Companion Diagnostics Market Report

Global Companion Diagnostics Market, By Product Type (Assay kits & Reagents, Software & Services) By Technology (Polymerase Chain Reaction (PCR), In Situ Hybridization (ISH), Next-Generation Sequencing (NGS), Immunohistochemistry (ISH), Others) By Indication (Cardiovascular, Neurological Diseases, Cancer, Infectious Diseases, Others) By Region (North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America) Trend Analysis, Competitive Market Share & Forecast, 2017-2027

  • Published Date: June 2021
  • Report ID: BWC20380
  • Available Format: PDF
  • Page: 145

Report Overview

The global companion diagnostics market was worth USD 3.6 billion in 2020 and is further projected to reach USD 7.8 billion by 2027, at a CAGR of 10.8% during the forecast period (2021-2027).

Global Companion Diagnostics Market- Industry Trends Forecast Report 2027

The global companion diagnostics market was worth USD 3.6 billion in 2020 and is further projected to reach USD 7.8 billion by 2027, at a CAGR of 10.8% during the forecast period (2021-2027). The increasing occurrence of cancer around the world, growing focus on personalized medicines, and rising number of clinical trials are all driving the growth of companion diagnostics market. Moreover, the high demand for next-generation sequencing and the rising importance of companion diagnostics in drug development also contributes to the growth of the companion diagnostics market globally.

Source: BlueWeave Consulting

 

Global Companion Diagnostics Market Overview

Companion diagnostics refers to tests and therapies carried out with the help of an in vitro device that provides crucial information for the development of safe and effective therapeutic solutions for patients. These diagnostics provide in-depth information on disease biology and the mechanism of action (MOA), which help healthcare professionals determine the potential adverse effects or risks of a therapeutic product on the patient. Companion diagnostics are widely used by oncologists to determine the best-tailored therapy for their patients.

Global Companion Diagnostics Market Trend

Growth Drivers

Increased Demand for Customized Medicines

The companion diagnostics market is expected to experience substantial growth due to an increase in the demand for customized medicine. Evidence-based laboratory analysis and clinical evaluation with the help of companion diagnostics are making customized medicines a reality. For example, in September 2020, Roche a research-focused healthcare company with capabilities in pharmaceuticals and diagnostics developed a SARS-CoV-2 antibody test that generates quick results. The introduction of such highly effective diagnostic tests is expected to boost market growth.

 

Escalating Number of Clinical Trials

To obtain approval for the commercial use of any drug, the drug must pass all four phases of clinical trials which is both challenging as well as time-consuming. But with the help of a companion diagnostics agent, you can find out disease-specific biomarkers and recruit patients accordingly. Clinical trials are becoming more cost-effective due to the rising usage of companion diagnostics in the realm of customized medicine and medication development. Hence, as the number of clinical trials grows, so does the demand for companion diagnostics.

Restraints

The high cost of diagnostic kits

The cost of companion diagnostics kits is very high and its limited availability to the end-users creates a barrier in the market. Only specialized CROs and hospitals which are having high budgets can afford them. Because the middle-class population cannot afford to visit these high-tech multispecialty healthcare facilities, the growth of the companion diagnostics industry is hindered. Moreover, because companion diagnostics are majorly used in the treatment of cancer, which already has a high treatment cost, the use of such costly kits increases the overall medical cost. Thus, the high cost of diagnostic kits affects the growth of the global companion diagnostics market.

Impact of COVID-19

The major key players that deal in the companion diagnostics market like Roche Diagnostics, Agilent Technologies, Qiagen, Thermo Fisher, and Abbott Laboratories have a very good supply management system. Their production facilities are equally distributed among countries. Nevertheless, the COVID-19 outbreak and the restrictions related to social distancing have had a negative impact on the companion diagnostics market. Because of the nationwide lockdown imposed by the government, supply has been impeded, and availability concerns had arisen.

However, the ongoing COVID-19 crisis also presents a favorable opportunity to the market as companion diagnostics service companies are now increasingly offering their testing services to healthcare professionals. What’s more, companion diagnostics testing kits are being increasingly used for determining the safety and efficacy of COVID-19 medicines for cancer patients receiving treatment.

Global Companion Diagnostics Market by Technology

In terms of technology, the companion diagnostics market is fragmented into PCR, ISH, NGS, and IHC, and Others (Multiplex Assay and Cellular Imaging Technologies). Among these, the Polymerase Chain Reaction (PCR) segment holds the largest share under the technology segment. The world is facing a lot of challenges due to the coronavirus-induced pandemic. Millions of people lost their lives because of the deadly COVID-19 virus. The use of RT-PCR (Reverse Transcription Polymerase Chain Reaction) kits is a great way to determine if a person is infected with COVID-19 or not. RT-PCR kits have a high accuracy rating of more than 90%, hence they are highly preferred for COVID testing. Applications of PCR in the detection of mutants with a limited or low allele frequency of genes, and high turnaround time of PCR as compared to other technologies contribute to an increase in the growth of the companion diagnostics market worldwide.

 

Source: BlueWeave Consulting

Global Companion Diagnostics Market: Regional Insights 

Geographically, the global companion diagnostics market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. Among all the regions, North America dominates the global companion diagnostics industry. The high growth of the North American market is aided by well-established healthcare and also technological advancements. A large number of pharma and biotech companies also play a major role in the escalating growth of the companion diagnostics market in North America. Additionally, the number of cancer patients in the United States is expected to rise in the coming years, thereby driving the growth of the companion diagnostics industry.

Because of its highly efficient healthcare workforce and infrastructure, Europe is experiencing rapid expansion. Furthermore, rising awareness regarding the importance of using precise diagnostic tools, electronic health records, and drugs prescribed specifically for a disease supports the regional market growth. Moreover, Europe spends a significant amount of money on healthcare. They also have R&D investment from both the public and commercial sectors, as well as a well-developed healthcare business in the region, which is driving the market growth.

Competitive landscape

The high growth potential of the companion diagnostics market has drawn a slew of new entrants, creating a lucrative opportunity in the market. The presence of a large number of new companies has resulted in healthier competition among long-established service providers in the industry.

The major key players are F. Hoffmann-La Roche AG (Switzerland), Agilent Technologies, Abbott Laboratories, Almac Group (U.K.), Danaher Corporation (U.S.), Illumina, bioMérieux SA (France), Myriad Genetics, Sysmex Corporation (Japan), Thermo Fisher Scientific, Abnova Corporation (Taiwan), and other prominent players. To improve their productional capabilities and product range, companies regularly participate in alliances, acquisitions, and mergers

Recent Developments

·         In May 2021, QIAGEN N.V. and Amgen teamed together and launched first FDA approved tissue-based companion diagnostics to identify cancer patients with the KRAS G12C mutation in NSCLC tumours. In addition, company expands precision medicine options in lung cancer.

 

·         In May 2021, Genetron Health announced its partnership with JD health to create innovative solutions for full cycle cancer. Genetron Health is a leading player in China in the field of companion diagnostics, early cancer screening, and other business. The partnership focuses on both online and offline components.

 

Attribute

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Million

Market Coverage

U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia

Product/Service Segmentation

By product type, technology, end-users, indication, and region.

Key Players

Key Players for the market are F. Hoffmann-La Roche AG (Switzerland), Agilent Technologies, Abbott Laboratories, Almac Group (U.K.), Danaher Corporation (U.S.), Illumina, bioMérieux SA (France), Myriad Genetics, Sysmex Corporation (Japan), Thermo Fisher Scientific, Abnova Corporation (Taiwan).

 

 

 

By Product

Ø  Assay kits & Reagents

Ø  Software & Services

By Technology 

Ø  PCR

Ø  ISH

Ø  NGS

Ø  IHC

Ø  Others

By End-Users

Ø  Pharmaceutical & Biopharmaceutical Companies

Ø  Reference Laboratories

Ø  CROs

Ø  Others

By Indication

Ø  Cardiovascular

Ø  Neurological Diseases

Ø  Cancer

Ø  Infectious Diseases

Ø  Others

By Region

Ø  North America

Ø  Europe

Ø  The Asia-Pacific

Ø  Latin America

Ø  The Middle East & Africa

 

FAQs:

1.    What is the current size of the global companion diagnostics market?

Answer: The global molecular diagnostics market has reached USD 3.6 billion in 2020.

 

2.    What are the major factors driving the growth of the global companion diagnostics market?

Answer: Increasing number of clinical trials, increasing prevalence of different forms of cancer, and increase demand for customized medicine, are all driving market expansion.

3.    Who are the key players in the global companion diagnostics market?

Answer: The key players in the global companion diagnostics market are F. Hoffmann-La Roche AG (Switzerland), Agilent Technologies, Abbott Laboratories, Almac Group (U.K.), Danaher Corporation (U.S.), Illumina, bioMérieux SA (France), Myriad Genetics, Sysmex Corporation (Japan), Thermo Fisher Scientific, Abnova Corporation (Taiwan) and other prominent players.

4.    Which technology segment accounted for the largest share in the global companion diagnostics market?

Answer: Polymerase Chain Reaction (PCR) by technology accounted for the largest share in the global molecular diagnostics market.

5.    Which region is growing at a higher rate in the global companion diagnostics market?

Answer: North America is growing at a higher rate in the global companion diagnostics market.