Companion Diagnostics Market (By Technology: Immunohistochemistry (IHC), Polymerase Chain Reaction (PCR), In-situ Hybridization (ISH), Real-time PCR (RT-PCR), Gene Sequencing, Other Technologies; By Indication: Cardiovascular, Neurological Diseases, Cancer [Breast Cancer, Lung Cancer, Colorectal Cancer, Melanoma, Gastric Cancer], Infectious Diseases, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027
![Companion Diagnostics Market (By Technology: Immunohistochemistry (IHC), Polymerase Chain Reaction (PCR), In-situ Hybridization (ISH), Real-time PCR (RT-PCR), Gene Sequencing, Other Technologies; By Indication: Cardiovascular, Neurological Diseases, Cancer [Breast Cancer, Lung Cancer, Colorectal Cancer, Melanoma, Gastric Cancer], Infectious Diseases, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027](assets/images/format-png.png "Companion Diagnostics Market (By Technology: Immunohistochemistry (IHC), Polymerase Chain Reaction (PCR), In-situ Hybridization (ISH), Real-time PCR (RT-PCR), Gene Sequencing, Other Technologies; By Indication: Cardiovascular, Neurological Diseases, Cancer [Breast Cancer, Lung Cancer, Colorectal Cancer, Melanoma, Gastric Cancer], Infectious Diseases, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027")
The global companion diagnostics market is expected to grow at a CAGR of around 16.7% from 2020 to 2027 and expected to reach the market value of around US$ 13,492.6 Mn by 2027.
A companion diagnostic is a diagnostic test carried out with a set of tools like assay kits & reagents, and software & services to provide the essential information about the effective use of a drug or biological product with safety. It used as a companion to a therapeutic drug to determine whether a particular therapeutic product’s benefits to patients will outweigh any potentially serious side effects or risks. Additionally, these diagnostic is used to identify the patients who can get the benefit from a particular therapeutic product, as well as monitor response to treatment with a particular therapeutic product to achieve improved safety or effectiveness.
Market Dynamics
The advantages associated with the companion diagnostics are particularly supporting market growth. The growing need for targeted therapy along with the growing importance of personalized medicine is driving the market growth. The rising prevalence of cancer diseases across the globe additionally the growing application areas of companion diagnostics are accelerating the market value. Moreover, increasing demand for next-generation sequencing, a growing number of clinical trials, and the growing significance of companion diagnostics in drug development are likely to create potential opportunities over the forecast period from 2020 to 2027.
On the other hand, the high cost of companion diagnostic tests and uncertain reimbursement scenario is the factor projected to hamper the growth.
Polymerase Chain Reaction (PCR) accounted for the major share in the global market
The polymerase chain reaction (PCR) segment is leading the market with a major share (%) in 2019. The growing applications of PCR in the high-throughput detection of mutants with a limited or low allele frequency of genes are driving the market value. The high turnaround time of PCR as compared to other technologies is additionally supporting the market value.
The market research study on “Companion Diagnostics Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027”, offers a detailed insight into the global companion diagnostics market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights into the global companion diagnostics market, its technology, indication, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global companion diagnostics market size and volume, and segment markets by technology, indication, and geography along with the information on companies operating in the market. The companion diagnostics market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
North America registered maximum share in the global market
In 2019, North America lead the global market with major share owing to the rising prevalence of chronic diseases. The region is having potential share owing to the presence of global players and advanced technology. The well-established advanced healthcare infrastructure is particularly supporting the market value. Moreover, the Asia Pacific region is projected to experience the fastest growth over the forecast timeframe from 2020 to 2027. The increasing proteomics & genomics research activities along with the favorable research funding, rising investments by major pharmaceutical and biotechnology companies, and growing awareness about personalized therapeutics are some of the factors anticipated to accelerate the regional market growth during the forecast timeframe.
The players profiled in the report include Abbott, Agilent Technologies Inc., Biomerieux SA, Danaher Corporation (Beckman Coulter Inc.), F. Hoffmann-La Roche Ltd, Qiagen NV, Siemens Healthcare, and Thermo Fisher Scientific Inc.
Market Segmentation
Market By Technology
- Immunohistochemistry (IHC)
- Polymerase Chain Reaction (PCR)
- In-situ Hybridization (ISH)
- Real-time PCR (RT-PCR)
- Gene Sequencing
- Other Technologies
Market By Indication
Cardiovascular
Neurological Diseases
Cancer
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Melanoma
- Gastric Cancer
Infectious Diseases
Others
Market By Geography
North America
- U.S
- Canada
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
What is companion diagnostic?
A companion diagnostic is a diagnostic test carried out with a set of tools like assay kits & reagents, and software & services to provide the essential information about the effective use of a drug or biological product with safety.
What are the uses of companion diagnostic?
It used as a companion to a therapeutic drug to determine whether a particular therapeutic product’s benefits to patients will outweigh any potentially serious side effects or risks.
What will be the market value of the global companion diagnostics market 2027?
According to Acumen Research and Consulting, the companion diagnostics market is expected to reach the market value of around US$ 13,492.6 Mn by 2027.
At what CAGR, the companion diagnostics market is expected to grow during the forecast period (2020-2027)?
The market for companion diagnostics is expected to grow at a CAGR of around 16.7% from 2020 to 2027.
Which is the leading segment by application in the companion diagnostics market?
The polymerase chain reaction (PCR) is the leading segment by application in the companion diagnostics market.
What are the key drivers of the global companion diagnostics market?
The advantages associated with the companion diagnostics, growing need for targeted therapy, growing importance of personalized medicine, rising prevalence of cancer diseases across the globe, and growing application areas of companion diagnostics are the factors driving the market growth.
Which region held the highest market share in the companion diagnostics market?
North America held the highest market share in the companion diagnostics market.
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