Global Companion Diagnostics Market, By Product & Service (Assay kits & Reagents, Software & Services), By Technology (Polymerase Chain Reaction (PCR), In Situ Hybridization (ISH), Next-Generation Sequencing (NGS), Immunohistochemistry (IHC), Others), By Indication (Cardiovascular, Neurological Diseases, Cancer [Breast Cancer, Lung Cancer, Colorectal Cancer, Melanoma, Gastric Cancer], Infectious Diseases, Others), By End User (Pharmaceutical & Biopharmaceutical Companies, Reference Laboratories, CROs, Others), and opportunities and forecast 2020-2027
Companion Diagnostics Market Overview
A companion diagnostic is a medical device, often an in vitro device, which provides information that is essential for the safe and effective use of a corresponding drug or biological product. The test helps a health care professional determine whether a particular therapeutic product’s benefits to patients will outweigh any potentially serious side effects or risks.
Several factors significantly boosting the growth of the global Companion Diagnostics market such as advantages of companion diagnostics, the increasing need for targeted therapy, the rising importance of personalized medicine, and the ever-increasing application areas of companion diagnostics. Additionally, other important factors such as increasing demand for next-generation sequencing, the rising importance of companion diagnostics in drug development, and a large number of clinical trials are further propelling the growth of this market progressively.
Furthermore, the companion diagnostics market is anticipated to experience noteworthy growth throughout the forecast period due to growth in R&D of targeted therapies, the discovery of new biomarkers for numerous conditions, and a large number of unmet needs for the treatment of cancer are majorly escalating the growth of the global Companion Diagnostics market.
On the downside, poor reimbursement policies, and longer developmental and approval phases are factors that are hampering the growth of the Companion Diagnostics Market.
Covid-19 Impact on Companion Diagnostics Market
In addition, the current Companion Diagnostics Market study offers a detailed analysis of the current COVID-19 pandemic impact on the market growth and its influence on the future growth of the Companion Diagnostics Market. The recently published report demonstrates the elevation in the demand for the healthcare sector. The healthcare manufacturers have experienced long term as well as short term effect which includes supply shortages, panic buying, and stocking, regulation changes as short-term whereas approval delays and possible trend variations in consumption could be perceived as long-term impacts of COVID-19 on the health and pharmaceutical market.
The increasing need for a cure has pushed vaccine research and manufacturers to the limit. In addition to this, panic conditions have already spurred the demand for many healthcare products and services which are discussed in detail in this report. Moreover, the impact of COVID-19 on overall market revenue for the base year 2020 and its projection up to 2027 is provided in detail in this report.
Companion Diagnostics Market Segment Overview
Based on the Technology, the Polymerase Chain Reaction (PCR) segment has the largest share of the global Companion Diagnostics market. The large share of this segment can be primarily attributed to the easy use and extensive availability of PCR kits & reagents in companion diagnostic testing. In addition, other factors such as rising applications of PCR in the high-throughput detection of mutants with a limited or low allele frequency of genes and high turnaround time of PCR as compared to other technologies are further support to the growth of this segment.
By End User, the Pharmaceutical & Biopharmaceutical Companies is an important segment in the market. This is because of the widespread usage of companion diagnostics in these industries due to their increasing prominence in drug development and the rising importance of companion diagnostic biomarkers. In addition to this, the escalating demand for personalized medicine as well as the huge demand for targeted therapies for several diseases and disorders are also projected to boost the demand and acceptance of companion diagnostics among pharmaceutical & biopharmaceutical companies.
Companion Diagnostics Market, By Product & Service
In terms of region, North America is expected to dominate the global Companion Diagnostics Market. This is because of the rising incidence of cancer, increasing health care expenditure, and rising demand for personalized treatment in this region. Similarly, the companion diagnostics market in the Asia Pacific is anticipated to grow at a significant rate over the forecast period. The growth of the market in this region is mainly attributed to the increasing prevalence of cancer, remarkable growth in research funding, and rise in proteomics & genomics research. Moreover, increasing investments by pharmaceutical and biotechnology companies, and growing awareness about personalized therapeutics in many APAC countries are anticipated to propel the growth of the Asia Pacific market.
Companion Diagnostics Market, By Geography
· North America (US & Canada) · Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe) · Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific) · LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Companion Diagnostics Market Competitor overview
Some key developments and strategies adopted by manufacturers in Companion Diagnostics are highlighted below.
· In August 2021, Riken Genesis Co., Ltd., Amoy Diagnostics Co., Ltd., and Precision Medicine Asia Co., Ltd. announced that the Ministry of Health, Labour and Welfare (MHLW) has approved the AmoyDx® Pan Lung Cancer PCR Panel as a companion diagnostic for TEPMETKO® a Merck KGaA, Darmstadt, Germany product that received approval by the Japanese MHLW in March 2020. TEPMETKO (tepotinib) is approved for use in patients with unresectable, advanced or recurrent non-small cell lung cancer with MET gene exon 14 skipping alterations.
· In August 2021, QIAGEN and OncXerna Therapeutics, Inc., a precision medicine company using an innovative RNA-expression based biomarker platform to predict patient responses to its targeted oncology therapeutic candidates, announced signing a master companion diagnostics (CDx) agreement to develop a NGS CDx for OncXerna’s product candidate, Navicixizumab, and a non-exclusive license to the Xerna™ TME panel.
Companion Diagnostics Market, Key Players
· F. Hoffmann-La Roche AG · Agilent Technologies, Inc. · QIAGEN N.V. · Abbott Laboratories, Inc. · Almac Group · Danaher Corporation · Illumina, Inc. · bioMérieux SA (France), · Myriad Genetics, Inc., · Sysmex Corporation · Thermo Fisher Scientific Inc. · Abnova Corporation · Guardant Health, Inc. · Icon Plc · Biogenex Laboratories, Inc.
Companion Diagnostics Market Study Global Market Analysis, Insights and Forecast, 2020-2027
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Industry SWOT Analysis
4.5. Porters Five Forces Analysis
5. Global Companion Diagnostics Market Analysis (USD Billion), Insights and Forecast, 2020-2027
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Product & Service
5.2.1. Assay kits & Reagents
5.2.2. Software & Services
5.3. Market Analysis, Insights and Forecast – By Technology
5.3.1. Polymerase Chain Reaction (PCR)
5.3.2. In Situ Hybridization (ISH)
5.3.3. Next-Generation Sequencing (NGS)
5.3.4. Immunohistochemistry (IHC)
5.4. Market Analysis, Insights and Forecast – By Indication
5.4.2. Neurological Diseases
18.104.22.168. Breast Cancer
22.214.171.124. Lung Cancer
126.96.36.199. Colorectal Cancer
188.8.131.52. Gastric Cancer
5.4.4. Infectious Diseases
5.5. Market Analysis, Insights and Forecast – By End User