Global Companion Diagnostics Market

Global Companion Diagnostics Market, By Product and Services (Assay kits & Reagents, and Software & Services), By Technology (Polymerase Chain Reaction (PCR), In Situ Hybridization (ISH), Next-Generation Sequencing (NGS), Immunohistochemistry (IHC), and Others), By Indication (Cardiovascular, Neurological Diseases, Cancer, Infectious Diseases, and Other), By Mode of End-User (Pharmaceutical & Biopharmaceutical Companies, Reference Laboratories, CROs, and Others), and By Region (North America, Europe, Asia Pacific, South America, and Middle East & Africa)-Global Forecast to 2027

Global Companion Diagnostics Market Overview:

A diagnostic companion is a medical device that, when used as an in-vitro device, serves drug safety and efficacy information. A companion screening examination is performed to determine which patient may gain from a given medication or agree about the form of dose to prescribe. Companion diagnosis is now gaining momentum for the discovery of personalized medicine and drug treatment. Companion diagnosis is often used to evaluate the patient’s molecular profile that helps the patient decide which treatment is going to work. Companion diagnostic therapy relies on identifying a specific biomarker in the patient, and so the existence or lack of a biomarker decides how the patient can respond to the medication. Companion diagnostics enable drug manufacturers to reduce costs by reducing the target audience of people who are most likely to gain from the targeted therapy. Therefore, it is critical for partner diagnostics to rule out the risk of side effects and to reduce the health care expenses associated with treating side effects.

Global Companion Diagnostics Market Insights

The global companion diagnostics market size was valued at USD 3.3 billion in 2019 and projected to reach USD 8.5 billion by 2027 at a CAGR of 12.55% due to the increasing prominence of personalized medicine and the rising global cancer incidence. The companion diagnostics industry’s development is mostly related to its multiple advantages, the rising need for tailored treatment, and the increasing value of customized medicine, which is projected to drive the global market at a significant growth rate. Furthermore, increasing the pervasiveness of diseases such as cancer and HIV fuel the growth of companion diagnostics as it helps to determine the specific dose and drugs of the patient. Moreover, the high incidence of diseases such as heart disease, HIV, etc., where patient-specific therapy is needed, is increasing demand for the partner’s diagnosis. However, the rising price of companion diagnostic testing and the unpredictable reimbursement scenario in various regions directly impact market growth to a significant level.

Growth Driver

Rising demand for targeted therapy

The propelling demand for targeted therapy is projected to fuel the global companion diagnostics market worldwide, at a considerable rate. Some of the primary modalities in medicinal diagnosis (pharmacotherapy) for cancer is targeted therapy or molecularly guided therapy, and some are radioactive and cytotoxic chemotherapy. More excellent knowledge of an individual’s genetic characteristics or biomarkers may encourage the process of prescribing “the best medication for the right person at the right moment, at the proper dosage.” Many targeted therapies will label cancer cells, so they can be easier to identify and killed by the immune system. Some targeted therapies enable to strengthen the immune system to fight cancer stronger. In addition, with the development of genetic sequencing and genomics, drugs are broadly believed to be able to function differently in various people. Furthermore, the pharmaceutical and biopharmaceutical firms are actively seeking to incorporate screening systems for patient selection in the early phases of drug discovery to include the best applicant for targeted therapies, which are estimated to drive the global market.

Rise in prevalence of cancer

The rise in the prevalence of cancer across the globe is anticipated to boost the global market. Cancer is a broad group of diseases that can begin in virtually any organ or body tissue. As mutated lymphocytes expand incoherently, go beyond their usual limitations to infiltrate neighboring body parts or spread to other regions. Cancer is the world’s second-largest cause of death, accounting for approximately 9.6 million deaths in 2018, or one in six deaths. In countries with sound health systems, survival levels in several forms in cancers are increasing due to affordable early diagnosis, effective screening, and care for patients. Cancer patients require tailored care as they respond differently to specific medications, and because subsequent diagnostics offer reliable details on the efficacy and protection of medicines in various populations, it is commonly used for cancer diagnosis.

COVID-19 Impacts Insights

The COVID-19 outbreak recently severely impacted the healthcare system of developed and developing economies. Companion diagnostics are growing to the frontline of diagnosis and medication development. The lockdown and social distancing constraints introduced in COVID-19 across countries have negatively affected the companion diagnostics goods supply chain. The COVID-19 pandemic has ravaged the globe and appears to be a significant research and development field for diagnostic test developers. Numerous methods tend to develop, including the usage of modified, customized medicine systems to meet the need for COVID-19. Diagnostic service suppliers are now changing workloads with emerging technologies to meet the demand for COVID-19 services. For instance, MiraDx has opened its CLIA-certified laboratory to provide test services for COVID-19.

Product and Services Segmental Analysis

Based on the product and services, the global companion diagnostics market is bifurcated into Assay kits & Reagents, and Software & Services. The assay kits & reagents segment is estimated to hold the largest share over the forecasted period of 2020-2027, across the globe, owing to the access in companion diagnostics of a broad spectrum of assays kits & reagents. In addition, the growing research funding, coupled with the development in the figure of drug detection activities, is estimated to boost the global market.

Technology Segmental Analysis

Based on the technology, the global companion diagnostics market is classified into Polymerase Chain Reaction (PCR), In Situ Hybridization (ISH), Next-Generation Sequencing (NGS), Immunohistochemistry (IHC), and Others. The polymerase chain reaction technology segment is projected to dominate the global market by 2027 to encourage the usage and widespread availability of PCR kits & reagents for accompanying diagnostic research. Additionally, the applications of PCR for high-throughput identification of gene mutants with small or low allheal frequencies is further anticipated to drive the global companion diagnostics market. However, the next-generation sequencing technology segment is expected to have a significant growth rate due to the upgradation of technology in next-generation sequencing test kits.

Indication Segmental Analysis

Based on the indication, the global companion diagnostics market is segmented into Cardiovascular, Neurological Diseases, Cancer, Infectious Diseases, and Others. The cancer indication segment is estimated to dominate the market by 2027, owing to the rising number of cancer patients worldwide. The stigma of cancer continues to increase globally, trying to exert enormous health, emotional, and financial pressure on patients, friends, governments, and health systems. However, the cardiovascular indication segment is predicted to have a substantial growth rate due to the increasing geriatric population, unhealthy lifestyle, and the presence of several innovative medications in clinical trials that are additional factors fuelling the global market development.

End-User Segmental Analysis

Based on the end-user, the global companion diagnostics market is segmented into Pharmaceutical & Biopharmaceutical Companies, Reference Laboratories, CROs, and Others. The pharmaceutical and biopharmaceutical company’s end-user segment is estimated to hold the largest share in the global market due to the widespread use of companion diagnostics in such sectors due to their growing popularity in developing drugs and the increasing significance of companion biological markers in diagnostics.

Region Segmental Analysis

By geography, the global companion diagnostics market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is estimated to dominate the global market during the forecast period of 2020-2027, owing to the high incidence of cancer and other medical diseases and increasing national healthcare spending. In addition, the increasing technological advances focused on developing companion diagnostic tests for maintaining consistency like neurology are also estimated to hold the largest share of contagious diseases, which is projected to fuel the global companion diagnostic market.

Competitor Analysis

Companies such as Danaher Corporation, NanoString Technologies, Almac Group, Roche, QIAGEN N.V., Abbott Laboratories Inc., Life Technologies, Hoffmann-La Roche AG, Illumina Inc., BioMérieux SA, Exosome Diagnostics Inc., Agilent Technologies Inc., Sysmex Corporation, Thermo Fisher Scientific Inc, Abnova Corporation, Myriad Genetics Inc., Guardant Health Inc., Icon Plc, Protagen Diagnostics, and Biogenex Laboratories Inc. are the key players in the global companion diagnostics market.

Key Stakeholders

  • Market research and consulting firms
  • Industry associations
  • Global Companion Diagnostics manufacturing firm
  • Research organizations and consulting companies
  • Organizations, associations, and alliances related to Companion Diagnostics
  • Regulatory bodies

The objective of the Research

  • Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
  • Product analysis involves steps such as examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
  • Market Trend and Economic Factors Analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
  • Market Segmental Analysis defines in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
  • The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs wants, and cultural characteristics that can be specifically targeted.

Market Modelling

By Product & Services
  • Assay kits & Reagents
  • Software & Services
By Technology
  • Polymerase Chain Reaction (PCR)
  • In Situ Hybridization (ISH)
  • Next-Generation Sequencing (NGS)
  • Immunohistochemistry (IHC)
  • Others
By Indication
  • Cardiovascular
  • Neurological Diseases
  • Cancer
    • Breast Cancer
    • Lung Cancer
    • Colorectal Cancer
    • Melanoma
    • Gastric Cancer
  • Infectious Diseases
  • Other
By End-User
  • Pharmaceutical & Biopharmaceutical Companies
  • Reference Laboratories
  • CROs
  • Others
By Region
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa
Global Companion Diagnostics Market

Report Content

  1. Research Strategic Development
    • Market Modelling
    • Product Analysis
    • Market Trend and Economic Factors Analysis
    • Market Segmental Analysis
    • Geographical Mapping
    • Country Wise Segregation
  2. Research Methodology
    • Identification of Target Market
    • Data Acquisition
    • Refining of Data/ Data Transformations
    • Data Validation through Primary Techniques
    • Exploratory Data Analysis
    • Graphical Techniques/Analysis
    • Quantitative Techniques/Analysis
    • Visual Result/Presentation
  3. Executive Summary
  4. Market Insights
    • Supply Chain Analysis
    • Economic Factor Analysis
      • Drivers
      • Trends
      • Opportunities
      • Challenges
    • New Technological Landscape
    • Competitors & Product Analysis
    • Regulatory Framework
    • Company market share analysis, 2019
    • Porter’s Five forces analysis
    • New Investment Analysis
    • PESTEL Analysis
  5. Global Companion Diagnostics Market Overview
    • Market Size & Forecast, 2016-2027
      • Demand & Volume
        • By Value (USD Billion)
      • Market Share & Forecast, 2016-2027
        • By Product and Services
          • Assay kits & Reagents
          • Software & Services
        • By Technology
          • Polymerase Chain Reaction (PCR) 
          • In Situ Hybridization (ISH) 
          • Next-Generation Sequencing (NGS)
          • Immunohistochemistry (IHC) 
          • Others
        • By Indication
          • Cardiovascular
          • Neurological Diseases
          • Cancer
            • Breast Cancer 
            • Lung Cancer 
            • Colorectal Cancer 
            • Melanoma 
            • Gastric Cancer 
          • Infectious Diseases 
          • Other
        • By End-User
          • Pharmaceutical & Biopharmaceutical Companies
          • Reference Laboratories
          • CROs
          • Others
        • By Region
          • North America
          • Europe
          • Asia Pacific
          • South America
          • Middle East & Africa
  1. North America Companion Diagnostics Market Overview
    • North America Companion Diagnostics Market Size & Forecast, 2016-2027
      • Demand & Volume
        • By Value (USD Billion)
      • North America Companion Diagnostics Market Share & Forecast, 2016-2027
        • By Product and Services
          • Assay kits & Reagents
          • Software & Services
        • By Technology
          • Polymerase Chain Reaction (PCR) 
          • In Situ Hybridization (ISH) 
          • Next-Generation Sequencing (NGS)
          • Immunohistochemistry (IHC) 
          • Others
        • By Indication
          • Cardiovascular
          • Neurological Diseases
          • Cancer
            • Breast Cancer 
            • Lung Cancer 
            • Colorectal Cancer 
            • Melanoma 
            • Gastric Cancer 
          • Infectious Diseases 
          • Other
        • By End-User
          • Pharmaceutical & Biopharmaceutical Companies
          • Reference Laboratories
          • CROs
          • Other
        • By Country
          • US
          • Canada
          • Mexico
        • Manufacturer & Distributor List (Top 5)
        • Company Market Share (Top 3-5)
        • Economic Impact Study on North America Companion Diagnostics Market
  1. Europe Companion Diagnostics Market Overview
    • Europe Companion Diagnostics Market Size & Forecast, 2016-2027
      • Demand & Volume
        • By Value (USD Billion)
      • Europe Companion Diagnostics Market Share & Forecast, 2016-2027
        • By Product and Services
          • Assay kits & Reagents
          • Software & Services
        • By Technology
          • Polymerase Chain Reaction (PCR) 
          • In Situ Hybridization (ISH) 
          • Next-Generation Sequencing (NGS)
          • Immunohistochemistry (IHC) 
          • Others
        • By Indication
          • Cardiovascular
          • Neurological Diseases
          • Cancer
            • Breast Cancer 
            • Lung Cancer 
            • Colorectal Cancer 
            • Melanoma 
            • Gastric Cancer 
          • Infectious Diseases 
          • Other
        • By End-User
          • Pharmaceutical & Biopharmaceutical Companies
          • Reference Laboratories
          • CROs
          • Others
        • By Country
          • Germany
          • UK
          • France
          • Italy
          • Rest of Europe
        • Manufacturer & Distributor List (Top 5)
        • Company Market Share (Top 3-5)
        • Economic Impact Study on Europe Companion Diagnostics Market
  1. Asia Pacific Companion Diagnostics Market Overview
    • Asia Pacific Companion Diagnostics Market Size & Forecast, 2016-2027
      • Demand & Volume
        • By Value (USD Billion)
      • Asia Pacific Companion Diagnostics Market Share & Forecast, 2016-2027
        • By Product and Services
          • Assay kits & Reagents
          • Software & Services
        • By Technology
          • Polymerase Chain Reaction (PCR) 
          • In Situ Hybridization (ISH) 
          • Next-Generation Sequencing (NGS)
          • Immunohistochemistry (IHC) 
          • Others
        • By Indication
          • Cardiovascular
          • Neurological Diseases
          • Cancer
            • Breast Cancer 
            • Lung Cancer 
            • Colorectal Cancer 
            • Melanoma 
            • Gastric Cancer 
          • Infectious Diseases 
          • Other
        • By End-User
          • Pharmaceutical & Biopharmaceutical Companies
          • Reference Laboratories
          • CROs
          • Others
        • By Country
          • China
          • India
          • Japan
          • Australia
          • Rest of Asia Pacific
        • Manufacturer & Distributor List (Top 5)
        • Company Market Share (Top 3-5)
        • Economic Impact Study on Asia Pacific Companion Diagnostics Market
  1. South America Companion Diagnostics Market Overview
    • South America Companion Diagnostics Market Size & Forecast, 2016-2027
      • Demand & Volume
        • By Value (USD Billion)
      • South America Companion Diagnostics Market Share & Forecast, 2016-2027
        • By Product and Services
          • Assay kits & Reagents
          • Software & Services
        • By Technology
          • Polymerase Chain Reaction (PCR) 
          • In Situ Hybridization (ISH) 
          • Next-Generation Sequencing (NGS)
          • Immunohistochemistry (IHC) 
          • Others
        • By Indication
          • Cardiovascular
          • Neurological Diseases
          • Cancer
            • Breast Cancer 
            • Lung Cancer 
            • Colorectal Cancer 
            • Melanoma 
            • Gastric Cancer 
          • Infectious Diseases 
          • Other
        • By End-User
          • Pharmaceutical & Biopharmaceutical Companies
          • Reference Laboratories
          • CROs
          • Others
        • By Country
          • Brazil
          • Argentina
          • Rest of South America
        • Manufacturer & Distributor List (Top 5)
        • Company Market Share (Top 3-5)
        • Economic Impact Study on South America Companion Diagnostics Market
  1. Middle East & Africa Companion Diagnostics Market Overview
    • Middle East & Africa Companion Diagnostics Market Size & Forecast, 2016-2027
      • Demand & Volume
        • By Value (USD Billion)
      • Middle East & Africa Companion Diagnostics Market Share & Forecast, 2016-2027
        • By Product and Services
          • Assay kits & Reagents
          • Software & Services
        • By Technology
          • Polymerase Chain Reaction (PCR) 
          • In Situ Hybridization (ISH) 
          • Next-Generation Sequencing (NGS)
          • Immunohistochemistry (IHC) 
          • Others
        • By Indication
          • Cardiovascular
          • Neurological Diseases
          • Cancer
            • Breast Cancer 
            • Lung Cancer 
            • Colorectal Cancer 
            • Melanoma 
            • Gastric Cancer 
          • Infectious Diseases 
          • Other
        • By End-User
          • Pharmaceutical & Biopharmaceutical Companies
          • Reference Laboratories
          • CROs
          • Others
        • By Country
          • Saudi Arabia
          • UAE
          • South Africa
          • Rest of Middle East & Africa
        • Manufacturer & Distributor List (Top 5)
        • Company Market Share (Top 3-5)
        • Economic Impact Study on Middle East & Africa Companion Diagnostics Market
  1. Competitor Analysis
    • Company Description
    • Financial Analysis
    • Key Products
    • Key Management Personnel
    • Contact Address
    • SWOT Analysis
    • Company Profile
      • Danaher Corporation
      • NanoString Technologies
      • Almac Group
      • Roche
      • QIAGEN N.V.
      • Abbott Laboratories Inc.
      • Life Technologies
      • Hoffmann-La Roche AG
      • Illumina Inc.
      • BioMérieux SA
      • Exosome Diagnostics Inc.
      • Agilent Technologies Inc.
      • Sysmex Corporation
      • Thermo Fisher Scientific Inc
      • Abnova Corporation
      • Myriad Genetics Inc.
      • Guardant Health Inc.
      • Icon Plc
      • Protagen Diagnostics
      • Biogenex Laboratories Inc.
      • Other Prominent Players