Companion Diagnostics Market Size & Growth Analysis to 2030

The global companion diagnostics market size is projected to grow at a significant CAGR of around 20% market during 2020-2027. Companion diagnostics are an integral part of personalized medicine and is expected to rapidly increase its application base in several diseases. The growing demand for improved personalized patient treatment is assisting the growth of the companion diagnostics market because companion diagnostics give healthcare providers and their patients an assurance about the treatment result in a positive way, contrary to the traditional treatment procedure.

Market Insights:

The key application of companion diagnostic tests is to detect appropriate patients for administering specific drugs and monitoring the prognosis of drug effects on the disease. Companion diagnostic tests assist to predict the risks of the disease and monitor its therapeutic response. The companion diagnostics market was segmented on the basis of technology including polymerase chain reaction, immunohistochemistry, in-situ hybridization test, gene sequencing, and others. The others segment comprises tests such as monoclonal antibodies test and cellular immune testing.

In 2019, the polymerase chain reaction technique accounted for the largest share in the global companion diagnostics market due to key factors such as huge preference for the technique, affordable costs, and efficient results. The types of indications in which companion diagnostics techniques are used comprise oncology, cardiovascular diseases, virology, and autoimmune diseases. As oncology is the largest segment in this market this segment has been further segmented on the basis of various cancers such as breast cancer, colorectal cancer, gastric cancer, lung cancer, melanoma, and other cancer.  In 2019, the oncology segment accounted for the largest market share and is expected to be the highest-grossing segment through the forecast period. The key driving responsible for the growth of the oncology segment is the rising prevalence of cancer, high awareness associated with early diagnosis, and most of the available companion diagnostics technologies are for the detection of various cancer biomarkers.

Market Segment Insights:

On the basis of indication, the global companion diagnostics market is segmented as oncology, cardiovascular diseases, virology, and autoimmune diseases. In the year 2019, the oncology segment accounted for the largest market share and it was further sub-segmented into types of cancers such as breast cancer, colorectal cancer, gastric cancer, lung cancer, melanoma, and other cancers. The key factors responsible for its domination in the companion diagnostic market are the rising prevalence of cancer, high public awareness related to early cancer diagnosis, support by regulatory bodies, and high level of acceptance in patients and practitioners. The technology segmentation of the companion diagnostics market covers polymerase chain reaction (PCR), immunohistochemistry, in-situ hybridization test, gene sequencing, and others. The other segment is further sub-segmented into tests such as monoclonal antibodies test and cellular immune testing. In 2019, PCR was observed as the largest market due to key driving factors such as the most preferred technology by market stakeholders and observed as cost and time-efficient technology.

Global Companion Diagnostics Market Segmentation:

By  Indication Type, 2018–2027 ($ Millon)

• Oncology
  • Breast Cancer
  • Colorectal Cancer
  • Gastric Cancer
  • Lung Cancer
  • Melanoma
  • Others(Neurology, Prostate Cancer, and Ovarian Cancer)
• Cardiovascular Diseases
• Infectious Diseases
• Autoimmune Diseases

By Technology, 2018-2027 ($ Millon)

• Polymerase Chain Reaction
• Immunohistochemistry (IHC)
• In-Situ Hybridization Test (ISH)
• Gene Sequencing
• Others (Monoclonal Antibodies Test and Cellular Immune Testing)

By Geography, 2018-2027 ($ Millon)

• North America
• Europe
• Asia Pacific
• Latin America (LATAM)
• Middle East and Africa (MEA)

Regional Insights:

In 2019, North America has accounted for the largest market share in the global companion diagnostics market due to the growing demand for targeted therapeutics and the increase in the prevalence of the pathogenesis of various cancer ailments. In short, the demand for personalized medicines and diagnostics is driving the adoption of companion diagnostics. However, stringent regulations are expected to limit the growth of the market and delay the launch of various products. During the forecast period 2020 – 2027, Asia Pacific was observed as the fastest-growing region due to increasing adoption in developed as well as developing countries, technological advancements, and demand for personalized medicine. The key players in this market are focusing on several strategies such as licensing agreements, collaborations, and partnership activities to develop highly specific molecular diagnostic tests to monitor or select target therapeutics for addressing the pathogenesis of major diseases.

Market Competition Assessment:

Key players in the global companion diagnostics market are: Abbott Laboratories Inc., Agilent Technologies, Inc., bioMerieux SA, Qiagen N.V., Roche Holdings AG, Thermo Fisher Scientific, Inc.

List of Key Companies:

• Abbott Laboratories
• Agilent Technologies, Inc.
• bioMerieux SA
• Qiagen N.V.
• Roche Holdings AG
• Thermo Fisher Scientific
• Ventana Medical Systems
• Myriad Genetics
• Leica Microsystems
• Others

Key Questions Answered by Companion Diagnostics Market Report

• Global companion diagnostics market forecasts from 2020-2027
• Regional companion diagnostics market forecasts from 2020-2027 covering Asia-Pacific, North America, Europe, Middle East and Africa, and Latin America
• Country level forecasts from 2020-2027 covering 15 major countries from aforementioned regions
• Companion Diagnostics submarket forecasts from 2020-2027 covering submarket 1, submarket 2 submarket 3
• Various industry models such as SWOT analysis, Pestle Analysis, Porter’s Five Force model, Value Chain Analysis pertaining to the companion diagnostics market
• Analysis of the key factors driving and restraining the growth of the global, regional and country-level companion diagnostics markets from 2020-2027
• Competitive Landscape and market positioning of top 10 players operating in the companion diagnostics market

Request a full report sample in PDF format @ https://www.researchcorridor.com/request-sample/?id=1914