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 an assurance about the treatment results in a positive way, differing from traditional treatment procedure.
These diagnostics help to regulate the patient 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 helps foresee likely response of toxicity.
MARKET DRIVERS
The increasing number of targeted therapies and the shifting trend towards personalized medicine and the rise in the prevalence to improve treatment procedures by properly analyzing diagnosis results are the major growth drivers to the global companion diagnostics market. Additionally, an increase in the focus on next-generation sequencing technology and the diagnostics procedures have an immense role in the development of drugs which are potentially influencing the growth of the global companion diagnostics market.
Furthermore, an increasing number of diagnostic centres with the latest equipment with the help of both private and public organizations and growing spending on healthcare are also fuelling the market demand. Companion diagnostics promotes better treatment options suitable for the patient for a particular disease in which is also boosting the global companion diagnostics market.
MARKET CHALLENGES
However, lack of awareness and skilled professionals and the cost for installation and maintenance of the equipment requires vast amounts that cannot be affordable by small scale companies is slowly impeding the demand of the market.
Frequent changes in the software and time taken to update the existing one is 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.
REPORT COVERAGE
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REPORT METRIC |
DETAILS |
|
Market Size Available |
2019 to 2025 |
|
Base Year |
2019 |
|
Forecast Period |
2020 to 2025 |
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Segments Covered |
By Indications, Technology and Region |
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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 |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This market research report on Global Companion Diagnostics Market has been segmented and sub-segmented based on indications, technology and region.
Companion Diagnostics Market - By Indications
Based on indications, the Oncology being the highest revenue-creating segment as most of the companion diagnostics have been developed to detect one or the other cancer biomarkers. The oncology held the most significant market shares in this market in 2019 and likely to continue the same trend during the forecast period. It is due to the growing occurrence of cancer worldwide, also increasing part of companion diagnostics in raising awareness about the humanizing medicine treatment of cancer are some of the factors that help the oncology segment grow. Growing benefits of biomarkers for the diagnosis of cancer and also advance technology in cancer diagnostics and treatment.
Within oncology, lung cancer is the most common cancer found in people across the globe and is likely to grow faster in the forthcoming years.
Companion Diagnostics Market - By Technology
Based on technology, the Molecular diagnostics account 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 for many diseases which is the primary force driving the growth of this segment.
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 in favour of 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 growth of the market. Also, increasing knowledge over launching companion diagnostics procedures for various applications is prompting the demand of the market.
Asia Pacific is witnessed in having 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.
TOP COMPANIES IN THE MARKET
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.
Recent Market Developments
On May 11, 2020, Myriad received the FDA clearance for mychoice CDx as companion diagnostic for Lynparza. It is for the women who have ovarian cancer, and the acceptance of mychoice helps the clinicians to identify the women with ovarian cancer whose HRD is positive and who responds to the therapy.
On April 12, 2019, Qiagen launched the novel therascreen FGFR RGQ RT-PCR kit that works as a companion diagnostic. It is the first FDA approved to treat Mestastatc Urothelial Cancer.
On June 15, 2015, Ventana medical system (a part of Roche Group), has received FDA clearance for VENTANA ALK (D5F3). It is a companion diagnostic that helps in triggering lung cancer patients for Pfizer's FDA approved targeted therapy, XALKORI.
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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