Global Companion Diagnostics Market Report 2022: A $6.8 Billion Market by 2028 - Outlook, Opportunity and Demand Analysis, Market Forecasts - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Global Companion Diagnostics Market Outlook 2021: Global Opportunity and Demand Analysis, Market Forecast, 2020-2028" report has been added to ResearchAndMarkets.com's offering.
The companion diagnostics market is predicted to reach USD 6.8 billion by 2028, up from USD 3.7 billion in 2019, at a CAGR of 13.9% during the forecast period of 2019 to 2028.
The growth of the worldwide companion diagnostics market is often attributed to the rising specialization in personalized medicine and, therefore, the co-development of drug and diagnostic technologies. Additionally, rising cases of adverse drug reactions related to drugs, due to their lack of efficacy, drive the need for companion diagnostics.
The growing need for targeted therapy will drive market growth.
With advances in genetic sequencing and genomics, it is now widely believed that drugs can work differently in different individuals. A better understanding of the genetic characteristics or biomarkers of an individual can promote the practice of administering "the right drug, at the right time, at the right dose, for the proper person."
Pharmaceutical and biopharmaceutical companies are continuously attempting to implement patient-selection diagnostic frameworks within the earlier stages of drug development to supply targeted therapies to the proper candidate. This further supports the expansion of the companion diagnostics market.
One of the main factors driving the expansion of the companion diagnostics market is the increasing demand for personalized medicines and awareness about their equivalents among the population. With companies increasing their collaborations for better biomarkers and diagnostics to specialize in cost regulations, a large number of opportunities for its applications in indications such as cancer, cardiovascular, and neurological disorders have arisen.
Pharmaceutical and biopharmaceutical companies make crucial contributions to the growth of the global companion diagnostics market.
Pharmaceutical and biopharmaceutical companies are estimated to be the most important end-users of companion diagnostics in 2019. Pharmaceutical and biopharmaceutical companies are expected to account for the most important share of the companion diagnostics market in 2019.
The large share of this segment can be majorly attributed to the extensive usage of companion diagnostics in these industries due to their growing prominence in drug development and the increasing importance of companion diagnostic biomarkers. The increasing demand for personalized medicine as well as the high demand for targeted therapies for various diseases and disorders are also expected to drive the demand and uptake of companion diagnostics among pharmaceutical and biopharmaceutical companies.
By technology, the polymerase chain reaction (PCR) segment will account for the most important share of the companion diagnostics market in 2019. The polymerase chain reaction segment is predicted to dominate the companion diagnostics market in 2019.
The large share of this segment is often attributed to the convenience of use and widespread availability of PCR kits and reagents in companion diagnostic testing, growing applications of PCR in the high-throughput detection of mutants with a limited or low allele frequency of genes, and the high turnaround time of PCR as compared to other technologies.
During the forecast period, the Asia-Pacific market is expected to grow the most rapidly.
The companion diagnostics market within APAC is estimated to grow at the very best CAGR during the forecast period. The high incidence of cancer, increasing proteomics and 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.
Players Will Concentrate on the Companion Diagnostics Market
- Roche Diagnostics Inc.
- Agilent Technologies, Inc.
- Thermo Fisher Scientific
- Abbott Laboratories, Inc.
- F. Hoffmann-La Roche AG is an abbreviation for F. Hoffmann-La Roche AG.
- Agilent Technologies, Inc.
- QIAGEN N.V.
- Almac Group
- Danaher Corporation
- Illumina, Inc.
- bioMerieux SA
- Neurological Conditions
- Pharmaceutical and biopharmaceutical firms
- Reference Laboratories
- Others (doctors, hospitals, academic medical centers, and payers)
- Assay kits and reagents
- Services & Software
- Market for Companion Diagnostics
- North America
- Asia and the Pacific
- Rest of the World
Key Topics Covered:
Chapter 1 Overview And Scope
Chapter 2 Our Research Practice
Chapter 3 Executive Summary
Chapter 4 Covid-19 Impact Analysis
Chapter 5 Global Companion diagnostics Market Forces
Chapter 6 Global Companion diagnostics Market - Industry Snapshots
Chapter 7 Global Companion diagnostics Market Analysis, by Application
Chapter 8 Global Companion diagnostics Market Analysis, by End user
Chapter 9 Global Companion diagnostics Market Analysis, by Product
Chapter 10 Companion diagnostics Market Analysis by Region
Chapter 11 Market Competition Analysis
Chapter 12 Company Profiles- Snapshot
Chapter 13 Appendix
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