BANGALORE, India | 6th August 2020: The Companion Diagnostics market size is expected to develop significantly due to a rise in R & D of targeted therapies, a rise in demand for personalized medicine, increased awareness in emerging economies, and new biomarkers for different conditions and increase in the number of unmet cancer care needs.
The global companion diagnostics market size was USD 1,678 Million in 2018 and is projected to reach USD 6,452 Million by 2026, growing at a CAGR of 18.3% from 2019 to 2026.
The companion diagnostics market report provides an in-depth analysis of the companion diagnostics market size and the current trends and future estimations to elucidate the imminent investment pockets.
TRENDS INFLUENCING THE COMPANION DIAGNOSTICS MARKET SIZE
Cancer research has identified major variations in gene sequence and patterns of expression that can serve as the basis for targeted therapy. Also, several biomarkers have been reported for different cancers which have been developed for companion diagnostics. Companion diagnostics are commonly used in different types of cancer, such as lung cancer, colorectal cancer, cancer of the blood, and breast cancer. The adoption of Companion Diagnostics in cancer identification is expected to increase the Companion Diagnostics market size during the forecast period.
The growing need for targeted therapy is expected to increase the companion diagnostics market size. With developments in genetic sequencing and genomics, medicines are now commonly believed to work differently in different individuals. Pharmaceutical and biopharmaceutical companies are actively striving to incorporate testing mechanisms for patient-selection in the early stages of drug development to provide the best candidate with tailored therapies. This supports the growth of the companion diagnostics industry.
Awareness among physicians and patients regarding drug toxicity is expected to fuel the Companion diagnostic market size. However, in developing countries, it is not as much in practice as in developed countries due to less awareness. Still, developing countries with large populations such as India and China have enormous potential to pool market share.
Companion diagnostic technology expertise is key to conducting tests effectively. Since there is a shortage of qualified professionals, it can potentially affect market growth.
COMPANION DIAGNOSTICS MARKET SHARE ANALYSIS
In 2019, pharmaceutical & biopharmaceutical firms were projected to account for the largest companion diagnostics market share. This growth can be attributed to the rising popularity in drug production and the increasing importance of companion diagnostic biomarkers.
Based on the region, North America is expected to hold the largest companion diagnostics market share during the forecast period. This dominance can be attributed to the high prevalence rate of cancer and other chronic diseases, as well as increasing regional healthcare expenses. Besides, it is also expected that the increasing number of healthcare organizations working on developed genomic databases to understand the human genome and that research activities in this area using companion diagnostic kits would also drive market development.
It is anticipated that the involvement of a large number of companies and increasing research and development activities to develop targeted drug therapy for a cancer patient would fuel Europe companion diagnostics market growth.
Asia-Pacific is expected to witness the highest growth rate during the forecast period. This is due to a high population base, increased awareness of companion diagnostics, health infrastructure growth, and increased demand for advanced therapy. However, higher costs to establish companion diagnostics can hamper the growth of the Asia-Pacific companion diagnostics market.
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COMPANION DIAGNOSTICS KEY MARKET SEGMENTS:
By Technology Type
- Polymerase Chain Reaction (PCR)
- Next Generation Sequencing (NGS)
- In Situ Hybridization
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA
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