Rising the incidence of cancer worldwide, the demand for customized medication and tailored treatment coupled with the recognition by industry participants of the co-development paradigm of drug diagnostics are the main factors driving the global diagnostic companion market.
Vancouver, BC -- (SBWIRE) -- 02/12/2021 -- Patients on several doses are at once vulnerable to adverse drug interactions of different intensities. Companion Diagnostics (CDs) help clinicians identify and eliminate patients at greater risk of adverse effects from those medications. CDs also aim to adjust drug medication to prevent side reactions and improve health outcomes. The benefits described above of complementary diagnoses in avoiding adverse effects would increase their choice over the projected period, resulting in a significant positive impact on market development. The global market for companion diagnostics is expected to expand at a CAGR of 18.9%, to grow from USD 2.43 billion in 2019 to USD 9.72 billion by 2027.
Consumer demand should be guided by a focus on R&D activities conducted by industry players to create new instruments that assist in effective diagnosis. Technologically advanced devices need fewer media, which reagents, which produce findings in precise time. These instruments are used for various diagnostic testing of companions, such as melanoma, non-small cell lung cancer, colorectal, ovarian cancer, and breast. A broad pool of patients may raise demand for companion diagnostics as traditional drugs are not always successful in all patients.
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Deals Landscape
Mergers and Acquisitions are an integral part of the Companion Diagnostics industry. Along with the companies operating in the market, other key market players have also been entering the industry.
In January 2020, QIAGEN NV and Amgen collaborated intending to develop tissue-based companion diagnostics for the identification of patients with cancers that have the KRAS G12C mutation.
In April 2018, Bristol Myers Squibb and Illumina announced a collaboration to develop and commercialize companion diagnostics for immunotherapy. This strategy aimed at developing new products to cater to the demands of the unmet needs of patients. This activity will help the company to capture a high revenue share.
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Market Drivers
Increasing incidences of cancer cases are expected to fuel demand growth for the global companion diagnostics product. Increasing government efforts to improve companion diagnostics and treatments used in cancer patients' care is also projected to stimulate development in the worldwide market for companion diagnostics. Moreover, the escalating need for personalized medication, technological advancements, and extensive R&D activities are further projected to bolster the market growth.
Regional Outlook
The North American market is expected to register a CAGR of 18% through the projected timeframe. The rising prevalence of chronic diseases and a rising geriatric population vulnerable to these diseases are driving the regional development. Moreover, high disposable income and availability for companion diagnostic testing will make the pattern of the regional industry significantly positive. Asia Pacific is expected to increase at a CAGR of 19.7% in the estimated timeframe. The growing population of patients is raising the demand for extensive medical research, thereby driving the market growth.
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Further key findings from the report suggest
Based on technology, genetic sequencing generated a revenue of USD 0.47 billion in 2019. It projected to rise with a CAGR of 17.6% in the forecast period due to the highly technological sequencing methods that allow the detection of mutations, fusions, alterations in copy numbers, tumor mutation burden, microsatellite instability, etc.
The skin cancer disease indication expected to grow with a CAGR of 18.1% in the forecasted period attributable to the increasing skin cancer incidence due to medication side effects and prolonged sensitivity to toxic sun rays are helping doctors to manage patients with skin cancer.
The hospital application is the major contributor to the Companion Diagnostics Market. The hospital application of the North America region is the major shareholder of the market and held around 59.5% of the market in the year 2019, due to the availability of established hospital infrastructure, and qualified professionals increase the inclination of patients towards hospitals coupled with the growing patient pool due to a high incidence of chronic diseases would be helpful for the growth of the market.
North America dominated the market for Companion Diagnostics in 2019. The region's consistent focus on cost-effective and innovative procedures that are adopted in the area is driving the market. The North America region held approximately 38.3% of the market, followed by the Asia Pacific, which contains around 28.6% market in the year 2019.
Key participants include Agilent Technologies, Foundation Medicine, Myriad Genetic Laboratories, Thermo Fisher Scientific, Johnson & Johnson, Arup Laboratories, Abbott, MolecularMD, BioMérieux, and Illumina, among others.
For the purpose of this report, Emergen Research has segmented into the global Companion Diagnostics Market based on the technology, disease indication, application, and region:
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Technology Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
Immunohistochemistry
In Situ Hybridization
Polymerase Chain Reaction
Genetic Sequencing
Disease Indication Outlook (Volume, Kilotons; 2017-2027, Revenue, USD Billion; 2017-2027)
Breast Cancer
Lung Cancer
Colorectal Cancer
Skin Cancer
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
Hospitals
Diagnostic Laboratories
Report Objectives
Examine the size of the global Companion Diagnostics market based on the parameters of value and volume.
Accurately calculate the market shares, consumption, and other essential aspects of different segments of the global Companion Diagnostics market.
Explore the underlying dynamics of the global Companion Diagnostics market.
Highlight significant trends of the global Companion Diagnostics market based on factors including, production, revenue, and sales.
Extensively profile top players of the global Companion Diagnostics market and showing how they compete in the industry.
Study manufacturing processes and the costs, product pricing, and various trends associated with them.
Analyze the performance of different regions and countries in the global Companion Diagnostics market.
Forecast the market size and share of all segments and regions in the global landscape.
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Table of Content
Chapter 1. Market Synopsis
1.1. Companion Diagnostics Market Definition
1.2. Companion Diagnostics Market Research Scope & Premise
1.3. Companion Diagnostics Market Methodology
1.4. Companion Diagnostics Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Companion Diagnostics Market Segmentation & Impact Analysis
4.1. Companion Diagnostics Market Product Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
Chapter 5. Companion Diagnostics Market By Method Insights & Trends
Chapter 6. Companion Diagnostics Market By End-Use Insights & Trends
Chapter 7. Companion Diagnostics Market By Application Insights & Trends
Chapter 8. Companion Diagnostics Market Regional Outlook
Chapter 9. Companion Diagnostics Market Competitive Landscape
Chapter 10. Company Profiles
Continue…