The global companion diagnostics market generated $1,678 million in 2018, and is projected to reach $6,452 million by 2026, growing at a CAGR of 18.3% from 2019 to 2026.
Companion diagnostic is a medical device, often an in-vitro device that provides information essential for the safe and effective use of a corresponding drug or biological product. These tests help a health care professional to determine patients who can benefit from a particular therapeutic product, identify patients at increased risk of severe side effects as a result of the treatment with a particular therapeutic product as well as achieve improved safety or effectiveness.
The companion diagnostics market is expected to experience significant growth during the forecast period owing to growth in demand for advanced therapies, rise in R&D activities to develop low cost & highly efficient drugs, increase in awareness in personalized medicines and surge in demand for cost effective diagnosis are some factors that majorly drive the market growth.
The global companion diagnostics market is segmented based on technology, indication, and region. Based on technology, the market is categorized as immunohistochemistry, polymerase chain reaction (PCR), next Generation Sequencing (NGS), in situ hybridization, and others. On the basis of indication, it is segmented into oncology, neurology, and others. Oncology is further classified into lung cancer, colorectal cancer, breast cancer, blood cancer, and others. Based on region, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, and rest of Europe), Asia-Pacific (China, Japan, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa and rest of LAMEA).
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS
By Technology Type
Indication
o Colorectal cancer
o Breast cancer
o Blood cancer
o Others
By Region
o Canada
o Mexico
o France
o UK
o Rest of Europe
o China
o Australia
o Rest of Asia-Pacific
o South Africa
o Rest of LAMEA
LIST OF KEY PLAYERS PROFILED IN THE REPORT
LIST OF OTHER PLAYERS IN THE VALUE CHAIN (These players are not profiled in the report. The same will be included on request.)
Companion diagnostic is a medical device, often an in-vitro device that provides information essential for the safe and effective use of a corresponding drug or biological product. These tests help a health care professional to determine patients who can benefit from a particular therapeutic product, identify patients at increased risk of severe side effects as a result of the treatment with a particular therapeutic product as well as achieve improved safety or effectiveness.
The companion diagnostics market is expected to experience significant growth during the forecast period owing to growth in demand for advanced therapies, rise in R&D activities to develop low cost & highly efficient drugs, increase in awareness in personalized medicines and surge in demand for cost effective diagnosis are some factors that majorly drive the market growth.
The global companion diagnostics market is segmented based on technology, indication, and region. Based on technology, the market is categorized as immunohistochemistry, polymerase chain reaction (PCR), next Generation Sequencing (NGS), in situ hybridization, and others. On the basis of indication, it is segmented into oncology, neurology, and others. Oncology is further classified into lung cancer, colorectal cancer, breast cancer, blood cancer, and others. Based on region, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, and rest of Europe), Asia-Pacific (China, Japan, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa and rest of LAMEA).
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the market along with the current trends and future estimations to elucidate the imminent investment pockets.
- It offers a quantitative analysis from 2018 to 2026, which is expected to enable the stakeholders to capitalize on the prevailing market opportunities.
- A comprehensive analysis of all the regions is provided to determine the existing opportunities.
- The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global market.
KEY MARKET SEGMENTS
By Technology Type
- Immunohistochemistry
- Polymerase chain reaction (PCR)
- Next Generation Sequencing (NGS)
- In situ hybridization
- Others
Indication
- Oncology
o Colorectal cancer
o Breast cancer
o Blood cancer
o Others
- Neurology
- Others
By Region
- North America
o Canada
o Mexico
- Europe
o France
o UK
o Rest of Europe
- Asia-Pacific
o China
o Australia
o Rest of Asia-Pacific
- LAMEA
o South Africa
o Rest of LAMEA
LIST OF KEY PLAYERS PROFILED IN THE REPORT
- Abbott Laboratories Molecular, Inc.
- Agilent (Dako Denmark A/S)
- ARUP Laboratories, Inc.
- BioMerieux SA
- Danaher Corporation (Leica Microsystems)
- Foundation Medicine, Inc.
- Myriad Genetics, Inc.
- Qiagen N.V.
- Roche (Ventana Medical Systems, Inc.)
- Thermo Fisher Scientific (Life Technologies Corporation)
LIST OF OTHER PLAYERS IN THE VALUE CHAIN (These players are not profiled in the report. The same will be included on request.)
- Resonance Health Ltd
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: COMPANION DIAGNOSTICS MARKET, BY TECHNOLOGY
CHAPTER 5: COMPANION DIAGNOSTICS MARKET, BY INDICATION
CHAPTER 6: COMPANION DIAGNOSTICS MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
Executive Summary
According to the report titled,'Companion Diagnostics Market, by Technology, and Indication: Global Opportunity Analysis and Industry Forecast, 2019 - 2026,' the global companion diagnostics market was valued at $ 1,678 million in 2018, and is expected to reach $6,452 million by 2026, growing at a CAGR of 18.3% from 2019 to 2026.Companion diagnostic is an in-vitro diagnostic process that provides information about the therapeutic response of a patient for a specific treatment. This test improves the therapeutic efficiency of drugs and decreases overall healthcare cost during treatment. Companion diagnostic is a form of personalized medicine that includes drug-testing, therapies, clinical trials, and research. These further determine therapeutic benefits of the product to patients to outweigh any potential serious side effects or risks.
The companion diagnostics market is an emerging market and is anticipated to experience significant growth during the forecast period owing to increase in R&D of targeted therapies, rise in demand for personalized medicine with increase in awareness in emerging economies, discovery of new biomarkers for various conditions, and higher number of unmet needs for the treatment of cancer are majorly driving the companion diagnostics market growth.
Based on technology, the polymerase chain reaction (PCR) segment dominates the global market, and is anticipated to continue this trend during the forecast period. Some key factors driving the market growth are cost effectiveness, high sensitivity, and specificity and can be used for simple automated platforms. However, the next generation sequencing (NGS) segment is expected to experience rapid growth as it is an advanced technique as compared to the PCR with less turnaround times.
Based on indication, the global companion diagnostics market is segmented into oncology, neurology, and others. At present, the oncology segment is the major revenue generating segment and is estimated to experience significant growth during the forecast period. Some key factors such as higher prevalence of cancer, rise in number of R&D activities for cancer, higher number of unmet need for treatment of cancer, surge in number of FDA approved companion diagnostics, and increase in awareness among the patients about personalized medicine are majorly driving the growth of the oncology segment.
Key Findings of the Companion Diagnostics Market:
Based on technology type, the PCR segment held more than one third share in the global market in 2018.
Based on indication type, the oncology segment exhibits fastest growth and is expected to grow at a CAGR of 18.5% from 2019 to 2026.
Based on oncology type, the breast cancer segment held largest market share in 2018, and is expected to remain dominant throughout the forecast period.
Based on region, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 20.4% during the forecast period.
North America accounted for approximately one-half of the global market share in 2018, and is expected to remain dominant throughout the forecast period. This was attributed to the higher usage of companion diagnostics, large presence of key players, increase in number of target population with high number of trained medical professionals. While, Asia-Pacific is expected to experience the highest growth rate during the forecast period majorly due to increase in demand for personalized medicine, development in the healthcare infrastructure, and rise in prevalence of different forms of cancer with higher number of unmet needs.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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