As per DelveInsight, the global Companion Diagnostics Market was valued at USD 5.91 billion in 2021 and growing at a CAGR of 12.32% during the forecast period (2022 to 2027); it is expected to reach USD 11.89 billion by 2027. Some of the key factors such as the rise in cancer cases across the globe, the increase in the research and development activities for developing companion diagnostics, the rising awareness regarding precision medicine among the patient population, and the growing focus of the manufacturers concerning the development of precision medicine, are expected to drive the Companion Diagnostics Market growth in the coming years. Globally, some of the leading companies in the Global Companion Diagnostics Market include Agilent Technologies, Inc., F. Hoffmann-La Roche Ltd, Myriad Genetics, Inc., Abbott Laboratories., QIAGEN, BIOMÉRIEUX, Guardant Health Inc., Illumina, Inc., Pillar Biosciences, Inc., Leica Biosystems, Thermo Fisher Scientific Inc., Almac Group, NeoGenomics Laboratories., Invitae Corporation, 3D Medicines Corporation, ASURAGEN, INC. (Biotechne), Invivoscribe, Inc., Amoy Diagnostics Co., Ltd., Laboratory Corporation of America® Holdings., SAGA Diagnostics, and others.
DelveInsight’s “Companion Diagnostics Market” research report provides the current and forecasted Companion Diagnostics Market size, share, and trends analysis for the next five years, upcoming innovations in the segment, and major market drivers & barriers. The report also covers the key competitors and emerging devices in the domain.
Companion Diagnostics Market: Overview
A companion diagnostic, or CDx, is a medical device, often an in vitro device, is used to provide information that is essential for the safe and effective use of a corresponding drug or biological product. A companion diagnostic holds the potential to transform the promise of personalized medicine into reality.
DelveInsight’s report covers an in-depth assessment of the market dynamics segmented by products type (product [assays, kits & reagents and instruments], services), by technology (Immunohistochemistry (IHC), Next-Generation Sequencing (NGS), Polymerase Chain Reaction (PCR), others), by indication (Lung Cancer, Breast Cancer, Colorectal Cancer, others), by end-user (hospitals, diagnostic labs, others), and by geography (North America, Europe, Asia-Pacific, and Rest of the World).
As per DelveInsight, the assays, kits & reagents subsegment is expected to hold a significant market share in the coming years. The rise in collaboration among the companies focused on developing diagnostic products and the active presence of giant pharmaceutical companies developing companion diagnostics kits to improve cancer treatment and management is expected to boost the market for kits & reagent products.
Companion Diagnostics Market Analysis
The Companion Diagnostics Market is anticipated to register substantial growth during the forecast period due to the rising preference for precision medicine (personalized medicine) among cancer patients. Precision medicine has the potential to offer improved medication selection and targeted therapy for cancer patients, thereby reducing adverse effects. Personalized medicine increases patient compliance by making the treatment regimen for cancer more cost-effective. Companion diagnostics are predictive biomarker assays that play a significant role in developing precision medicine, which leverages genetic and genomic data to improve health outcomes. The government worldwide and several organizations are actively working to raise awareness regarding precision medicine and biomarker testing for cancer, which is anticipated to stimulate the demand for the Companion Diagnostics Market. A shift in the focus by prominent manufacturers and MedTech giants developing companion diagnostics for various non-cancer disorders will also positively impact the market growth.
Despite several favorable factors, some critical aspects, such as the high cost of companion diagnostics, the limited reimbursement scenario, and the complex regulatory approval process, are predicted to hamper the Companion Diagnostics Market growth in the coming years.
Due to the unprecedented outbreak of the COVID-19 pandemic, the Companion Diagnostics Market reported slow growth. With the implementation of the lockdown, precautionary measures, and stringent guidelines, the number of appointments for cancer screening was reduced globally. Only urgent medical care procedures and Covid-19-related cases were given priority. However, with the approval and administration of numerous COVID-19 vaccines and slower transmission of Covid-19, the situation is improving, which is expected to uplift the Companion Diagnostics Market growth in the coming years.
Interested to know more about the ongoing developments in the market? Visit to get an in-depth insight into Companion Diagnostics Types and Emerging Products
Companion Diagnostics – Global Market Assessment and Forecast
Among all the regions, North America is anticipated to account for the major share in the overall Companion Diagnostics Market during the forecast period. The rising prevalence and incidence of various cancers’ diseases in the US, favorable reimbursement policies, and approval & launches of various companion diagnostic products in the region are some of the key factors responsible for higher Companion Diagnostics Market growth in the region. Moreover, the active presence of manufacturers and distributors, various business expansion activities undergone by the companies present in the region, and intense research and development activities will also stimulate market growth in North America.
Interested in knowing how the market will grow by 2027? Click to get a snapshot of Companion Diagnostics Market Trends and Developments
Companion Diagnostics Market – Key Developments and Breakthroughs
Over the years, the Companion Diagnostics Market has evolved significantly owing to the active participation of companies and technological advancements in the domain. Some of the major advancements in the Companion Diagnostics Market in recent years are –
- In March 2022, Myriad Genetics received FDA approval of BRACAnalysis® CDx as a companion diagnostic for Lynparza® in early breast cancer.
- In October 2021, Agilent was granted FDA approval for its Ki-67 IHC MIB-1 pharmDx (Dako Omnis) as a companion diagnostics in identifying patients with early breast cancer (EBC) at high risk of disease recurrence, for whom adjuvant treatment with Verzenio® (abemaciclib) in combination with endocrine therapy is being considered.
- In August 2021, Roche received FDA approval for the first companion diagnostic to identify dMMR solid tumor patients eligible for anti-PD-1 immunotherapy.
As per DelveInsight, the ongoing clinical & commercial development activities and research in the domain will contribute immensely to the Companion Diagnostics Market growth in the coming years.
Key Companies in the Companion Diagnostics Market
The leading companies in the Companion Diagnostics Market include Agilent Technologies (NYSE: A), F. Hoffmann-La Roche Ltd (SWX: ROG), Myriad Genetics, Inc. (NASDAQ: MYGN), Abbott Laboratories (NYSE: ABT), QIAGEN (NYSE: QGEN), BIOMÉRIEUX (EPA: BIM), Guardant Health Inc (NASDAQ: GH), Illumina, Inc (NASDAQ: ILMN), Pillar Biosciences, Inc., Leica Biosystems, Thermo Fisher Scientific Inc (NYSE: TMO), Almac Group, NeoGenomics Laboratories (NASDAQ: NEO), Invitae Corporation (NYSE: NVTA), 3D Medicines Corporation, ASURAGEN, INC. (Biotechne), Invivoscribe, Inc., Amoy Diagnostics Co., Ltd (SHE: 300685), Laboratory Corporation of America® Holdings (NYSE: LH), SAGA Diagnostics, and others.
As per DelveInsight, due to the very high growth rate and positive return, several new players are expected to enter the Companion Diagnostics Market in the coming years. The entry of new players and the launch of emerging products will immensely propel the market growth.
Learn how new players’ entries will transform the market dynamics in the coming years at Companion Diagnostics’ Competitive Landscape
Scope of the Companion Diagnostics Market Report:
- Study Period – 2019-2027
- Companion Diagnostics Market Segmentation –
-
- By Type – Product (Assays, Kits & Reagents And Instruments) and Services.
- By Technology – Immunohistochemistry (IHC), Next-Generation Sequencing (NGS), Polymerase Chain Reaction (PCR), and others.
- By Indication – Lung Cancer, Breast Cancer, Colorectal Cancer, others.
- By End-User – Hospitals, Diagnostic Labs, others.
- Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s View
- Geography Covered – Global (North America, Europe, Asia-Pacific, and Rest of the World)
DelveInsights’ Remark: The “Companion Diagnostics Market” is anticipated to grow at a significant CAGR of 12.32% forecast till 2027 owing to the rising awareness regarding precision medicine, increasing focus of the manufacturers concerning the development of precision medicine, and growing approvals and launches of various companion diagnostic products in the market. North America is expected to register the fastest growth in the Global Companion Diagnostics Market.
Table of Content
| 1 | Report Introduction |
| 2 | Executive summary |
| 3 | Regulatory and Patent Analysis |
| 4 | Companion Diagnostics Market Key factors analysis |
| 5 | Companion Diagnostics Porter’s Five Forces Analysis |
| 6 | COVID-19 Impact Analysis on Companion Diagnostics Market |
| 7 | Companion Diagnostics Market Layout |
| 8 | Companion Diagnostics Global Company Share Analysis – Key 3-5 Companies |
| 9 | Companion Diagnostics Product Profiles and Key Companies |
| 10 | Project Approach |
| 11 | KOL Views |
| 12 | DelveInsight Capabilities |
| 13 | Disclaimer |
| 14 | About DelveInsight |
Reach out to us to get a more detailed overview of the Companion Diagnostics Regulatory & Patent Analysis
Key Takeaways From the Companion Diagnostics Market Report Study
- In-depth analysis of the Companion Diagnostics Market size, share, and key trends.
- Comprehensive analysis of current Companion Diagnostics Market size (2020) and market forecast for 5 years (2022-2027)
- The effect of the COVID-19 pandemic on the Companion Diagnostics Market is significant. To capture and analyze suitable indicators, our experts closely watch the Companion Diagnostics Market.
- Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened over the last three years
- Key companies dominating the Global Companion Diagnostics Market.
- Various opportunities are available for the other competitors in the Companion Diagnostics Market space.
- What are the top-performing segments in 2020? How will these segments perform in 2027?
- Which are the top-performing regions and countries in the current Companion Diagnostics Market scenario?
- Which regions and countries should companies concentrate on for greater growth and revenue opportunity in the coming future?
Related Healthcare Reports by DelveInsight
About DelveInsight
DelveInsight is a leading Business Consultant and Market Research firm focused exclusively on life sciences. It supports Pharma companies by providing comprehensive end-to-end solutions to improve their performance.
Learn How the MedTech Devices Market is evolving with the ongoing clinical and commercial developments in the domain: MedTech Market Outlook
Contact Us
Shruti Thakur
Manager (Marketing & Branding)
info@delveinsight.com
+1(919)321-6187