Analyst Speak:
“The Global Companion Diagnostics Market is expected to reach US$ 6,988.7 Mn by 2025 owing to growth in R&D for the development of new technologies”
The global companion diagnostics market is expected to reach US$ 6,988.7 Mn by 2025. A companion diagnostic is a diagnostic test which is used as a companion to a therapeutic drug to determine its applicability to a specific person. Companion diagnostics are majorly used in oncology area. The factors which are driving the growth of global companion diagnostics market are improvement in healthcare sector, emergence of new pharmaceuticals and diagnostics, and accelerated drug regulatory approvals. Additionally, increased partnership of market players with research institutes, and rising of governmental funds in the research projects are also streaming the growth of global companion diagnostics market in coming years. However, complex clinical trial procedures, higher cost of research and development, and stringent regulatory approvals for the products are hindering the growth of global companion diagnostics market.
Global Companion Diagnostics Market is segmented on the application, technology, end user and region.
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Gene Sequencing Dominate the Global Companion Diagnostics Market
Based on the technology, global companion diagnostics market is segmented into evaporative real-time PCR, gene sequencing, immunohistochemistry, molecular diagnostics, in-situ hybridization, FISH, and CISH. Gene sequencing dominated the global companion diagnostics market due to its better sensitivity and specificity, faster identification of genetic diseases, and technological advancements in the gene sequencing technique.
North America Leads the Global Companion Diagnostics Market
PBI’s global companion diagnostics market report analyses the market in different regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. According to regional analysis, North America dominated the global Companion Diagnostics market through 2014-2018 and expected to dominate over 2019-2025 owing to its improved healthcare facilities, technological advancements, and presence of key market players in the region. In North America, U.S and Canada are leading the market due to the presence of a large number of leading companion diagnostics vendors & national clinical laboratories. Asia Pacific companion diagnostics market is estimated to grow significantly in the forecast period due to their rising population, increasing demand for advanced therapies, emerging economies, and increasing awareness among the population about these companion diagnostics technologies.
Launch of newer technologies, and strategic alliances are the key strategies adopted by market players
Global companion diagnostics market further reveals that the key player’s increasingly adopting strategies such as launch of technologies, and long term alliance to improve market revenue share and gaining significant geographic presence across the region.
For instance, in April 2019, QIAGEN and LabCorp collaborated to provide day-one access for patients to innovative companion diagnostics at the time of drug approvals. They will be able to provide physicians and patients with faster access to new, gnomically targeted drugs that are becoming increasingly important therapies for a growing variety of cancers.
Key player’s profiles in the report are F. Hoffmann- La Roche Ltd. (Switzerland), Danaher (U.S), Qiagen Ltd. (Germany), Myriad Genetics Inc. (U.S), ARUP Laboratories (U.S.), Abbott Laboratories (U.S.), Thermo Fisher Scientific (U.S), Ventana Medical Systems Inc. (U.S), LabCorp (US), and Biogenex Laboratories, Inc. (U.S).
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Precision Business Insights (PBI) in its report titled “Global Companion Diagnostics Market: Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2014-2018 and Forecast 2019-2025” assesses the market performance over seven years forecast period over 2019-2025. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period.
Detailed Segmentation
By Application
Urology
Melanoma
Gastric Cancer
Breast Cancer
Colorectal Cancer
Lung Cancer
Others
By Technology
Real-Time PCR
Gene Sequencing
Immunohistochemistry
Molecular Diagnostics
In-situ Hybridization
FISH
CISH
By End User
Hospitals
Diagnostic Centers
Others
Geography
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Russia
Poland
Rest of Europe
Asia-Pacific
Japan
China
India
Australia & New Zealand
ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Argentina
Rest of Latin America
Middle East and Africa (MEA)
Gulf Cooperation Council (GCC) Countries
Israel
South Africa
Rest of MEA
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