As per our recently published report, the size of the global companion diagnostics market was worth USD 3.8 billion in 2020. This value is forecasted to grow USD 10.6 billion by 2025, showcasing a CAGR of 22.56% from 2020 to 2025.
Companion diagnostics are categorized by the rising requirement for improved personalized patient treatment that contributes to healthcare providers and their patients' assurance about the treatment results positively, differing from traditional treatment procedures.
These diagnostics help regulate the patient's personal molecular profile, which supports determining which therapy will work for the patient. This diagnostic procedure requires a biopsied tissue to contact the appearance of biomarker protein or mutant. Companion diagnostics are also used in the drug development process by defining a companion biomarker that predicts likely toxicity response.
MARKET DRIVERS:
The increasing number of targeted therapies and the shifting trend towards personalized medicine, and the rise in the prevalence of improving treatment procedures by properly analyzing diagnosis results are majorly accelerating the global companion diagnostics market growth.
Additionally, an increase in the focus on next-generation sequencing technology and diagnostics procedures has an immense role in developing drugs, potentially influencing the growth of the global companion diagnostics market.
Furthermore, an increasing number of diagnostic centers with the latest equipment with private and public organizations' help and growing spending on healthcare also fuel the market demand. Companion diagnostics promotes better treatment options suitable for the patient for a particular disease, boosting the global companion diagnostics market.
MARKET CHALLENGES:
However, lack of awareness and skilled professionals and the cost of installing and maintaining the equipment require vast amounts that cannot be affordable by small-scale companies, slowly impeding the market demand.
Frequent changes in the software and time taken to update the existing one are a little more. This attribute is limiting the demand of the market. The shortage of skilled technicians to resolve the complications in real-time applications has remained a challenging factor for the market.
Impact of COVID-19 on the global companion diagnostics market:
The companion diagnostic market growth is negatively impacted during the first quarter of 2020; WHO announced the pandemic as healthcare emergence. When the disease transmission accelerated, all the governments imposed nationwide lockdown. The companion market is significantly affected due to a ban on flights and transportation. Companion market has its supply chain across the country, including significant tier I and Tier II such as Agilent technologies, thermos fisher, Roche Diagnostics, and Abbott laboratories. In the countries such as Europe, Asia Pacific, North America, and South America, suppliers have manufacturing facilities with these countries; due to sudden lockdown and stringent government guidelines and social distancing implementation, the supply chain of these products has been disrupted.
As the surge in the COVID-19 cases, many researchers directed their research to study the novel virus and the disease it causes. As the rising significance of companion diagnostics in drug development, the increasing number of clinical trials for the possible drug treatment creates the demand for companion diagnostics during the COVID-19. The companion diagnostics propel the clinical success by identifying biomarkers and disease-specific therapeutic targets. The market growth is expected to increase during the forecast period.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2019 to 2025 |
|
Base Year |
2019 |
|
Forecast Period |
2020 to 2025 |
|
Segments Covered |
By Indications, Technology, and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Challenges, Restraints, Opportunities, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This market research report on the global companion diagnostics market has been segmented and sub-segmented based on indications, technology, and region.
Companion Diagnostics Market - By Indications:
Oncology is the highest revenue-creating segment based on indications as most of the companion diagnostics have been developed to detect one or the other cancer biomarkers. Oncology held the most significant market shares in this market in 2019 and likely to continue the same trend during the forecast period. Due to the growing occurrence of cancer worldwide, increasing part of companion diagnostics in raising awareness about the humanizing medicine treatment of cancer helps the oncology segment grow. Growing benefits of biomarkers for the diagnosis of cancer and also advanced technology in cancer diagnostics and treatment.
Within oncology, lung cancer is the most common cancer found in people worldwide and is likely to grow faster in the forthcoming years.
Companion Diagnostics Market - By Technology:
Based on technology, the molecular diagnostics segment accounts to hold the highest share during the period. In this technology, the Real-Time PCR segment is likely to continue its growth during the period. This PCR is used to identify the causes of many diseases, which is the primary force driving this segment's growth.
The gene Sequencing segment is expected to showcase decent CAGR during the forecast period due to the potentiality of sequence thousands of genes.
Companion Diagnostics Market - By Region:
Regionally, North America is accounted for in leading the highest shares of the market with the rise in revenue in both developed and developing countries. The adoption of advanced technologies and the launch of various equipment favoring the end-user are further gearing up the market growth in North America.
Europe is positioned next to North America in holding dominant shares of the market. The rise in the number of patients with different diseases like cancer, cardiovascular, and others is merely to fuel the market's growth. Also, increasing knowledge over launching companion diagnostics procedures for various applications is prompting the market's demand.
Asia Pacific has witnessed a tremendous growth rate from the past decade and is also deemed to hit the highest CAGR in foreseen years. The growing use of biomarkers for various purposes in the medical sector is lavishing the demand of the market.
The Middle East and Africa are to have a positive growth rate shortly with the rising support from the government by introducing reimbursement schemes to allow quality treatment for ordinary people.
KEY MARKET PLAYERS:
Most promising companies operating in the global companion diagnostics market profiled in this report are Abbott Molecular Inc., Roche Molecular Systems Inc., Leica Biosystems Nussloch GmbH, bioMérieux Inc., Dako Inc., Qiagen Ltd., ARUP Laboratories, Myriad Genetics Inc., Biogenex Laboratories Inc., Ventana Medical Systems Inc., and Thermo Fisher Scientific Inc.
SOME OF THE HAPPENINGS IN THIS MARKET IN THE RECENT PAST:
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Indications
5.1.1 Oncology
5.1.1.1 Colorectal Cancer
5.1.1.2 Breast Cancer
5.1.1.3 Lung Cancer
5.1.1.4 Gastric Cancer
5.1.1.5 Melanoma
5.1.2 Inflammation and Autoimmune Diseases
5.1.3 Cardiovascular Diseases
5.1.4 Central Nervous System Disorders
5.1.5 Virology Diseases
5.2 By Technology
5.2.1 Immuno Histochemistry
5.2.2 Molecular Diagnostics
5.2.2.1 In-Situ Hybridization
5.2.2.2 Real Time PCR
5.2.2.3 Gene Sequencing
6. Geographical Analysis
6.1 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.2 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.3 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 South Korea
6.3.6 Australia
6.4 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Mexico
6.4.4 Argentina
6.4.5 Rest of Latin America
6.5 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Abbott Molecular Inc.
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Roche Molecular Systems Inc.
8.3 Leica Biosystems Nussloch GmbH
8.4 BioMérieux Inc.
8.5 Dako Inc.
8.6 Qiagen Ltd.
8.7 ARUP Laboratories
8.8 Myriad Genetics Inc.
8.9 Biogenex Laboratories, Inc.
8.10 Ventana Medical Systems Inc.
8.11 Thermo Fisher Scientific Inc.
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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