As per our report, the size of the North American Companion Diagnostics Market is estimated to be worth USD 4.07 billion by 2027 from USD 1.49 billion in 2022, growing at a CAGR of 22.25% from 2022 to 2027. The North American regional market is expected to dominate the global market during the forecast period. It is primarily driven by the growing number of cancer patients and increasing personalized healthcare knowledge. In addition, rising treatment costs and quality healthcare infrastructure are also good signs for the region's companion diagnostics market.
The rapid development of targeted therapies, increasing demand for personalized medicine, raising awareness in emerging economies, discovering new biomarkers in different contexts, and increasing unmet needs accelerate market growth.
Increased focus on targeted therapies and increased focus on the internal development of companion diagnostics by pharmaceutical companies are also driving the market growth. Also, more and more new areas of adaptation are significant opportunities in the market. Also, the longer approval processes and longer development times for the accompanying diagnostic procedures may hinder market growth in the coming years.
The poor reimbursement policies are the primary restraint for the growth of the North America Companion Diagnostics Market. In addition, long stages of development and approval are factors limiting the market growth.
This research report on the North American Companion Diagnostics Market has been segmented and sub-segmented into the following categories:
Geographically, the North American market had played a dominating role in the global companion diagnostics market in 2020. The high demand is for companion diagnostics in North America is due to the rising number of cancer patients in the region.
The United States companion diagnostics market is forecasted to lead the North American market, followed by Canada during the forecast period. Rising development in technology and increasing demand for personalized medicine in the United States are driving the market growth. The U.S. has a massive number of providers and pharmaceutical companies to develop companion diagnostic for oncology. According to the American cancer society, there are 2,28,820 lung cancer patients in the US, so the demand for companion diagnostic products increases tremendously. In 2020, U.S. Food and drug administration approval for targeted treatment for lung cancer with companion diagnostics will fuel the market in the next five years.
The Canadian companion diagnostics market is anticipated to grow at a healthy CAGR during the forecast timeline. The Canadian Agency of drugs and technology in health has started improving companion diagnostic systems for patient care. In addition, Roche diagnostics got approval for the EGFR mutation test, which will identify non-small cell lung cancer patients and drive the growth of the Canadian companion diagnostics market. Also, the changes in IVD regulation in medical devices of companion diagnostics will fuel the market growth.
KEY MARKET PLAYERS:
Companies playing a dominant role in the North America 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.
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