ccording to the latest report by IMARC Group, titled “Companion Diagnostics Market Share: Global Industry Trends, Size, Growth, Opportunity and Forecast 2020-2025,” the global companion diagnostics market grew at a CAGR of around 15% during 2014-2019 and expects the market to continue its strong growth during the next five years.
Companion diagnostic is an in-vitro diagnostic testing kit, consisting of a combination of tests and therapies that are used for the development of personalized medicines. It is used to determine the personal molecular profile of patients that aids healthcare professionals in deciding upon the approach for their treatment. It also offers information regarding the safe and effective use of a certain corresponding drug or biological product. Its usage assists in delivering safe and effective medical care to patients by analyzing the responders and non-responders to the therapy and offering an in-depth understanding of the biology of their disease. Currently, these kits are widely used in oncology for drug discovery and delivering targeted therapies to individuals.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Companion Diagnostics Market Trends:
Companion diagnostics are widely used in advanced oncology healthcare for targeting biomarker identification and delivering targeted therapies to patients, thereby providing a thrust to the market growth. There has also been a significant increase in the demand for in-vitro diagnostics among the masses. This, along with the growing preference for personalized healthcare (PHC) and precision medicine in the healthcare sector, is facilitating the uptake of these diagnostics. Apart from this, there has been a rise in the utilization of targeted drugs and therapies for treating several infectious, cardiovascular, neurological, and inflammatory conditions. Coupled with the development of next-generation sequencing (NGS) and the increasing number of clinical trials, this is creating a positive outlook for the market. Additionally, several regulatory bodies, such as the US Food and Drug Administration (US FDA), have provided a defined structure for companion diagnostic development while encouraging the market players to conduct research activities in this field. The continual launch of new biomarkers, as well as the increasing number of collaborations between two or more companies for developing novel companion diagnostic products, is also providing an impetus to the market growth. The market is further driven by the rising application of companion diagnostics for analyzing the efficacy of COVID-19 drugs among patients undergoing oncology therapies.
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Global Companion diagnostic Market 2020-2025 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Abbott Laboratories, Agilent Technologies, BioMerieux, Danaher Corporation, Roche Holding AG, Myriad Genetics Inc., Siemens Healthcare and Thermo Fisher Scientific Inc.
The report has segmented the market on the basis on region, product & services, technology, indication and end-user.
Breakup by Product & Service:
- Assays, Kits and Reagents
- Software and Services
Breakup by Technology:
- Immunohistochemistry (IHC)
- Polymerase Chain Reaction (PCR)
- In-situ Hybridization (ISH)
- Real-time PCR (RT-PCR)
- Gene Sequencing
Breakup by Indication:
- Neurological Diseases
- Infectious Diseases
- Cardiovascular Diseases
Breakup by End User:
- Pharmaceutical & Biopharmaceutical Companies
- Reference Laboratories
- Contract Research Organizations
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021- 2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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