Companion diagnostics is going to play an increasingly important role in the development of personalized medicine, as this diagnostic test helps determine whether a particular drug or therapeutic product will benefit a patient. In other words, with companion diagnostics, it is possible to find out which patient/patients can get benefited from a specific drug. Further, it also helps determine the appropriate dosage for a patient.
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The market for companion diagnostics is set to witness high growth in the coming years. In 2018, the global companion diagnostics market was valued at USD 1.8 billion and by 2026, the market is projected to reach USD 7.1 billion. A surge in R&D of targeted therapies and increasing demand for personalized medicine and targeted therapy will drive the global market in the coming years.
Further, increasing incidence of cancer across the globe and the benefits offered by companion diagnostics will give a major boost to the global market. The discovery of new bio markers and increasing application areas of companion diagnostics will also have a major positive impact on the global market.
Apart from these, the global companion diagnostics market will receive a major impetus from the increasing demand for next-generation sequencing, growing research and development activities in genetic science and bio-markers, and growing importance of companion diagnostics in drug development and identification of bio-markers. These factors will provide ample growth opportunities in the market.
However, high cost of companion diagnostic tests, as well as uncertainty about reimbursement may restrict the growth of the market to some extent. Lack of adequate numbers of trained professionals can also hinder the growth of the global companion diagnostics market.
Among various end-users, the pharmaceutical & bio-pharmaceutical companies are expected to be the largest end-users of companion diagnostics. Region-wise, North America is expected to dominate companion diagnostics market in the coming years. The dominance of this region can be explained by the presence of a highly developed healthcare infrastructure in the US and Canada and the availability of technically advanced devices and instruments in the region.
Another region that is expected to exhibit remarkable growth is the Asia-Pacific region. The region is expected to register the highest CAGR in the next few years. The growth of this regional market will be fueled by increasing incidence of cancer, increasing research activities and funding, rising investments by pharmaceutical and biotechnology companies, and increasing awareness about personalized therapeutics.
The major players operating in the global companion diagnostics market include F. Hoffmann-La Roche AG (Switzerland), QIAGEN N.V. (Germany), Abbott Laboratories, Inc. (US), Agilent Technologies, Inc. (US) Almac Group (UK), Danaher Corporation (US), Illumina, Inc. (US), bioMÃ©rieux SA (France), Myriad Genetics, Inc., (US), Sysmex Corporation (Japan), Thermo Fisher Scientific Inc. (US), Abnova Corporation (Taiwan), and Guardant Health, Inc. (US).
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