Companion Diagnostics Market is projected to witness growth at a CAGR of 20.0% during the forecast period of 2022-2030

 

The global companion diagnostics market is projected to witness growth at a CAGR of 20.0% during the forecast period of 2022-2030.

 




A companion diagnostic is an in vitro medical gadget that is used in conjunction with a therapeutic drug to evaluate the medicine's efficacy and applicability on patients. It employs a combination of tests and therapies to provide essential information on related therapeutic pharmaceuticals or biological products, allowing for the safe and effective delivery of medical care. These diagnostics also give medical practitioners a better grasp of disease biology and mechanism of action (MOA), which helps them assess the potential side effects or hazards of a treatment product on specific human bodies.

 

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GROWTH DRIVERS:

Furthermore, since the previous few decades, the number of cancer cases of various types has been increasing at an unprecedented rate around the world. According to a new estimate, by 2030, the worldwide cancer burden is expected to climb to almost 22.0 million new cancer cases (with around 13.0 million cancer deaths). Companion diagnostics is widely used to improve the predictability of the medication development process in oncology. As a result, rising cancer occurrences are projected to drive the adoption of companion diagnostics for the quick development of cancer therapy medications. In addition, the number of FDA-approved cancer diagnostic tests is increasing, giving the worldwide companion diagnostics market a boost.

 

Furthermore, the number of partnerships and collaborations between market leaders for the development of novel companion diagnostics products is rapidly increasing. Collaborations between firms to produce improved biomarkers and diagnostics are expected to provide enough potential for the global companion diagnostics market to flourish in the future years.

 

COMPANION DIAGNOSTICS MARKET SEGMENTATION:

By Product & Services:

·         Assay Kits & Reagents

·         Software & Services

 

By Technology:

·         Polymerase Chain Reaction (PCR)

·         In Situ Hybridization (ISH)

·         Next-Generation Sequencing (NGS)

·         Immunohistochemistry (IHC)

·         Others

 

By Indication:

·         Cardiovascular

·         Neurological Diseases

·         Cancer

§  Breast Cancer

§  Lung Cancer

§  Colorectal Cancer

§  Melanoma

§  Gastric Cancer

§  Infectious Diseases

§  Others

 

By End User:

·         Pharmaceutical & Biopharmaceutical Companies

·         Reference Laboratories

·         Contract Research Organizations

·         Others

 

By Region:

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East & Africa

 

The assay kits & reagents segment is expected to account for the biggest market share in the companion diagnostics market during the forecast period, based on products and services. The rapidly rising need for high-performance diagnostics kits in clinical trials and commercial applications, as well as expanding innovations in sample processing, are driving the segment's expansion.

 

In 2020, the polymerase chain reaction (PCR) category accounted for the highest share of the worldwide companion diagnostics market in terms of technology. Over the forecast period, the segment is expected to maintain its market dominance.

 

The cancer sector accounted for the biggest proportion of the worldwide companion diagnostics market in 2020, and this trend is projected to continue during the forecast period.

 

In 2020, the pharmaceutical and biopharmaceutical industries sector dominated the companion diagnostics market by end-user. Over the forecast term, the tendency is expected to continue. The key element linked to the segment's growth is the massively increasing application of companion diagnostics in these companies due to their growing relevance in medication development.

 

KEY COMPANIES IN COMPANION DIAGNOSTICS MARKET:

·         Hoffmann-La Roche AG

·         Agilent Technologies Inc.

·         Biogenex Laboratories Inc.

·         Abbott Laboratories Molecular Inc.

·         ARUP Laboratories Inc.

·         BioMerieux SA

·         Danaher Corporation

·         Foundation Medicine Inc.

·         Almac Group

·         Sysmex Corporation

·         Thermo Fisher Scientific Inc.

·         Abnova Corporation

·         Guardant Health Inc.

·         Icon Plc

·         Myriad Genetics Inc.

·         Qiagen N.V.

 

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xResearch is a market research and consulting organization that uses unique data, expert analysis, and new technologies to create trusted intelligence on industries. Our research is focused on delivering an informed and impartial view on essential market data of industry, and it is primarily driven by an in-depth study covering the following parameters: Market Sizing and Forecasting, Market Segmentation, Competitive Analysis, Strategic Assessment and Business Modelling.

 

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