ID: MRFR/MED/2231-CR | May 2020 | Region: Global | 168 pages
According to MRFR, the Companion Diagnostics Market is poised to register a CAGR of 20.29% to reach USD 8.08 Billion by 2027. The rising need for sequencing of the next decade, the increasing importance of companion diagnostics in drug production, and the growing number of clinical trials are the significant factors driving the growth of companion diagnostics market.
The lockdown and social distancing controls imposed in these COVID-19 countries had a negative effect on the supply chain of these goods.
Increasing Prevalence of Chronic Diseases Fuels the Market Growth
over the forecast period, the companion diagnostics market is projected to experience substantial growth due to a rise in R&D of targeted therapies, an increase in demand for customised medicine with increased recognition in developing markets, the development of new biomarkers for various diseases, and a higher number of unmet cancer care needs. It is expected that the growing preference for customised medicine, expanded cooperation between businesses and co-development of drug diagnostics would fuel companion diagnostics market growth. The development of the global companion diagnostics industry is motivated by the advantages of companion diagnostics, the growing demand for tailored treatment, the rising global cancer prevalence, and the ever-increasing application fields of companion diagnostics.
Expanding Regulatory Framework Creates Growth Avenues for Key Players
It is also expected that the growing number of product approvals from global players would fuel demand growth. In the early stages of drug growth, pharmaceutical and biopharmaceutical firms are actively striving to incorporate patient-selection diagnostic frameworks and provide the best applicant for targeted therapies. The development of the companion diagnostics industry is further supported by this. Compared to other sequencing methods, next-generation sequencing discovers several biomarkers for multiple drug treatments in a shorter time span. The use of NGS panels in one test to assess biomarkers has the potential to help treat several different forms of cancers.
High Costs of Companion Diagnostics to Impede Market Growth
Despite having guaranteed returns on investment, the high initial cost keeps these tests out of the reach of a large portion of end users, especially those in developed countries. This allows end-users, such as pharmaceutical firms, reference labs, hospitals, and CROs, who see the use of such diagnostic testing as a burden on their budgets, to opt for diagnostic services from third parties.
Global Companion Diagnostics Market has been segmented by Technology, Indication, Products & Services, and End Users.
By-Products & Services
The companion diagnostics market, based on products & services, has been bifurcated into kits, & reagents, assays, and software & services. Growing demand for kits and reagents during the COVID 19 pandemic is likely to lead the companion diagnostics market.
The companion diagnostics market is segmented into polymerase chain reaction (PCR), next-generation sequencing (NGS), in-situ hybridization, immunohistochemistry, and other developments has been bifurcated on the basis of technology. The ease of use and widespread availability of PCR kits & reagents in companion diagnostic research pushes the PCR segment with increasing PCR applications.
The indication-based industry has been categorised into cancer, neurological disorders, respiratory diseases, infectious diseases, and others. The cancer market is currently the main revenue generation segment and is expected to rise substantially over the forecast period.
The companion diagnostics industry has been categorised into pharmaceutical & biopharmaceutical firms, hospitals, contract testing organisations, and those focused on end-users. Due to their growing popularity in drug production and the increasing significance of companion diagnostic biomarkers, the large share of the pharma and biopharmaceutical segment can primarily be attributed to the widespread use of companion diagnostics in these sectors.
Global Companion Diagnostics Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
Americas to Lead with Superior Healthcare Facilities
The field of the Americas is likely to lead the global companion diagnostics market. The high incidence rate of cancer and other chronic diseases and increasing healthcare spending in the area can be due to this. In addition, market development is also projected to drive the rising number of healthcare organisations working on generated genomic databases to understand the human genome and growing research activities in this area using companion diagnostic kits.
Presence of Major Players to Lead European Market
During the review period, the European market for companion diagnostics is expected to be the second-highest. The growth of the regional industry is projected to fuel the participation of a significant number of companies and increasing research and development activities to improve personalised drug treatment for cancer patients. In addition, increasing per capita income raises the preference for personalised treatment, further fuelling consumer growth.
APAC to Witness the Fastest Growth
Due to the extreme increasing number of patients with cancer, cardiovascular and neurological disorders, Asia-Pacific is expected to be the fastest growing region. Moreover, business development is also positively influenced by the growing incidence of infectious diseases. The growth of the APAC companion diagnostics market is projected to be driven by the high occurrence of cancer, increasing proteomics & genomics research, rising research funding, increasing investments by pharmaceutical and biotechnology firms, and increasing awareness of customised therapeutics in many APAC countries.
MEA to witness Gradual Growth
Due to rising cancer cases and increasing tastes for customised drugs, the Middle East & Africa market is expected to experience steady growth. Thanks to the rising number of hospitals, research labs, increasing investment by healthcare firms, a growing number of cancer cases, and increasing drug discovery, the Middle East & Africa market is expected to experience steady growth.
Growing R&D Projects to Boost Market Growth
Acquisitions, alliances, growth, and product releases were some of the main tactics adopted by players operating in the global companion diagnostics industry.
June 2020: A strategic collaboration was formed between Thermo Fisher Science Inc. and Agios Pharmaceuticals to co-develop a second companion oncology diagnostic tool.
December 2020: HalioDx SAS, the leading immuno-oncology testing firm for cancer immunological diagnosis, announced that it reached an exclusive distribution deal in Brazil with Diagnosticos da America (DASA) SA for the commercialization of Immunoscore.
September 2020: Roche introduced a highly effective SARS-CoV-2 antibody test that provided fast results. The introduction of such highly productive tests encouraged the development of the business to some degree during the Covid-19 pandemic.
September 2020: Sysmex Corporation introduced the Covid-19 virus antigen detection reagent. The implementation of such superior quality reagents had a positive effect on the revenue production of the business.
By-Products & Services
|Market Size||2027: USD 8.08 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Products & Services, Technology, Indication, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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), Guardant Health (US)|
|Key Market Opportunities||Expanding Regulatory Framework Creates Growth Avenues for Key Players|
|Key Market Drivers||Increasing Prevalence of Chronic Diseases|
Frequently Asked Questions (FAQ) :
The companion diagnostics market would enjoy a valuation of USD 8.08 Billion by 2027
The companion diagnostics market would have companies like Agilent Technologies (US), Abbott Laboratories (US), F. Hoffmann-La Roche AG (Switzerland), ARUP Laboratories (US), Qiagen N.V. (The Netherlands), Myriad Genetics, Inc. (US), and Thermo Fisher Scientific Inc. (US).
The companion diagnostics market report has contract research organizations, clinical laboratories, pharma & biotech companies, and others as end users.
Major segments of the companion diagnostics market report are infectious diseases, cancer, central nervous system disorders, cardiovascular diseases, and others.
Inaccuracy in test results can hold back the companion diagnostics market growth.