Companion Diagnostics Market Expected USD 8,081.50 million by 2027
Global Companion Diagnostics Market: Information by Products & Services (Assays, Kits & Reagents, Software & Services), Technology (Polymerase Chain Reaction (PCR), Next-Generation Sequencing (NGS), In Situ Hybridization (ISH) and Immunohistochemistry (IHC)), Indication (Cancer, Neurological Diseases, Infectious Diseases, Cardiovascular Diseases), End-User (Pharmaceutical & Biopharmaceutical Companies, Contract Research Organizations and Laboratories) and Region (Americas, Europe, Asia-Pacific, Middle East & Africa) - Forecast till 2027
Companion Diagnostic Market
Companion diagnostics (CDx) are diagnostic tests provided in addition to the drug to determine the response in an individual. These can be in-vitro tests or imaging tools and the results are used for furthering the development of the field of theranostics. The global companion diagnostic market report by Market Research Future (MRFR) contains insights and opportunities for the period of 2020 to 2027 (forecast period). It even takes into view the impact of COVID-19 and its effects and the potential of CDx.
Market Scope
The global companion diagnostic market can reach a valuation of USD 8,081.50 million by 2027. It is predicted to expand at a phenomenal CAGR of 20.29% over the forecast period. Collaboration among co-diagnostic drug companies is one of the major drivers of the market. For instance, F. Hoffman-La Roche and Illumina decided to enter a partnership for increasing patient access to genomic testing. Heightened demand for personalized medicine amid the alarming rise of chronic diseases can drive the demand for CDx tests.
An increase in clinical trials as well as focus on companion diagnostics in drug development can accelerate the market demand. The use of next-generation sequencing platforms for identifying antibodies which can be harmful as well as selection of vaccine peptides from the sample of COVID-19 to estimate the response rate in clinical trials will bode well for the industry. This can expedite the development of vaccines for the virus. Rapid approvals of drugs by federal regulatory bodies can favor the global companion diagnostic market.
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Segmentation
The 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 software & services and assays, kits, & reagents.
On the basis of technology, the market has been bifurcated into next-generation sequencing (NGS), polymerase chain reaction (PCR), in-situ hybridization, immunohistochemistry, and others.
The market based on indication has been segmented into cancer, cardiovascular diseases, neurological diseases, infectious diseases, and others. The cancer segment is further sub-segmented into melanoma, breast cancer, lung cancer, colorectal cancer, gastric cancer, and others.
Based on end-user, the companion diagnostics market has been segmented into contract research organizations, pharmaceutical & biopharmaceutical companies, laboratories, and others.
Regional Analysis
Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA) are regions taken into consideration with respect to the global companion diagnostic market.
The Americas is touted to lead the market throughout the forecast period owing to alarming cases of chronic disorders registered and a remarkable healthcare infrastructure to tackle such incidence. According to the National Institutes of Health, close to 1,735,350 cases of cancer were detected in 2018. Efforts by healthcare organizations for creating genomic databases in development of CDx tests will facilitate overall market growth.
Europe is estimated to assume the second position in the global companion diagnostic market till 2027. Investments in research and development for improving the efficacy of targeted therapy can bode well for the market. Rise in expendable income levels for affording personalized medicine can be a suitable catalyst for driving the demand for CDx tests.
Competition Outlook
Agilent Technologies, Inc., Abnova Corporation, Thermo Fisher Scientific Inc., Guardant Health, bioMĂ©rieux SA, Foundation Medicine, Inc., Illumina, Inc., Myriad Genetics, Inc., Invivoscribe, Inc., Abbott, Leica Biosystems Nussloch GmbH, QIAGEN, NG Biotech, ICON plc, F. Hoffmann-La Roche Ltd, and ArcherDX, Inc. are key players of the global companion diagnostic market. Investments in R&D to improve the current technology for faster identification of symptoms and provide superior products to patients are the key strategy of players to sustain their hold.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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