According to a new report published by UnivDatos Markets Insights, the Companion Diagnostics Market is expected to grow at a CAGR of around 16% from 2021-2027. The analysis has been segmented into indication (breast cancer, lung cancer, colorectal cancer, gastric cancer, and others); technology (real-time-polymerase chain reactions, gene sequencing, fluorescence in situ hybridization, and others); Region/Country.
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The companion diagnostics market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the companion diagnostic market. The companion diagnostic market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the companion diagnostic market at the global and regional levels.
Market Overview
Companion diagnostic is a diagnostic test used as a companion to a therapeutic drug to determine its applicability to a specific person. In addition, the companion diagnostic market has tremendous growth due to the increasing incidence of cancer, growing regular demand for precious medicine, chronic diseases, and new and advanced developments. For instance, according to the data published by the American Cancer Society (ACS), in January 2020, around 1.8 million new cancer cases were diagnosed and 606,520 cancer deaths in the United States.
COVID-19 Impact
The recent COVID-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the healthcare industry and has transformed the way healthcare is delivered. The COVID-19 pandemic has significantly affected the companion diagnostic market the COVID-19 pandemic led to worldwide lockdown and restrictions, leading to many diagnostic and treatment procedures had been canceled or postponed around the world.
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Based on indication, the companion diagnostic market is segmented into breast cancer, lung cancer, colorectal cancer, gastric cancer, and others. Among these, the breast cancer category is anticipated to witness a significant growth rate during the forecast period. This is mainly due to the rise in the number of cases of breast cancer among middle-aged women across the globe. Moreover, to surge the awareness of the early diagnosis of breast cancer also maintain the growth of this market. For instance, in 2020, there were 2.3 million women diagnosed with breast cancer and 685 000 deaths globally. As of the end of 2020, there were 7.8 million women alive who were diagnosed with breast cancer in the past 5 years, making it the world’s most prevalent cancer.
Based on technology, the companion diagnostic market is segmented into real-time-polymerase chain reaction (RT-PCR), gene sequencing, In situ hybridization, and others. The real-time-polymerase chain reaction (RT-PCR) category is supposed to witness a considerable growth rate during the forecast period. RT-PCR may be used to look for certain changes in a gene or chromosome, which may help in the diagnosis of a genetic condition, or a disease such as cancer including lung cancer, colorectal cancer, breast cancer, etc. Moreover, PCR kits serve as a tool that is easily available, ready to use, and have a tendency to give effective and accurate results as well as optimized for a specific condition. For instance, in January 2020, the Centers for Medicare & Medicaid Services (CMS) expanded its coverage of next-generation sequencing as a diagnostic tool for patients with germline (inherited) breast cancer.
Companion diagnostic market Geographical Segmentation Includes:
· North America (U.S., Canada, Rest of North America)
· Europe (Germany, U.K., France, Spain, Italy, Rest of Europe)
· Asia-Pacific (China, India, Japan, Rest of Asia-Pacific)
· Rest of the World
For a better understanding of the market, the report provides a detailed analysis of major regions and countries including North America (U.S., Canada, Rest of North America); Europe (Germany, U.K., France, Spain, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, Rest of Asia-Pacific) and Rest of World. In 2020, North America accounted for a significant market share. The rising growth of this market in the region is mainly due to the presence of many cancer patients, well-settled healthcare infrastructures, and the availability of a high number of hospitals & healthcare clinics in the region. Moreover, the availability of major key players and manufacturers progressively increases its capacity to meet the growing global demand for gloves. These factors also contribute to the growth of this market. For instance, according to the American Cancer Society (CMS), in 2022, around 99,780 new melanomas will be diagnosed (about 57,180 in men and 42,600 in women). About 7,650 people are expected to die of melanoma in the U.S.
The major players targeting the market include
· Labcorp Drug Development
· Agilent Technologies
· Myriad Genetic Laboratories Inc.
· Qiagen NV
· Roche Molecular Systems Inc.
· Abbott Laboratories
· Foundation Medicine Inc.
· Ventana Medical Systems Inc.
· Illumina Inc.
· Life Technologies Corporation
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the companion diagnostic market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the companion diagnostic market?
• Which factors are influencing the companion diagnostic market over the forecast period?
• What are the global challenges, threats, and risks in the companion diagnostic market?
• Which factors are propelling and restraining the companion diagnostic market?
• What are the demanding global regions of the companion diagnostic market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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