The Global Companion Diagnostics Market size is projected to reach a valuation of USD 12,647 million by the end of 2023. In its companion diagnostic market insights, MRFR also asserts that the market would register 15.4% CAGR throughout the forecast period (2017-2023). The burgeoning healthcare sector is a key growth propeller of the market. Besides, advances in medical technology propel market growth, improving diagnosis and treatment processes.
The companion diagnostic market size is rising continually, mainly due to the growing numbers of pharmaceutical, biotech, and contract research companies. Besides, high costs involved in the drug discovery & development, alongside the rising need for the assessment of the efficacy & safety of the drugs, drive the growth of the market. Moreover, the increasing demand for novel breakthrough medicines to treat a myriad of chronic and rare diseases escalates the market on a global level.
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Moreover, factors such as the growing population, urbanization, and adoption of heady, inappropriate lifestyle foster the market growth, increasing the incidences of chronic diseases. Also, the spreading awareness about drug toxicity is providing impetus to the market growth. On the other hand, skepticism about the advancement & efficacies of these devices is impeding the growth of the market. Also, the lack of awareness about the advantages of these devices is obstructing market growth.
In developing countries, due to low awareness, companion diagnostics are not as much in practice as in developing countries, but due to the huge population, these countries have a vast potential to pull in the market share. On the contrary, the lack of skilled professionals is hampering the growth of the companion diagnostics market in developed countries. Besides, logistic issues raised to develop companion diagnostics and drugs together are posing challenges to market growth.
Companion Diagnostics Market Segmentation
The market is segmented into four main dynamics to widen the scope of understanding,
By Technology, the global companion diagnostics market is segmented into Polymerase Chain Reaction, In-Situ Hybridization and Immunohistochemistry, and others.
By Application, the global companion diagnostics market is segmented into Cancer, Infectious Diseases, Cardiovascular Diseases, Central Nervous System Disorders, and others.
By End Users, the global companion diagnostics market is segmented into Pharma & Biotech Companies, Clinical Laboratories, Contract Research Organizations, and others.
By Regions, the global companion diagnostics market is segmented into Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.
Global Companion Diagnostics Market Regional Analysis
North America dominates the global companion diagnostics market. The largest market share attributes to the availability of established healthcare systems and technological advancement. Moreover, the presence of a large number of players and rising numbers of pharmaceuticals and biotech companies in the region are increasing the companion diagnostic market size. The companion diagnostics market in North America is estimated to create a considerable revenue pocket during the forecast period (2017-2023).
Europe stands second in the global companion diagnostics market. The regional market is majorly driven by the increased efficiency of the healthcare workforce and systems. Also, the rising adoption of precise diagnostic tools, electronic healthcare records, and drugs prescribed particularly for a disease substantiate the regional market growth. Besides, increasing per capita healthcare expenses, funding support for R&D from the public & private sector, and a well-proliferated healthcare sector in the region drive the market growth, excellently.
The companion diagnostics market is growing briskly in the Asia Pacific region. Factors such as the vast patient pool, unmet clinical needs, and the low-cost treatment procedures drive regional market growth. Besides, continuous developments in the healthcare sectors in the emerging economies like India and China, which are increasingly involved in the research & development of the companion diagnostic tools, would support the growth of the regional market.
Also, increasing government initiatives to raise awareness among populaces about the treatment of crucial genetic diseases is estimated to propel the market growth in the region. The companion diagnostics market in the APAC region is expected to register a noteworthy CAGR over the projected period.
Companion Diagnostics Market Competitive Dynamics
Highly competitive, the companion diagnostics market appears fragmented, with many well-established players forming a competitive landscape. To gain a larger competitive share in the market, mergers & acquisitions, collaborations, expansions, and product/technology launch remain key strategies for these players. Also, the players are increasingly collaborating and entering partnerships with pharma and biotechnology companies to tap on the market expansion.
Since, the product & technology launch- based competition is trending, these fervent players initiate R&D activities. They invest substantially in the development of futuristic diagnostic devices and advent technology. They also make huge investments to expand their global footprints. To meet their expansion goals, players acquire small yet promising companies from emerging markets. The market attracts several new entrants to the market, which, in turn, intensifies the competition further. Also, product launches result in making the competition in the market fierce.
Companion Diagnostics Market Major Players:
Players driving the global companion diagnostics market include Agilent Technologies (US), ARUP Laboratories (US), Abbott (US), Myriad Genetics Inc. (US), Thermo Fisher Scientific Inc. (US), F. Hoffmann-La Roche AG. (Germany), and Qiagen NV (Germany), among others.
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Thermo Fisher Scientific (the US), a leading global medical device company, announced its collaboration with Janssen Biotech Inc. (a pharmaceutical compa3ny of Johnson & Johnson) to co-develop a companion diagnostic (CDx) in oncology.
As per the agreement, Thermo Fisher would work with Janssen’s R&D scientists to validate biomarkers for use with Thermo Fisher’s Oncomine DX target test in identifying variant-positive patients for enrollment into clinical trials for non-small cell lung cancer (NSCLC).
Thermo Fisher Scientific is also active in providing scientific instrumentation, reagents & consumables, and software & services to healthcare, life science, and other laboratories. Janssen Biotech, Inc. is a biotechnology company focused on developing new diagnostic assays using monoclonal antibody technology.
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