Pune, India, May 18, 2023 (GLOBE NEWSWIRE) -- The global companion diagnostics market size was valued at USD 6.80 billion in 2021 and is projected to grow from USD 7.67 billion in 2022 to USD 15.91 billion by 2029, exhibiting a CAGR of 11.0% during the forecast period.
This information is provided by Fortune Business Insights, in its report titled, “Companion Diagnostics Market, 2022-2029.”
Key Industry Development
June 2022: In partnership with OmniSeq Corporation, Laboratory Corporation of America Holdings introduced OmniSeq INSIGHTsm, a complete genomic and immunological profiling tissue-based test utilizing Next-Generation Sequencing (NGS) technology. The test is intended to enhance patient outcomes and develop precision oncology.
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Key Takeaways :
- Decline in the Number of Tests Performed during COVID-19 Owing to Lower Diagnosis of Cancer
- Advances in Next-Generation Sequencing to Propel Market Progress
- Increasing Prevalence of Cancer to Augment Market Growth
- Regulatory Approvals of New Tests for Different Indications to Stimulate Market Growth
- Incompetent Reimbursement Scenario and Stringent Regulatory Framework to Restrict Market Growth
Discover the Leading Players Featured in the Report:
Abbott (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Agilent Technologies Inc. (U.S.), Illumina, Inc. (U.S.), Guardant Health (U.S.), Thermo Fisher Scientific Inc. (U.S.), BIOMERIEUX (France), QIAGEN (Germany), Myriad Genetics Inc. (U.S.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2023 to 2030 CAGR | 11.0% |
| 2029 Value Projection | USD 15.91 Billion |
| Base Year | 2021 |
| Companion Diagnostics Market Size in 2022 | USD 7.67 billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 135 |
| Segments covered | By Technology Analysis, By Indication Analysis, By End-user Analysis |
| Companion Diagnostics Market Growth Drivers | Increasing Prevalence of Cancer to Augment Market Growth |
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COVID-19 Impact
Drop in Number of Tests Carried Out during COVID-19 Owing to Decrease in Diagnosis of Cancer
Since the outbreak of COVID-19, companion diagnostics have become less necessary. Major market participants also suffered a sizable loss in revenue as a result of the COVID-19 pandemic and other problems such as decline in testing volume. The market's revenue growth in 2020 was lower than in 2019, declining to 1.5% from 8.5%.
Segments
Polymerase Chain Reaction Segment to Dominate Backed by Launch of New Products
Based on technology, the polymerase chain reaction dominated the market in 2021, owing to the introduction of new products in the market by the key players.
By Technology
- Polymerase Chain Reaction
- Immunohistochemistry
- In-situ Hybridization
- Next Generation Gene Sequencing
- Others
By Indication
- Cancer
- Neurological Diseases
- Infectious Diseases
- Others
By End-user
- Pharmaceutical & Biopharmaceutical Companies
- Reference Laboratories
- CROs
- Others
By Geography
North America (By Technology, By Indication, By End-user, By Country)
- U.S.
- Canada
Europe (By Technology, By Indication, By End-user, By Country/Sub-Region)
- Germany
- U.K.
- France
- Italy
- Spain
- Scandinavia
- Rest of Europe
Asia Pacific (By Technology, By Indication, By End-user, By Country/Sub-Region)
- China
- Japan
- India
- Australia
- Southeast Asia
- Rest of Asia Pacific
Latin America (By Technology, By Indication, By End-user, By Country/Sub-Region)
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa (By Technology, By Indication, By End-user, By Country/Sub-Region)
- GCC
- South Africa
- Rest of Middle East & Africa
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Increasing Prevalence of Cancer and the Emphasis of Key Players on Innovative Technology Development Led to the Dominance of the Segment
In terms of indication, the cancer segment is anticipated to exhibit a dominant companion diagnostics market share due to the increasing prevalence of cancer & key players' focus on innovative technology to develop advance tests for cancer drugs.
Collaborations with Manufacturers Leading to the Significant Share of the Pharmaceutical & Biopharmaceutical Companies Segment
The pharmaceutical & biopharmaceutical companies generated the highest revenue in the market in 2021. Collaborations with companion diagnostics manufacturers led to the dominance of this segment.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report presents a holistic study of the market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report.
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Driving Factors
Rising Cancer Incidence to Accelerate Market Growth
The number of cancer patients has significantly increased in recent years. The prevalence of cancer cases is rising, which increases the need for effective CDx assays. Genomic testing provides clinicians with precise information on the treatment protocols and presents a complete picture of patients' tumors. Sales of CDx products are thus rising as cancer incidence rises.
To accommodate the increased demand, additional tests are also being developed to identify certain kinds of mutations. This factor has raised the demand for these tests on a global level and will continue to fuel the companion diagnostics market growth in the near future.
Regional Insights
North America to Lead Backed by Higher Occurrence of Cancer Patients
In 2021, North America produced USD 2.35 billion in revenue. The dominance of the region is linked to its higher incidence of cancer and other chronic diseases as well as to its expanding use of sophisticated CDx assays.
Europe is projected to rank as the second-most significant region in terms of revenue in the global market in 2021. The expansion of cooperation between local pharmaceutical firms and companion diagnostics producers is credited with the region's success.
During the forecast period, Asia Pacific is anticipated to develop at the greatest CAGR. This element is related to the increased incidence of cancers, the expansion of the healthcare industry, and the rise in the number of businesses producing medical devices for diagnostic purposes.
Competitive Landscape
Collaborations amongst Businesses to Protect their Brand Values in the Global Market
Market leaders regularly choose efficient tactics to advertise their goods and fortify their positions in the industry. One such tactic is to collaborate with other businesses to launch new products in order to reach more end-users.
FAQ’s:
What is the market size for companion diagnostics?
- The global companion diagnostics market is projected to grow from USD 7.67 billion in 2022 to USD 15.91 billion by 2029, exhibiting a CAGR of 11.0% during the forecast period
What is the key factor driving the market?
- The increasing prevalence of cancer worldwide will drive the market's growth.
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