientific Inc. (US), Agilent Technologies, Inc. (US), QIAGEN (Germany), Abbott (US), bioMérieux SA (France), Leica Biosystems Nussloch GmbH (Germany), Illumina, Inc. (US), Myriad Genetics, Inc. (US), ArcherDX, Inc. (US), Foundation Medicine, Inc. (US), NG Biotech (France), ICON plc (Ireland), Invivoscribe, Inc. (US), Abnova Corporation (Taiwan), and Guardant Health (US).
Segment Analysis
Global Companion Diagnostics Market has been segmented by Products & Services, Technology, Indication, and End Users. The market, based on products & services, has been bifurcated into assays, kits, & reagents, and software & services. On the basis of technology, the market has been bifurcated into polymerase chain reaction (PCR), next-generation sequencing (NGS), in-situ hybridization, immunohistochemistry, and other technologies.
The market based on indication has been segmented into cancer, neurological diseases, infectious diseases, cardiovascular diseases, and others. Based on end user, the companion diagnostics market has been segregated into pharmaceutical & biopharmaceutical companies, laboratories, contract research organizations, and others.
Regional Analysis
The global companion diagnostics market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas is likely to dominate the global companion diagnostics market. This can be attributed to the increasing demand for personalized medicine and the rising prevalence of various chronic diseases such as cancer, neurological disorders, and cardiac diseases among others. According to the American Cancer Society, 1.8 million new cancer cases will be diagnosed in 2020 in the US. Moreover, the presence of major manufacturers is also expected to drive market growth in the region.
The European market for companion diagnostics is expected to be the second-largest during the forecast period. Increasing product launches and acceptance of companion diagnostics is anticipated to drive the market growth. For instance, In August 2019 Roche announced the launch of Ventana PD-L1 (SP142) Assay in the European market as the first companion diagnostic to identify triple-negative breast cancer patients eligible for treatment with Tecentriq. Furthermore, the reimbursement policies for companion diagnostics tests also act as a driving factor and support market growth.
Asia-Pacific is estimated to be the fastest-growing market owing to the adoption of technologies and publishing guidelines for the use of CDx for the development of personalized medicines in the region. For instance, Precision Medicine Asia is one of the largest cancer clinics that provide a platform for innovative oncology therapies and diagnostics development in Asia, and also technical and regulatory expertise in CDx development. Moreover, the rising neurological disease in the aging population is also driving the market growth.
The market in the Middle East & Africa is expected to witness steady growth due to the growing number of hospitals, research laboratories, increasing investment by healthcare companies, a growing number of cancer cases, rising drug discovery, and increasing preference for personalized medicines.
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