The global companion diagnostics market grew at a CAGR of around 15% during 2014-2019. Companion diagnostics refer to a combination of tests and therapies that provide essential information about corresponding therapeutic products to deliver safe and effective medical care. These diagnostics also offer an in-depth understanding of disease biology and the mechanism of action (MOA), which help healthcare professionals determine the potential side effects or risks of a therapeutic product on the patient. At present, companion diagnostics are extensively utilized in oncology to deliver targeted therapies and personalized medicines to patients.
The growing prevalence of cancer, in confluence with the escalating demand for in-vitro diagnostics and targeted therapies, represents one of the key factors impelling the global companion diagnostics market growth. Apart from this, personalized healthcare (PHC) and precision medicine are also gaining traction in the treatment of cardiovascular, neurological, infectious and inflammatory diseases, which, in turn, is bolstering the growth of the market. Furthermore, the escalating demand for next-generation sequencing (NGS), the rising number of clinical trials and the increasing focus on the co-development of drugs and diagnostic technologies are contributing to the market growth. The introduction of new biomarkers, rising approvals of companion diagnostics and increasing collaboration between companies to develop novel companion diagnostic products are some of the other factors positively influencing the market growth. Currently, due to the spread of the coronavirus disease (COVID-19), diagnostic service providers are providing test services to healthcare providers. They are also utilizing companion diagnostics to detect the efficacy of COVID-19 drugs among patients undergoing oncology therapies. Looking forward, IMARC Group expects the global companion diagnostics market to continue its strong growth during the next five years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global companion diagnostics market report, along with forecasts for growth at the global, regional and country level from 2020-2025. Our report has categorized the market based on region, product & services, technology, indication and end-user.
Breakup by Product & Service:
Breakup by Technology:
Breakup by Indication:
Breakup by End User:
Breakup by Region:
The report has also analysed the competitive landscape of the market with some of the key players being Abbott Laboratories, Agilent Technologies, BioMerieux, Danaher Corporation, Roche Holding AG, Myriad Genetics Inc., Siemens Healthcare and Thermo Fisher Scientific Inc.
The global companion diagnostics market was worth around US$ 3.4 Billion in 2019.
According to the estimates by IMARC Group, the global companion diagnostics market will exhibit strong growth during the next five years.
The increasing prevalence of cancer has propelled the demand for in-vitro diagnostics and targeted therapies, thereby representing one of the key drivers for the global companion diagnostics market.
The rising investments in extensive R&D activities for the introduction of novel companion diagnostic products represent one of the key trends in the global companion diagnostics market.
Sudden outbreak of the COVID-19 pandemic has catalyzed the adoption of companion diagnostics for analyzing the efficacy of COVID-19 drugs among patients undergoing oncology therapies.
On the basis of the product and service, the market has been classified into assays, kits and reagents, and software and services. Among these, assays, kits and reagents hold the largest market share.
On the basis of the technology, the market has been classified into Immunohistochemistry (IHC), Polymerase Chain Reaction (PCR), In-situ Hybridization (ISH), Real-Time PCR (RT-PCR), gene sequencing, and others. At present, Polymerase Chain Reaction (PCR) exhibits a clear dominance in the market.
On the basis of the indication, the market has been classified into cancer (lung cancer, breast cancer, colorectal cancer, gastric cancer, melanoma, and others), neurological diseases, infectious diseases, cardiovascular diseases, and others. Currently, cancer accounts for the majority of the total market share.
On the basis of the end user, the market has been bifurcated into pharmaceutical and biopharmaceutical companies, reference laboratories, contract research organizations, and others. Among these, pharmaceutical and biopharmaceutical companies hold the major market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
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