Companion Diagnostics Market to Reach USD 6.8 billion by 2025 – Growing Significance in Drug Development
This study involved four major activities for estimating the current size of the global companion diagnostics market. Exhaustive secondary research was conducted to collect information on the market as well as its peer and parent markets. The next step focused on validating these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the sizes of segments and sub-segments.
[333 Pages Report] The companion diagnostics market is expected to reach USD 6.8 billion by 2025 from USD 3.7 billion in 2020, at a CAGR of 12.9%
Advantages of companion diagnostics, the growing need for targeted therapy, the rising importance of personalized medicine, the increasing global incidence of cancer, and the ever-increasing application areas of companion diagnostics are driving the growth of the global companion diagnostics industry. The increasing demand for next-generation sequencing, the growing significance of companion diagnostics in drug development, and the rising number of clinical trials are the major factors driving the growth of this market.
1. Increasing demand for next-generation sequencing
2. Growing significance of companion diagnostics in drug development
3. Increasing number of clinical trials
COVID-19 impact on the Companion Diagnostics Market:
The companion diagnostics market includes major Tier I and II companies like Roche Diagnostics, Agilent Technologies, Qiagen, Thermo Fisher, and Abbott Laboratories. These suppliers have their manufacturing facilities spread across various countries across Asia Pacific, Europe, North America, South America, and RoW. The lockdown and restrictions related to social distancing implemented in these COVID-19 countries had negatively affected the supply chain of these products.
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The geographical regions mapped in the report are:
1. North America
4. Rest of the World (RoW)
The companion diagnostics market in the APAC is estimated to grow at the highest CAGR during the forecast period. The high incidence of cancer, increasing proteomics & genomics research, growing research funding, rising investments by pharmaceutical and biotechnology companies, and growing awareness about personalized therapeutics in several APAC countries are expected to drive the growth of the APAC market.
Some key players mentioned in the research report are:
The companion diagnostics market is dominated by a few globally established players such as Roche Diagnostics, Agilent Technologies, Qiagen, Thermo Fisher, and Abbott Laboratories.
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In June 2020, Thermo Fisher Scientific Inc. and Agios Pharmaceuticals strategic partnership was made to codevelop a second companion diagnostics platform for oncology.
In January 2020, QIAGEN N.V. and Amgen collaborated with the aim to develop tissue-based companion diagnostics for the identification of patients with cancers that have the KRAS G12C mutation.
In May 2019, QIAGEN N.V. launched the therascreen PIK3CA RGQ PCR Kit in PIQRAY (alpelisib) therapy in the US to enhance its product portfolio in the companion diagnostics market.
In April 2019, Myriad Genetics, Inc. (US) and AstraZeneca plc (UK) and Merck Group (Germany) entered into a partnership, to identify unmet medical needs in men related to metastatic castration-resistant prostate cancer and expand the company's patient access in the market.