NEW YORK, Aug. 1, 2023 /PRNewswire/ -- The companion diagnostics market is estimated to grow at a CAGR of 22.59% between 2022 and 2027. The market size is forecast to increase by USD 11,029.63 million, according to Technavio. The importance of promotional activities is increasing, which is a significant market trend. Due to the specificity, Companion diagnostics can be used only for a particular drug and are not as widely available as other test kits and devices on the market. Limited promotional activities make it difficult to reach the target market and understand the company's competitive position. Publishing multiple blogs and newsletters can increase traffic to the website for businesses. This allows companies to sustain their marketing efforts longer and gain repeat customers. Hence, the increasing importance of promotional activities among vendors is expected to drive market growth during the forecast period. View the new Sample Report within minutes!
Companion Diagnostics Market 2023-2027: Scope
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. Our companion diagnostics market report covers the following areas:
- Companion Diagnostics Market size
- Companion Diagnostics Market trends
- Companion Diagnostics Market industry analysis
- Companion Diagnostics Market five forces analysis
- Companion Diagnostics Market competitive landscape
Companion Diagnostics Market 2023-2027: Segmentation
Companion Diagnostics Market is segmented as below:
- End-user
- Life Science
- Health Centers
- Others
- Indication
- Oncology
- Neurology
- Others
- Geography
- North America
- Europe
- Asia
- Rest Of World (ROW)
The life science segment is estimated to witness significant growth during the forecast period. This growth of the segment is due to the increasing prevalence of chronic diseases worldwide, which increases the need for pharmaceutical and biotechnology companies to produce high-quality, compliant drugs and therapies. Furthermore, the screening for clinically relevant compounds using companion diagnostics is part of the discovery process and is used during the preclinical and clinical stages of drug development. Hence, these factors are expected to drive the segment growth in the market during the forecast period.
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Companion Diagnostics Market 2023-2027: Market Dynamics
Key Drivers
The rising use of personalized medicine is a key factor driving market growth. This is due to its specificity in treating diseases based on an individual's genetic characteristics. Furthermore, Companion diagnostics are gaining popularity in the development of personalized medicine for early disease detection and precise treatment selection that can reduce mortality. Expanding awareness about genetic diseases will help in the commercialization of customized prescriptions, which are focused on developing designated drugs. Hence, to provide accurate patient diagnosis, the demand for companion diagnostic tests is expected to grow during the forecast period.
Significant Challenges
The lack of manpower is a significant challenge restricting market growth. Companion diagnostic tests are often complex and use several analytical methods such as B. Image processing, highly developed technology, and equipment. The presence of professional and experienced staff with excellent technical skills is important for biopharmaceutical companies, academic institutions, R&D laboratories, and organizations. Furthermore, adequate training programs for laboratory professionals are becoming scarce as laboratory agencies are under undue pressure to reduce delivery times. Hence, the lack of manpower is expected to drive market growth during the forecast period.
Companion Diagnostics Market 2023-2027: Vendor Analysis
The market is fragmented, and the degree of fragmentation will decelerate during the forecast period. Abbott Laboratories, Abnova Corp., Agilent Technologies Inc., Amoy Diagnostics Co. Ltd., ARUP Laboratories, Bayer AG, BioGenex Laboratories Inc., bioMerieux SA, F. Hoffmann La Roche Ltd., Guardant Health Inc., Illumina Inc., Invivoscribe Inc., Liquid Biotech USA Inc., Myriad Genetics Inc., NG Biotech, QIAGEN NV, Quest Diagnostics Inc., Siemens AG, Sysmex Corp., and Thermo Fisher Scientific Inc. are some of the major market participants. Although the Rising use of personalized medicine will offer immense growth opportunities, the Limited sustainability of smaller vendors will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Vendor Offering
- Abbott Laboratories - The company offers companion diagnostics such as m2000 REALTIME SYSTEM AND ASSAYS, ALINITY m SYSTEM AND ASSAYS.
- Abnova Corp - The company offers companion diagnostics such as Fluorouracil, GLEEVEC, and Herceptin.
- Agilent Technologies Inc - The company offers companion diagnostics such as HER2 IQFISH pharmDx, HercepTest Kits, PD L1 IHC 22C3 pharmDx.
Companion Diagnostics Market 2023-2027: Key Highlights
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist companion diagnostics market growth during the next five years
- Estimation of the companion diagnostics market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the companion diagnostics market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of companion diagnostics market vendors.
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Companion Diagnostics Market Scope |
|
Report Coverage |
Details |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Decelerate at a CAGR of 22.59% |
Market growth 2023-2027 |
USD 11,029.63 million |
Market structure |
Fragmented |
YoY growth 2022- 2023 (%) |
24.34 |
Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
Performing market contribution |
North America at 36% |
Key countries |
US, UK, Germany, France, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Abnova Corp., Agilent Technologies Inc., Amoy Diagnostics Co. Ltd., ARUP Laboratories, Bayer AG, BioGenex Laboratories Inc., bioMerieux SA, F. Hoffmann La Roche Ltd., Guardant Health Inc., Illumina Inc., Invivoscribe Inc., Liquid Biotech USA Inc., Myriad Genetics Inc., NG Biotech, QIAGEN NV, Quest Diagnostics Inc., Siemens AG, Sysmex Corp., and Thermo Fisher Scientific Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table Of Contents
1 Executive Summary
- 1.1 Market Overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
- Exhibit 06: Executive Summary – Chart on Market Segmentation by Indication
- Exhibit 07: Executive Summary – Chart on Incremental Growth
- Exhibit 08: Executive Summary – Data Table on Incremental Growth
- Exhibit 09: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 10: Parent market
- Exhibit 11: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 12: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 13: Market segments
- 3.3 Market size 2022
- 3.4 Market outlook: Forecast for 2022-2027
- Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
- Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
- Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
- Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
- 4.1 Global companion diagnostics market 2017 - 2021
- Exhibit 18: Historic Market Size – Data Table on global companion diagnostics market 2017 - 2021 ($ million)
- 4.2 End-user Segment Analysis 2017 - 2021
- Exhibit 19: Historic Market Size – End-user Segment 2017 - 2021 ($ million)
- 4.3 Indication Segment Analysis 2017 - 2021
- Exhibit 20: Historic Market Size – Indication Segment 2017 - 2021 ($ million)
- 4.4 Geography Segment Analysis 2017 - 2021
- Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)
- 4.5 Country Segment Analysis 2017 - 2021
- Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)
5 Five Forces Analysis
- 5.1 Five forces summary
- Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
- 5.2 Bargaining power of buyers
- Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
- 5.3 Bargaining power of suppliers
- Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
- 5.4 Threat of new entrants
- Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
- 5.5 Threat of substitutes
- Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
- 5.6 Threat of rivalry
- Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
- 5.7 Market condition
- Exhibit 29: Chart on Market condition - Five forces 2022 and 2027
6 Market Segmentation by End-user
- 6.1 Market segments
- Exhibit 30: Chart on End-user - Market share 2022-2027 (%)
- Exhibit 31: Data Table on End-user - Market share 2022-2027 (%)
- 6.2 Comparison by End-user
- Exhibit 32: Chart on Comparison by End-user
- Exhibit 33: Data Table on Comparison by End-user
- 6.3 Life science - Market size and forecast 2022-2027
- Exhibit 34: Chart on Life science - Market size and forecast 2022-2027 ($ million)
- Exhibit 35: Data Table on Life science - Market size and forecast 2022-2027 ($ million)
- Exhibit 36: Chart on Life science - Year-over-year growth 2022-2027 (%)
- Exhibit 37: Data Table on Life science - Year-over-year growth 2022-2027 (%)
- 6.4 Health centers - Market size and forecast 2022-2027
- Exhibit 38: Chart on Health centers - Market size and forecast 2022-2027 ($ million)
- Exhibit 39: Data Table on Health centers - Market size and forecast 2022-2027 ($ million)
- Exhibit 40: Chart on Health centers - Year-over-year growth 2022-2027 (%)
- Exhibit 41: Data Table on Health centers - Year-over-year growth 2022-2027 (%)
- 6.5 Others - Market size and forecast 2022-2027
- Exhibit 42: Chart on Others - Market size and forecast 2022-2027 ($ million)
- Exhibit 43: Data Table on Others - Market size and forecast 2022-2027 ($ million)
- Exhibit 44: Chart on Others - Year-over-year growth 2022-2027 (%)
- Exhibit 45: Data Table on Others - Year-over-year growth 2022-2027 (%)
- 6.6 Market opportunity by End-user
- Exhibit 46: Market opportunity by End-user ($ million)
- Exhibit 47: Data Table on Market opportunity by End-user ($ million)
7 Market Segmentation by Indication
- 7.1 Market segments
- Exhibit 48: Chart on Indication - Market share 2022-2027 (%)
- Exhibit 49: Data Table on Indication - Market share 2022-2027 (%)
- 7.2 Comparison by Indication
- Exhibit 50: Chart on Comparison by Indication
- Exhibit 51: Data Table on Comparison by Indication
- 7.3 Oncology - Market size and forecast 2022-2027
- Exhibit 52: Chart on Oncology - Market size and forecast 2022-2027 ($ million)
- Exhibit 53: Data Table on Oncology - Market size and forecast 2022-2027 ($ million)
- Exhibit 54: Chart on Oncology - Year-over-year growth 2022-2027 (%)
- Exhibit 55: Data Table on Oncology - Year-over-year growth 2022-2027 (%)
- 7.4 Neurology - Market size and forecast 2022-2027
- Exhibit 56: Chart on Neurology - Market size and forecast 2022-2027 ($ million)
- Exhibit 57: Data Table on Neurology - Market size and forecast 2022-2027 ($ million)
- Exhibit 58: Chart on Neurology - Year-over-year growth 2022-2027 (%)
- Exhibit 59: Data Table on Neurology - Year-over-year growth 2022-2027 (%)
- 7.5 Others - Market size and forecast 2022-2027
- Exhibit 60: Chart on Others - Market size and forecast 2022-2027 ($ million)
- Exhibit 61: Data Table on Others - Market size and forecast 2022-2027 ($ million)
- Exhibit 62: Chart on Others - Year-over-year growth 2022-2027 (%)
- Exhibit 63: Data Table on Others - Year-over-year growth 2022-2027 (%)
- 7.6 Market opportunity by Indication
- Exhibit 64: Market opportunity by Indication ($ million)
- Exhibit 65: Data Table on Market opportunity by Indication ($ million)
8 Customer Landscape
- 8.1 Customer landscape overview
- Exhibit 66: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
- 9.1 Geographic segmentation
- Exhibit 67: Chart on Market share by geography 2022-2027 (%)
- Exhibit 68: Data Table on Market share by geography 2022-2027 (%)
- 9.2 Geographic comparison
- Exhibit 69: Chart on Geographic comparison
- Exhibit 70: Data Table on Geographic comparison
- 9.3 North America - Market size and forecast 2022-2027
- Exhibit 71: Chart on North America - Market size and forecast 2022-2027 ($ million)
- Exhibit 72: Data Table on North America - Market size and forecast 2022-2027 ($ million)
- Exhibit 73: Chart on North America - Year-over-year growth 2022-2027 (%)
- Exhibit 74: Data Table on North America - Year-over-year growth 2022-2027 (%)
- 9.4 Europe - Market size and forecast 2022-2027
- Exhibit 75: Chart on Europe - Market size and forecast 2022-2027 ($ million)
- Exhibit 76: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
- Exhibit 77: Chart on Europe - Year-over-year growth 2022-2027 (%)
- Exhibit 78: Data Table on Europe - Year-over-year growth 2022-2027 (%)
- 9.5 Asia - Market size and forecast 2022-2027
- Exhibit 79: Chart on Asia - Market size and forecast 2022-2027 ($ million)
- Exhibit 80: Data Table on Asia - Market size and forecast 2022-2027 ($ million)
- Exhibit 81: Chart on Asia - Year-over-year growth 2022-2027 (%)
- Exhibit 82: Data Table on Asia - Year-over-year growth 2022-2027 (%)
- 9.6 Rest of World (ROW) - Market size and forecast 2022-2027
- Exhibit 83: Chart on Rest of World (ROW) - Market size and forecast 2022-2027 ($ million)
- Exhibit 84: Data Table on Rest of World (ROW) - Market size and forecast 2022-2027 ($ million)
- Exhibit 85: Chart on Rest of World (ROW) - Year-over-year growth 2022-2027 (%)
- Exhibit 86: Data Table on Rest of World (ROW) - Year-over-year growth 2022-2027 (%)
- 9.7 US - Market size and forecast 2022-2027
- Exhibit 87: Chart on US - Market size and forecast 2022-2027 ($ million)
- Exhibit 88: Data Table on US - Market size and forecast 2022-2027 ($ million)
- Exhibit 89: Chart on US - Year-over-year growth 2022-2027 (%)
- Exhibit 90: Data Table on US - Year-over-year growth 2022-2027 (%)
- 9.8 UK - Market size and forecast 2022-2027
- Exhibit 91: Chart on UK - Market size and forecast 2022-2027 ($ million)
- Exhibit 92: Data Table on UK - Market size and forecast 2022-2027 ($ million)
- Exhibit 93: Chart on UK - Year-over-year growth 2022-2027 (%)
- Exhibit 94: Data Table on UK - Year-over-year growth 2022-2027 (%)
- 9.9 Germany - Market size and forecast 2022-2027
- Exhibit 95: Chart on Germany - Market size and forecast 2022-2027 ($ million)
- Exhibit 96: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
- Exhibit 97: Chart on Germany - Year-over-year growth 2022-2027 (%)
- Exhibit 98: Data Table on Germany - Year-over-year growth 2022-2027 (%)
- 9.10 Japan - Market size and forecast 2022-2027
- Exhibit 99: Chart on Japan - Market size and forecast 2022-2027 ($ million)
- Exhibit 100: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
- Exhibit 101: Chart on Japan - Year-over-year growth 2022-2027 (%)
- Exhibit 102: Data Table on Japan - Year-over-year growth 2022-2027 (%)
- 9.11 France - Market size and forecast 2022-2027
- Exhibit 103: Chart on France - Market size and forecast 2022-2027 ($ million)
- Exhibit 104: Data Table on France - Market size and forecast 2022-2027 ($ million)
- Exhibit 105: Chart on France - Year-over-year growth 2022-2027 (%)
- Exhibit 106: Data Table on France - Year-over-year growth 2022-2027 (%)
- 9.12 Market opportunity by geography
- Exhibit 107: Market opportunity by geography ($ million)
- Exhibit 108: Data Tables on Market opportunity by geography ($ million)
10 Drivers, Challenges, and Trends
- 10.1 Market drivers
- 10.2 Market challenges
- 10.3 Impact of drivers and challenges
- Exhibit 109: Impact of drivers and challenges in 2022 and 2027
- 10.4 Market trends
11 Vendor Landscape
- 11.1 Overview
- 11.2 Vendor landscape
- Exhibit 110: Overview on Criticality of inputs and Factors of differentiation
- 11.3 Landscape disruption
- Exhibit 111: Overview on factors of disruption
- 11.4 Industry risks
- Exhibit 112: Impact of key risks on business
12 Vendor Analysis
- 12.1 Vendors covered
- Exhibit 113: Vendors covered
- 12.2 Market positioning of vendors
- Exhibit 114: Matrix on vendor position and classification
- 12.3 Abbott Laboratories
- Exhibit 115: Abbott Laboratories - Overview
- Exhibit 116: Abbott Laboratories - Business segments
- Exhibit 117: Abbott Laboratories - Key news
- Exhibit 118: Abbott Laboratories - Key offerings
- Exhibit 119: Abbott Laboratories - Segment focus
- 12.4 Abnova Corp.
- Exhibit 120: Abnova Corp. - Overview
- Exhibit 121: Abnova Corp. - Product / Service
- Exhibit 122: Abnova Corp. - Key offerings
- 12.5 Agilent Technologies Inc.
- Exhibit 123: Agilent Technologies Inc. - Overview
- Exhibit 124: Agilent Technologies Inc. - Business segments
- Exhibit 125: Agilent Technologies Inc. - Key offerings
- Exhibit 126: Agilent Technologies Inc. - Segment focus
- 12.6 Amoy Diagnostics Co. Ltd.
- Exhibit 127: Amoy Diagnostics Co. Ltd. - Overview
- Exhibit 128: Amoy Diagnostics Co. Ltd. - Product / Service
- Exhibit 129: Amoy Diagnostics Co. Ltd. - Key offerings
- 12.7 ARUP Laboratories
- Exhibit 130: ARUP Laboratories - Overview
- Exhibit 131: ARUP Laboratories - Product / Service
- Exhibit 132: ARUP Laboratories - Key offerings
- 12.8 Bayer AG
- Exhibit 133: Bayer AG - Overview
- Exhibit 134: Bayer AG - Business segments
- Exhibit 135: Bayer AG - Key news
- Exhibit 136: Bayer AG - Key offerings
- Exhibit 137: Bayer AG - Segment focus
- 12.9 BioGenex Laboratories Inc.
- Exhibit 138: BioGenex Laboratories Inc. - Overview
- Exhibit 139: BioGenex Laboratories Inc. - Product / Service
- Exhibit 140: BioGenex Laboratories Inc. - Key offerings
- 12.10 bioMerieux SA
- Exhibit 141: bioMerieux SA - Overview
- Exhibit 142: bioMerieux SA - Product / Service
- Exhibit 143: bioMerieux SA - Key offerings
- 12.11 F. Hoffmann La Roche Ltd.
- Exhibit 144: F. Hoffmann La Roche Ltd. - Overview
- Exhibit 145: F. Hoffmann La Roche Ltd. - Business segments
- Exhibit 146: F. Hoffmann La Roche Ltd. - Key news
- Exhibit 147: F. Hoffmann La Roche Ltd. - Key offerings
- Exhibit 148: F. Hoffmann La Roche Ltd. - Segment focus
- 12.12 Illumina Inc.
- Exhibit 149: Illumina Inc. - Overview
- Exhibit 150: Illumina Inc. - Business segments
- Exhibit 151: Illumina Inc. - Key news
- Exhibit 152: Illumina Inc. - Key offerings
- Exhibit 153: Illumina Inc. - Segment focus
- 12.13 Myriad Genetics Inc.
- Exhibit 154: Myriad Genetics Inc. - Overview
- Exhibit 155: Myriad Genetics Inc. - Product / Service
- Exhibit 156: Myriad Genetics Inc. - Key offerings
- 12.14 QIAGEN NV
- Exhibit 157: QIAGEN NV - Overview
- Exhibit 158: QIAGEN NV - Product / Service
- Exhibit 159: QIAGEN NV - Key news
- Exhibit 160: QIAGEN NV - Key offerings
- 12.15 Siemens AG
- Exhibit 161: Siemens AG - Overview
- Exhibit 162: Siemens AG - Business segments
- Exhibit 163: Siemens AG - Key news
- Exhibit 164: Siemens AG - Key offerings
- Exhibit 165: Siemens AG - Segment focus
- 12.16 Sysmex Corp.
- Exhibit 166: Sysmex Corp. - Overview
- Exhibit 167: Sysmex Corp. - Business segments
- Exhibit 168: Sysmex Corp. - Key offerings
- Exhibit 169: Sysmex Corp. - Segment focus
- 12.17 Thermo Fisher Scientific Inc.
- Exhibit 170: Thermo Fisher Scientific Inc. - Overview
- Exhibit 171: Thermo Fisher Scientific Inc. - Business segments
- Exhibit 172: Thermo Fisher Scientific Inc. - Key news
- Exhibit 173: Thermo Fisher Scientific Inc. - Key offerings
- Exhibit 174: Thermo Fisher Scientific Inc. - Segment focus
13 Appendix
- 13.1 Scope of the report
- 13.2 Inclusions and exclusions checklist
- Exhibit 175: Inclusions checklist
- Exhibit 176: Exclusions checklist
- 13.3 Currency conversion rates for US$
- Exhibit 177: Currency conversion rates for US$
- 13.4 Research methodology
- Exhibit 178: Research methodology
- Exhibit 179: Validation techniques employed for market sizing
- Exhibit 180: Information sources
- 13.5 List of abbreviations
- Exhibit 181: List of abbreviations
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