The new report by Expert Market Research titled, ‘Global Companion Diagnostics Market Size, Share, Price, Trends, Report and Forecast 2020-2025’, gives an in-depth analysis of the global companion diagnostics market, assessing the market based on its segments like products and services, technologies, indications, end uses, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2015-2025)
• Historical Market Size (2019): USD 2.1 Billion
• Forecast CAGR (2020-2025): 26%
• Forecast Market Size (2025): USD 8.4 Billion
The companion diagnostics market is rising due to the continuous advancements in medical technology. The increase in the predominance of diseases like cancer and HIV is fueling the growth of the companion diagnostics industry as it assists in determining the patient-specific dose and drugs. The rising awareness among physicians and patients about drug toxicity is helping the market. However, in emerging economies, it is not as much in practice as in developed economies due to less awareness. Still, the emerging economies with huge populations like India and China have a vast potential to pool in the market share. Over the forecast period, favourable government initiatives, the increasing demand for personalised medicines, and the rising awareness about the same among the population are expected to propel the market growth further.
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Industry Definition and Major Segments
A companion diagnostic is an in vitro therapeutic device that offers data crucial for the effective and safe utilisation of a drug or biological product. This diagnostic test assists a healthcare professional in determining whether a specific therapeutic product is beneficial to patients or not, covering any potentially severe side effects or risks.
On the basis of product and service, the industry is divided into:
• Assay Kits and Reagents
• Software and Services
Based on technology, the market is divided into:
• Polymerase Chain Reaction
• In Situ Hybridization
• Next-Generation Sequencing
• Other Technologies
On the basis of Indication, the industry is divided into:
• Breast Cancer
• Lung Cancer
• Colorectal Cancer
• Gastric Cancer
• Other Cancers
• Infectious Diseases
• Other Indications
The regional markets for construction include:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
The robust growth of molecular diagnostics due to the use of techniques such as real-time PCR, in situ hybridisation, and next-generation sequencing is expected to drive the market growth. Other factors contributing to the growth are technological progress in molecular diagnostics, which has increased efficiency and precision and reduced the cost of testing.
Geographically, North America has the highest market share, followed by Europe, which accounted for more than one-third of the overall companion diagnostics market in 2019. Both regions would continue to be the major markets in the forecast period, mainly due to the rising incidences of cancer and other diseases and higher healthcare awareness in these regions.
Key Market Players
The major players in the market are F. Hoffmann-La Roche AG (SWX: RO), Agilent Technologies, Inc., Qiagen N.V. (NYSE: QGEN), Thermo Fisher Scientific Inc. (NYSE: TMO), Abbott Laboratories, Inc. (NYSE: ABT), BioMerieux SA (EPA: BIM), Danaher Corporation (NYSE: DHR), Illumina, Inc. (NASDAQ: ILMN), and Myriad Genetics, Inc, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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