Companion Diagnostics Market Size is Projected To Reach USD 6,452 Million By 2026 - Valuates Reports

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BANGALORE, India, Aug. 6, 2020 /PRNewswire/ -- The Companion Diagnostics market size is expected to develop significantly due to a rise in R & D of targeted therapies, a rise in demand for personalized medicine, increased awareness in emerging economies, and new biomarkers for different conditions and increase in the number of unmet cancer care needs.

The global companion diagnostics market size was USD 1,678 Million in 2018 and is projected to reach USD 6,452 Million by 2026, growing at a CAGR of 18.3% from 2019 to 2026.

The companion diagnostics market report provides an in-depth analysis of the companion diagnostics market size and the current trends and future estimations to elucidate the imminent investment pockets.

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TRENDS INFLUENCING THE COMPANION DIAGNOSTICS MARKET SIZE

Cancer research has identified major variations in gene sequence and patterns of expression that can serve as the basis for targeted therapy. Also, several biomarkers have been reported for different cancers which have been developed for companion diagnostics. Companion diagnostics are commonly used in different types of cancer, such as lung cancer, colorectal cancer, cancer of the blood, and breast cancer. The adoption of Companion Diagnostics in cancer identification is expected to increase the Companion Diagnostics market size during the forecast period.

The growing need for targeted therapy is expected to increase the companion diagnostics market size. With developments in genetic sequencing and genomics, medicines are now commonly believed to work differently in different individuals. Pharmaceutical and biopharmaceutical companies are actively striving to incorporate testing mechanisms for patient-selection in the early stages of drug development to provide the best candidate with tailored therapies. This supports the growth of the companion diagnostics industry.

Awareness among physicians and patients regarding drug toxicity is expected to fuel the Companion diagnostic market size. However, in developing countries, it is not as much in practice as in developed countries due to less awareness. Still, developing countries with large populations such as India and China have enormous potential to pool market share.

Companion diagnostic technology expertise is key to conducting tests effectively. Since there is a shortage of qualified professionals, it can potentially affect market growth. 

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COMPANION DIAGNOSTICS MARKET SHARE ANALYSIS

In 2019, pharmaceutical & biopharmaceutical firms were projected to account for the largest companion diagnostics market share. This growth can be attributed to the rising popularity in drug production and the increasing importance of companion diagnostic biomarkers.

Based on the region, North America is expected to hold the largest companion diagnostics market share during the forecast period. This dominance can be attributed to the high prevalence rate of cancer and other chronic diseases, as well as increasing regional healthcare expenses. Besides, it is also expected that the increasing number of healthcare organizations working on developed genomic databases to understand the human genome and that research activities in this area using companion diagnostic kits would also drive market development.

It is anticipated that the involvement of a large number of companies and increasing research and development activities to develop targeted drug therapy for a cancer patient would fuel Europe companion diagnostics market growth.

Asia-Pacific is expected to witness the highest growth rate during the forecast period. This is due to a high population base, increased awareness of companion diagnostics, health infrastructure growth, and increased demand for advanced therapy. However, higher costs to establish companion diagnostics can hamper the growth of the Asia-Pacific companion diagnostics market.

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COMPANION DIAGNOSTICS KEY MARKET SEGMENTS:

By Technology Type

• Immunohistochemistry
• Polymerase Chain Reaction (PCR)
• Next Generation Sequencing (NGS)
• In Situ Hybridization
• Others

By Indication

• Oncology
• Neurology
• Others

By Region

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• France
• UK
• Rest of Europe
• Asia-Pacific
• Japan
• China
• Australia
• Rest of Asia-Pacific
• LAMEA
• Brazil
• South Africa
• Rest of LAMEA

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SIMILAR REPORTS

• Companion Diagnostic Technologies Market Report

Companion Diagnostic Technologies Market size is projected to reach USD 3.5 Billion by 2020 from a base value of USD 1.1 Billion in 2013, growing at a CAGR of 20% from 2014 to 2020.

The demand for Companion Diagnostics technologies has been geographically segmented into North America, Europe, Asia Pacific, and LAMEA.

 North America has a significant market share of 43.97 percent, followed by Europe, which represented about 38 percent in 2013. Together, North America and Europe accounted for more than 82 percent of the global Companion Diagnostic Technologies Market share in 2013 and will continue its dominance during the forecast period.

View Full Report: https://reports.valuates.com/market-reports/ALLI-Manu-3F29/companion-diagnostic-technologie

• Companion Diagnostic Tests in Oncology Market Report

The global Companion Diagnostic Tests in Oncology market size is projected to reach USD 4019.7 Million by 2026 from USD 3644.4 Million in 2020, at a CAGR of xx% during 2021-2026.

Increasing cancer incidence, growing cancer care cost, and increasing cancer mortality are some of the main factors for the growth of Companion Diagnostic Tests in Oncology Market size.

View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-3B287/companion-diagnostic-tests-in-oncology

• COVID-19 Impact on Global Companion Diagnostic Tests Market Report

The Global Companion Diagnostic Tests Market report offers an exhaustive geographical analysis of the global Companion Diagnostic Tests market, covering important regions, including North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.

The report covers the Companion Diagnostic Tests Market size for the period 2015-2026. It also provides the market size and forecast in terms of revenue for the period 2015-2026 by each application segment.

View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-2A326/companion-diagnostic-tests

• Korea Companion Diagnostic Market Report

The Korea Companion Diagnostic Market report studies the status of Companion Diagnostic growth and future trend in Korea, focuses on top players in Korea, also splits Companion Diagnostics by form and application to completely and thoroughly investigate and reveal the overall market situation and future forecast.

View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-0S283/korea-companion-diagnostic

• China Companion Diagnostic Market Report

View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-2L327/china-companion-diagnostic

• Asia-Pacific Companion Diagnostic Market Report

View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-1X329/asia-pacific-companion-diagnostic

• United States Companion Diagnostic Market Report

View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-0T285/united-states-companion-diagnostic

• Companion Diagnostic Development Market Report

View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-0V284/global-companion-diagnostic-developmen

• Immunohistochemistry Market Report

View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-3D288/immunohistochemistry

• EMEA (Europe, Middle East and Africa) Companion Diagnostic Market Report

View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-1E330/emea-companion-diagnostic

• Polymerase Chain Reaction Technologies Market Report

View Full Report: https://reports.valuates.com/market-reports/ALLI-Auto-3A264/polymerase-chain-reaction-technologies

• Next Generation Sequencing (NGS) Market Report

View Full Report: https://reports.valuates.com/market-reports/ALLI-Auto-4C357/next-generation-sequencing-ngs

• In situ Hybridization Market Report

View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-18O1801/global-in-situ-hybridization

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