Companion Diagnostics Market Future Trends

Posted January 7, 2021 by jivankumar

The growth in the market is attributed to the rising of chronic diseases, growing demand for personalized medicine and growing

Companion Diagnostics Market By Product and Services (Assay Kits and Reagents, Software & Services), Technology (Polymerase Chain Reaction, Molecular Diagnostics, FISH, CISH, Immunohistochemistry, Real-time PCR, Next-Generation Sequencing, Gene Sequencing, In Situ Hybridization), Application (Colorectal Cancer, Breast Cancer, Lung Cancer, Melanoma, Urology, Gastric Cancer), Indication (Oncology {Breast Cancer, Lung Cancer, Colorectal Cancer, Gastric Cancer, Melanoma} Neurology, Infectious Diseases), End Users (Pharmaceutical and Biopharmaceutical Companies, Reference Laboratories), Geography (North America, Europe, Asia-Pacific, Europe, South America, Middle East and Africa)– Industry Trends and Forecast to 2026 - Industry Trends and Forecast to 2026

Market Analysis: Global Companion Diagnostics Market

The global companion diagnostics market is growing at a healthy CAGR of 22.50% during the forecast period of 2019 to 2026. The report contains data of the base year 2018 and historic year 2017. The growth in the market is attributed to the rising of chronic diseases, growing demand for personalized medicine and growing adoption of companion diagnostics.

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Market Definition: Global Companion Diagnostics Market
A companion diagnostic is a medical device, used as in- vitro device, which gives information about safety and effectiveness of drug. This is a kind of test which can help a healthcare professional to determine the beneficial effect of therapeutic products, and in analyzing the serious side effects and risks. Increasing number of genetic testing is enhancing the market growth.

Market Drivers
• Increasing number of genetic testing is enhancing the market growth
• Improvements in regulatory guidelines drive the market growth
• Growing need for targeted therapies is flourishing the market growth
• Rising cancer incidence worldwide acts as a catalyst for the market growth

Market Restraints
• Increase in cost related to technological advancement is hampering the market growth
• Reimbursement issues among many countries is restraining the market

Segmentation: Companion Diagnostics Market
By Product and Services
• Assay Kits
• Reagents
• Software & Services
By Technology
• Polymerase Chain Reaction
• Molecular Diagnostics
• Immunohistochemistry
• In-situ Hybridization
• Real-time PCR
• Gene Sequencing
• Next-Generation Sequencing
By Application
• Colorectal Cancer
• Breast Cancer
• Lung Cancer
• Melanoma
• Urology
• Gastric Cancer
By Indication
• Oncology
 Breast Cancer
 Lung Cancer
 Colorectal Cancer
 Gastric Cancer
 Melanoma
• Neurology
• Infectious Diseases
By End Users
• Pharmaceutical
• Biopharmaceutical Companies
• Reference Laboratories
• Distribution Channel
By Geography
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o Italy
o U.K.
o France
o Spain
o Netherlands
o Belgium
o Switzerland
o Turkey
o Russia
o Rest of Europe
• Asia-Pacific
o Japan
o China
o India
o South Korea
o Australia
o Singapore
o Malaysia
o Thailand
o Indonesia
o Philippines
o Rest of Asia-Pacific
• South America
o Brazil
o Rest of South America
• Middle East and Africa
o South Africa
o Rest of Middle East & Africa

Key Developments in the Market:
• In May 2019, QIAGEN received approval on Piqray and fulvestrant combination, which helped to diagnose cancer in the patient. After this approval, Lab corp collaborated with QIAGEN, and broadened QIAGEN market share.
• In June 2019, Agilent Technologies Inc. received the allowance of FDA on PD-L1 IHC 22C3 pharmDx. This allowance will aid to HNSCC patients for therapy with KEYTRUDA. This approval will expand its use and connect to more patients which will increase company’s revenue.

Competitive Analysis:
Global companion diagnostics market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of companion diagnostics market for global Europe, North America, Asia-Pacific, South America and Middle East & Africa.

Key Market Competitors:
Some of the major players operating in global companion diagnostics market are F. Hoffmann-La Roche Ltd., Qiagen, Abbott, Almac Group, Agilent Technologies, Inc., Clinical Lab Products, Myriad Genetics, Inc., Leica Biosystems Nussloch GmbH, Resonance Health, ARUP Laboratories, Life Technologies Tm, Sysmex Corporation, Thermo Fisher Scientific Inc., Illumina, Inc., Hologic, Inc., Abnova Corporation, bioMérieux SA, Siemens Healthcare Private Limited among others.

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Reasons for Buying this Report

This report provides pin-point analysis for changing competitive dynamics
It provides a forward looking perspective on different factors driving or restraining market growth
It provides a six-year forecast assessed on the basis of how the market is predicted to grow
It helps in understanding the key product segments and their future
It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments

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Last Updated January 7, 2021