Global Companion Diagnostics Market is expected to grow at a CAGR of 15.86% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Companion Diagnostics Market by Technology (Immunohistochemistry, Polymerase Chain Reaction, Next Generation Sequencing, In Situ Hybridization and Others), Product and Services (Assay, Kit, Software & Survey), Indication (Breast, Cardiovascular Disease, Lungs and Colorectal Cancer), End-User, Region, Global Forecast 2020-2027.
The global companion diagnostics market is expected to grow from USD 3.73 billion in 2019 to USD 12.01 billion by 2027, at a CAGR of 15.86% during the forecast period 2020-2027. Asia-Pacific is the region which is expected to grow at the highest CAGR. The rise in the number of diseases like cancer has led to the adoption of more advance medical equipments. Also, the increased government initiative, increasing research on genomics, increased funding by companies and pharmaceuticals and growing awareness among people have been the contributing factors for the market growth of companion diagnostics.
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Key players in companion diagnostics market are Agilent Technologies Inc., Danaher Corporation, Abbott Laboratories, Illumina Inc., Thermo Fisher Scientific Inc., Abnova Corporation, Sysmex Corporation, Almac Group, bioMerieux, Guardant Health Inc., F. Hoffmann La Roche AG, QIAGEN N.V. and others. Many of the companies and pharmaceuticals are keen to assist the research organizations in integrating companion diagnostics with the personalized medicine to increase the efficiency of the treatment.
The technology segment includes immunohistochemistry, polymerase chain reaction, next-generation sequencing, in situ hybridization and others. Polymerase chain reaction accounts for the largest market share. The reason is the ease of use and availability of PCR kits all over the world. The growing applications of PCR in medical science and high turnaround time of PCR are some of the vital factors contributing to the growth. Product and services segment includes assay, kit, software & survey. The software and survey segment is expected to grow at a high CAGR. This is because companion diagnostics works on the principle of data analysis of individuals. The indication segment includes breast, cardiovascular disease, lungs and colorectal cancer. Among all, colorectal cancer has the highest market share. It requires effective treatment which can be done by explicitly aiming to an individual’s biological factors. The end-user segment includes pharmaceuticals, companies and CRO. Pharmacies are expected to grow at the highest market share as the use of companion diagnostics in personalized medicines are increasing. Additionally, pharmaceuticals are expanding because of the government assistance.
Companion diagnostics is vital for testing the applicability of a therapeutic drug on an individual. They are developed to select or exclude a group suitable for a particular treatment based on biological factors. It helps to eliminate any potential risks of side effects of medicine. The driving factors are the constant R&D, rise in the demand for personalized medication in various economies and the growing genetic diseases. In emerging economies, the awareness for health is rising, people demand for customized medicines which will be efficient in curing the disease. The ability of companion diagnostics to analyze the biological data and provide accurate and specific results is going to accelerate the market growth.
About the report:
The global companion diagnostics market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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