Companion diagnostic tests are used to identify suitable patients for administering specific drugs and monitoring the prognosis of drug effects on the disease. This concept of combining a drug with a diagnostic test is known as predictive medicine or personalized medicine. A companion diagnostic test has the ability to predict the risks of the disease and monitor its therapeutic response. The tests enable physicians to make decisions on the type of drugs and dosage administration and thereby reduce the mortality rates associated with diseases such as cancer and neurodegenerative disorders. The global companion diagnostics market is expected to witness significant growth during the forecast period primarily by the growing focus on cost cutting in drug discovery and development. Asia Pacific is expected to grow at a highest rate during the forecast period due increased adoption, technological advancements, and demand for personalized medicine. Vendors in the market are focusing on several strategies such as licensing agreements, collaborations, and partnership activities to develop highly specific molecular diagnostic tests to monitor or select target therapeutics for addressing the pathogenesis of major diseases.
The report titled “Companion Diagnostics Market- Growth, Share, Opportunities and Competitive Analysis, 2021–2029” offers strategic insights into the overall companion diagnostics market along with the market size and estimates for the duration 2021 to 2029. The said research study covers in-depth analysis of multiple market segments based on type of indication, type of technologies and different geographical region. The indication type segment studied for analyzing the overall companion diagnostics market are oncology, cardiovascular diseases, virology and autoimmune diseases. On the basis of technology the companion diagnostics market has been segmented into polymerase chain reaction, immunohistochemistry, In-situ hybridization test, gene sequencing and others. In order to help strategic decision makers, the report also includes competitive profiling of the leading players in companion diagnostics market, attractive investment proposition and Porter’s five forces model, and market positioning of key manufacturers sections. Other in-depth analysis provided in the report includes:
Market size and forecast for these regional and country level markets are presented in this study for the period 2018-2029. Market growth rates for the forecast period 2021-2029 are also included in this report, considering 2020 as the base year.
Along with quantitative information, qualitative information sets and assessment tools are provided in this study for better analysis of the overall market scenario and future prospects. Information such as market inclination insights and drivers, challenges and opportunities assists the readers for understanding the ongoing trends in the global companion diagnostics market. Tools such as market positioning of key players and attractive investment proposition provide the readers with insights on the competitive scenario of the global companion diagnostics market. This report concludes with company profiles section that highlights major information about the key players engaged in companion diagnostics market. In-depth competitive environment analysis and historical years (2018 & 2019) market size data are also provided in the report.
Thus, the research study provides a holistic view of the treatment global companion diagnostics market, offering market size and estimates for the period from 2021 to 2029, keeping in mind the above-mentioned factors.
Companion diagnostic tests are used to identify suitable patients for administering specific drugs and monitoring the prognosis of drug effects on the disease. This concept of combining a drug with a diagnostic test is known as predictive medicine or personalized medicine. A companion diagnostic test has the ability to predict the risks of the disease and monitor its therapeutic response. The tests enable physicians to make decisions on the type of drugs and dosage administration and thereby reduce the mortality rates associated with diseases such as cancer and neurodegenerative disorders. On the basis of indication the global companion diagnostics market has been segmented as oncology, cardiovascular diseases, virology and autoimmune diseases. The oncology segment has been further segmented on the basis of various cancers such as breast cancer, colorectal cancer, gastric cancer, lung cancer, melanoma and other cancer. The oncology segment held the largest market in the global companion diagnostics by indication and is expected to be the highest grossing segment through the forecast period. The major factors driving the oncology segment include development of majority of companion diagnostics for detection of various cancer biomarkers. The key driver for this market is an increase in research and development of targeted drugs, which require a corresponding companion diagnostic. Moreover, the development of nanotechnology and nanomedicine and the advancements in drug delivery are driving the field of personalized medicine.
Companion diagnostic tests are used to identify suitable patients for administering specific drugs and monitoring the prognosis of drug effects on the disease. This concept of combining a drug with a diagnostic test is known as predictive medicine or personalized medicine. A companion diagnostic test has the ability to predict the risks of the disease and monitor its therapeutic response. On the basis of technology the companion diagnostics market has been segmented into polymerase chain reaction, immunohistochemistry, In-situ hybridization test, gene sequencing and others. The others segment includes tests such as monoclonal antibodies test and cellular immune testing. The polymerase chain reaction technique is the largest segment in the global companion diagnostics market. Factors such as high usage of the technique, cheaper rates and efficient results have driven the polymerase chain reaction technique market. Gene sequencing is expected to exhibit the highest growth rate during the forecast period. The development of next generation sequencing and third generation sequencing has resulted in the efficient detection of biomarkers, thus gaining momentum in the companion diagnostic market in the future.
The geographical segmentation of the global companion diagnostics market comprises North America, Europe, Asia-Pacific, Latin America and Middle East and Africa. In base year 2020, North America accounted for the largest market in the global companion diagnostics. In North America, the US represented the largest market for companion diagnostic tests. This is mainly attributed to the growing demand for targeted therapeutics and the increase in the prevalence of the pathogenesis of various cancer ailments. In short, the demand for personalized medicines and diagnostics is driving the adoption of companion diagnostics. However, stringent regulations are expected to limit the growth of the market and delay the launch of various products. Asia Pacific is expected to grow at a highest rate during the forecast period due increased adoption, technological advancements, and demand for personalized medicine. Vendors in the market are focusing on several strategies such as licensing agreements, collaborations, and partnership activities to develop highly specific molecular diagnostic tests to monitor or select target therapeutics for addressing the pathogenesis of major diseases. Moreover, the increase in the prevalence of cancer and associated disorders, the increase in healthcare expenditure, and the increase in the level of awareness among the population. Thus, the APAC region is expected to adopt companion diagnostics tests at a rapid rate during the forecast period.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Companion Diagnostics market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Indication
| |
Technology
| |
|
Region Segment (2022-2032; US$ Million)
|
Key questions answered in this report
