Worldwide Companion Diagnostics Market to 2026 to be Driven by Significant Partnerships and Collaborations for Development
DUBLIN, Sept. 6, 2021 /PRNewswire/ -- The "Global Companion Diagnostics Market- Strategies and Market Share and Industry Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global companion diagnostics market was valued at $4116 Million in 2019 and is estimated to generate net revenue of approximately $17853 Million by 2026 growing at a CAGR of 22.7% during the forecast period (2020-2026).
The global companion diagnostics market is primarily driven by significant partnerships and collaborations for companion diagnostics test development. In addition, improvements in regulatory guidelines and the growing need for targeted therapies are also driving the global companion diagnostics market.
Rising cancer incidences across the globe is also fueling the global companion diagnostics market. According to Frontiers Media SA, companion diagnostics is majorly used to improve the predictability of oncology drug development process. Increasing incidences of cancer has driven the adoption of companion diagnostics for developing drugs in cancer treatment.
As per Our World in Data, cancer prevalence of all forms has registered a significant increment over the period of 1990 to 2016. The major cancer types include breast cancer, prostate cancer, stomach cancer cervical cancer, tracheal, bronchus, lung cancer, etc. according to the American Cancer Society (ACS, United States), nearly 14.1 million new cases of cancer were observed (with about 8.2 million cancer deaths) across the globe in 2012. This global cancer burden is expected to increase and reach up to about 21.7 million new cases of cancer (with approximately 13 million cancer deaths) by the end of 2030.
Global companion diagnostics market has been segmented based on product and service, indication, technology, and end user. The indication segment is further sub-segmented into, oncology, neurology, infectious diseases, and other indications. Oncology is the leading segment in terms of revenue in global companion diagnostics market with around 82.72% market share. The dominance of the oncology indication market is primarily attributed by increasing cases of cancer and research activities performed to develop treatment.
Geographically, the companion diagnostics market has been segmented into North America, Europe, Asia Pacific and Rest of World (ROW). North America is estimated to be the largest market share i.e. 34% in terms of revenue. The dominance of North America is attributed towards the presence of a majority of the key players that are offering their products in the market. Key players include Agilent Technologies Inc. (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Abbott Laboratories, Inc. (U.S.), GE Healthcare (U.S.) and others. Furthermore, factors such as initiatives in genomics and precision medicines, increasing prevalence of cancer, rising pharmaceutical industries and others are also driving the North America market.
While many drug labels provide guidance on pharmacogenetic testing, certain drugs specifically cancer drugs, require patients to receive a diagnostic test, as the efficacy of these drugs is limited to those with a particular genotype. Major driving forces of companion diagnostics are improved regulatory guidelines, rising cancer incidence across the globe, need for targeted therapies, and increasing collaborations and partnerships for test development.
The companion diagnostics market is the fastest-growing segment of the IVD and clinical lab services markets. The closely associated pharmacodiagnostics IVD market is expected to grow annually by over 20%. Approval of CDX- assisted therapies, and high growth of market opened for laboratory tests and IVD products. Global companion diagnostics is facing challenges as prolonged development time of companion diagnostics, increasing duration of the approval, in spite of all challenges, there are huge opportunities as process increasing new indication areas, increasing demand for next-generation sequencing, increasing number of clinical trials which will leverage the market of data fabric.
The global companion diagnostics market is segmented on the basis of product & services, indication, technology and end-user. The indication segment consists of oncology, cardiovascular conditions, central nervous system indications, inflammation and virology segment. Oncology is dominating the indication segment. The technology market is segmented as Immunohistochemistry and Molecular diagnostics etc. Molecular diagnostics is the fastest growing and highest revenue generator product & service segment consist of assay kits, reagents, and software & services. The end-user segment of the market is differentiated into pharmaceutical & biopharmaceutical companies, reference laboratories, and other end users. The pharmaceutical and biopharmaceutical companies segment is dominating the market during the forecasted period.
Geographically North America hold the largest share in the companion diagnostics market, due to the high technological advancements in the region. Asia Pacific market is expected to grow at the highest CAGR between 2020 and 2026. The primary forces which are driving the growth of the market are the growing prevalence of diseases like cancer and neurology diseases, also the increasing number of hospitals and diagnostics laboratories are creating huge opportunity. are driving the growth of the companion diagnostics market.
The growth in the global companion diagnostics market is also influenced by the presence of major players such Qiagen n.v. (Netherland), Thermo Fisher Scientific Inc. (US), Myriad Genetics, Inc. (US), Sysmex Corporation (Japan), Genomic Health, Inc. (US) and other. Collaborations and partnership etc. are some crucial strategies adopted by the major players to gain competitive advantage.
Key Topics Covered:
1. Acknowledgment
2. Summary
3. Industry Outlook
4. Market Share Analysis
5. Regulatory Landscape: Companion Diagnostics
6. Analysing Companion Diagnostics
7. Analysing Companion Diagnostics Cross Borders
8. Competitive Landscape
9. Patent Analysis
10. Company Profiling
Companies Mentioned
- Agilent Technologies
- Almac Group
- Danaher Corporation
- GE Healthcare
- Genomic Health
- Illumina Inc.
- Myriad Genetics
- Qiagen N.V.
- Roche Diagnostics
- Sysmex Corporation
- Thermo Fisher Scientific
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