Companion Diagnostics Market is forecasted to grow at high rate due to increase in government spending in research & development in genomics, rising demand for early diagnostics test, and increasing prevalence of chronic diseases such as cancer.The Global Companion Diagnostics Market was valued at USD 2.6 Bn in 2020 is expected to reach USD 8.5 Bn by 2027, with a growing CAGR of 18.5% during the forecast period.
Companion diagnostics is an in-vitro diagnostic device that is used to provide information about the behaviour of drug after administration to the patient. This device is used to identify and analyse the effects or side effects of therapy/ treatment given to the patients. In this therapeutic area, newly approved drugs include Kalydeco® (ivacaftor) used for cystic fibrosis paired with COBAS 4800 BRAF V600® from Roche Molecular Systems, Increlex® (mecasermin) and Trofile®. This provides an opportunity for players to innovate new companion diagnostics-based drugs and test for the growth of companion diagnostics market during the forecast period.
The driving factors influencing the growth of companion diagnostics market include increase in demand for genetic therapies, rise in research and development facilities and growing prevalence for chronic diseases such as cancer. Moreover, rapid growth in healthcare spending in terms of government initiatives fuels the growth of the companion diagnostics market. Rise in demand for personalized medicines and precision medicines, rise in demand for innovative diagnostics procedures and increase in R&D infrastructure thrives the growth of companion diagnostics market.
Companion diagnostics market is broadly segmented into product, indication, end user and region. Based on product, kits & reagents hold maximum market share due to increase in demand for diagnostics tests and reagents for research purpose. Based on indication, cancer holds highest market share in 2020 and expected to expand more during forecast period owing to rise in the prevalence of cancer across the world and new anti-cancer drugs in pipeline thrives the growth of companion diagnostics market.
Based on end user, pharmaceutical & biopharmaceutical companies hold maximum market share due to increase in collaboration, partnership and acquisitions of companies supports the growth of companion diagnostics market. For instance, in 2019, Myriad Genetics, Inc, announced its merger with Merck and AstraZeneca to expand their business across the globe. Geographically, North America accounted for highest market share in 2020 owing to rise in cancer diseases and growing R&D in this region, drives the growth of companion diagnostics market.
Global Companion Diagnostics Market by Region Outlook (Revenue, USD Million, 2021-2027)
Based on region, North America held maximum market share in 2020 about 35% due to high prevalence of chronic diseases like cancer, growing demand for diagnostic procedures, and rise in research practices in terms of genomics and targeted therapy. Moreover, increase in death rate due to cancer in this region drives the demand for companion diagnostics market. Increase in government spending in healthcare, rise in disposable income and growing demand for genetic-based research fuels the growth of the companion diagnostics market across the globe.
On the contrary, Asia-Pacific is projected to observe the highest market growth during the forecast period due to increase in R&D facilities, rise in healthcare spending, and strong government support for research drives the growth of companion diagnostics market in this region.
The Global Companion Diagnostics Market Segmentation:
Global Companion Diagnostics Market by Product Type Outlook (Revenue, USD Million, 2021-2027)
Global Companion Diagnostics Market by Indication Type Outlook (Revenue, USD Million, 2021-2027)
Global Companion Diagnostics Market by End User Type Outlook (Revenue, USD Million, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the companion diagnostics market are: