The Global Companion Diagnostics Market size was valued at USD 1.96 billion in 2019 and is predicted to reach USD 9.02 billion by 2030, with a CAGR of 14.8% from 2020-2030.
Companion Diagnostic (CDx) is a clinical test co-developed with a therapeutic drug for screening the responders and non-responders to that particular drug. It is done in order to identify a patient group that can or cannot be treated with that corresponding drug. CDx helps practitioners to determine the benefits, side effects, and risks associated with the intake of therapeutic drugs, thereby ensuring patient's safety.
Market Dynamics and Trends:
The increasing preferences for targeted therapies, growing applications of personalized medicines, higher prevalence of chronic diseases, and increasing incidences of allergies in patients due to side effects of medicines; give rise to development of customized CDx, thereby propagating the growth of global Companion Diagnostics market Additionally, the benefits offered by CDx test such as cost-effectiveness, high sensitivity, fast and accurate results in less time frames; further escalates the growth of Companion Diagnostics market.
According to data provided by World Health Organization in 2018; 1 in 6 deaths are caused due to cancer every year. At global level, an estimated 6.8 million people die every year suffering from neurological disorders. CDx holds wide application for indication, in chronic disorders such as oncology, neurology, and others.
This scenario further supplements the growth of global Companion Diagnostics market. However, costly R&D procedures to develop new CDx, and unfavorable reimbursement policies, restricts the growth of global Companion Diagnostics market. On the other hand, upsurge in R&D activities, and increasing number of approvals granted by the U.S Food Drug Administration (FDA), are expected to propagate the growth of global Companion Diagnostics market in coming future.
North America is expected to dominate the global companion diagnostics market, throughout the forecast period, accounting for the highest market share. This is attributed to well-established healthcare infrastructures and medical laboratories, increased investments in R&D activities to develop advanced companion diagnostics, as well as growing preferences towards personalized medicinal therapies in this region.
Asia Pacific region is expected to grow substantially in the global companion diagnostics market, with the highest CAGR values, owing to improving healthcare facilities, increased geriatric population prone to cancer & neurological disorders, as well as increasing medical tourism in this region.
The companion diagnostics market is highly competitive and consists of various market players. Some of the major market players include Abbott Laboratories Molecular, Inc., ARUP Laboratories, Inc., Agilent (Dako Denmark A/S), Danaher Corporation (Leica Microsystems), BioMerieux SA, Foundation Medicine, Inc., Qiagen N.V., Myriad Genetics, Inc., Thermo Fisher Scientific (Life Technologies Corporation), and Roche (Ventana Medical Systems, Inc.) among others.
The key players are employing strategies such as joint ventures for co-developing new products, and acquisitions, in-order to gain stronger position in the companion diagnostics market.
For instance, in March 2020, Thermo Fisher Scientific, one of the major players of companion diagnostics market, announced the signing of an agreement with Janssen Biotech Inc., a subsidiary of Johnson & Johnson, to co-develop a CDx for cancer. Thermo Fisher's Oncomine Dx Target Test contains 46 cancer-related biomarkers for detection of both DNA and RNA variants. Its workflow features fast turnaround time and lowest sample requirements as compared to conventional oncology tests.
In June 2020, Thermo Fisher Scientific, announced that it has extended its strategic partnership with Agios Pharmaceuticals, by signing an extended agreement to co-develop a global CDx for Low-Grade Glioma (LGG) in oncology. This CDx test includes the identification of IDH gene mutations using the Ion Torrent Genexus System and Oncomine Precision Assay test, for LGG patients.
Key Topics Covered:
1. Introduction 1.1. Report Description 1.2. Research Methodology
2. Market Snapshot, 2019-2030 Million USD 2.1. Market Snapshot
5. Global Companion Diagnostics Market, by Technology 5.1. Overview 5.2. Immunohistochemistry 5.3. Polymerase Chain Reaction (Pcr) 5.4. Next Generation Sequencing (Ngs) 5.5. in Situ Hybridization 5.6. Other Technology
6. Global Companion Diagnostics Market, by Indication 6.1. Overview 6.2. Oncology 6.2.1 Global Oncology Market, by Indication 188.8.131.52 Colorectal Cancer Market, by Region 184.108.40.206 Breast Cancer Market, by Region 220.127.116.11 Blood Cancer Market, by Region 18.104.22.168 Others Market, by Region 6.2.2 Oncology Market, by Region 6.3. Neurology 6.4. Other Indication
7. Global Companion Diagnostics Market, by Region
8. Company Profiles 8.1 Company Overview 8.2 Company Snapshot 8.3 Operating Business Segments 8.4 Product Portfolio 8.5 Business Performance 8.6 Key Strategic Moves and Development