Companion Diagnostics Market (By Technology: Immunohistochemistry (IHC), Polymerase Chain Reaction (PCR), In-situ Hybridization (ISH), Real-time PCR (RT-PCR), Gene Sequencing, Other Technologies; By Indication: Cardiovascular, Neurological Diseases, Cancer [Breast Cancer, Lung Cancer, Colorectal Cancer, Melanoma, Gastric Cancer], Infectious Diseases, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027

The global companion diagnostics market is expected to grow at a CAGR of around 16.7% from 2020 to 2027 and expected to reach the market value of around US$ 13,492.6 Mn by 2027.

A companion diagnostic is a diagnostic test carried out with a set of tools like assay kits & reagents, and software & services to provide the essential information about the effective use of a drug or biological product with safety. It used as a companion to a therapeutic drug to determine whether a particular therapeutic product’s benefits to patients will outweigh any potentially serious side effects or risks. Additionally, these diagnostic is used to identify the patients who can get the benefit from a particular therapeutic product, as well as monitor response to treatment with a particular therapeutic product to achieve improved safety or effectiveness.

Market Dynamics

The advantages associated with the companion diagnostics are particularly supporting market growth. The growing need for targeted therapy along with the growing importance of personalized medicine is driving the market growth. The rising prevalence of cancer diseases across the globe additionally the growing application areas of companion diagnostics are accelerating the market value. Moreover, increasing demand for next-generation sequencing, a growing number of clinical trials, and the growing significance of companion diagnostics in drug development are likely to create potential opportunities over the forecast period from 2020 to 2027.

On the other hand, the high cost of companion diagnostic tests and uncertain reimbursement scenario is the factor projected to hamper the growth.

Polymerase Chain Reaction (PCR) accounted for the major share in the global market

The polymerase chain reaction (PCR) segment is leading the market with a major share (%) in 2019. The growing applications of PCR in the high-throughput detection of mutants with a limited or low allele frequency of genes are driving the market value. The high turnaround time of PCR as compared to other technologies is additionally supporting the market value.

The market research study on “Companion Diagnostics Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027”, offers a detailed insight into the global companion diagnostics market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights into the global companion diagnostics market, its technology, indication, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global companion diagnostics market size and volume, and segment markets by technology, indication, and geography along with the information on companies operating in the market. The companion diagnostics market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.

North America registered maximum share in the global market

In 2019, North America lead the global market with major share owing to the rising prevalence of chronic diseases. The region is having potential share owing to the presence of global players and advanced technology. The well-established advanced healthcare infrastructure is particularly supporting the market value. Moreover, the Asia Pacific region is projected to experience the fastest growth over the forecast timeframe from 2020 to 2027. The increasing proteomics & genomics research activities along with the favorable research funding, rising investments by major pharmaceutical and biotechnology companies, and growing awareness about personalized therapeutics are some of the factors anticipated to accelerate the regional market growth during the forecast timeframe.

The players profiled in the report include Abbott, Agilent Technologies Inc., Biomerieux SA, Danaher Corporation (Beckman Coulter Inc.), F. Hoffmann-La Roche Ltd, Qiagen NV, Siemens Healthcare, and Thermo Fisher Scientific Inc.

Market Segmentation

Market By Technology

• Immunohistochemistry (IHC)
• Polymerase Chain Reaction (PCR)
• In-situ Hybridization (ISH)
• Real-time PCR (RT-PCR)
• Gene Sequencing
• Other Technologies

Market By Indication

Cardiovascular

Neurological Diseases

Cancer

• Breast Cancer
• Lung Cancer
• Colorectal Cancer
• Melanoma
• Gastric Cancer

Infectious Diseases

Others

Market By Geography

North America

• U.S
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa