Global Companion Diagnostics Market – Industry Analysis and Forecast (2019-2027)
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Global Companion Diagnostics Market was valued US$ 3.19 Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of XX % during a forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
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A diagnostic is a process of determining disease, condition, and illness, which clarifies a person symptoms & signs that is useful for an individual's treatment. Companion diagnostic is a medical device that provides important information required for the safety & effective use of a biological product. Companion diagnostics are majorly used in the oncology area due to the growing incidence of cancer and their focus on cancer research. The important driving factors of the global companion diagnostics market are the rising demand for targeted therapy and the increasing prevalence of cancer. Rising awareness of personalized medicines, cases of adverse drug reactions, and co-development of drug & diagnostic technology is also boosting the growth market. Increasing demand for next-generation sequencing and emerging applications of companion diagnostics in oncology indication provides key opportunities for companion diagnostics market. However, high cost involved in the development of therapeutics & diagnostic tests, and issues related to intellectual property rights is limiting the market growth. The assay kits & reagents segment accounted for the largest share in the market, owing to its wide range of applications in platforms such as PCR, NGS, IHC, and ISH. Polymerase chain reaction (PCR) is a method widely used in molecular biology to make many copies of a specific DNA segment and is occupied the largest share during the forecast period. Next-generation sequencing (NGS) is the technology that is used to arrange millions of small fragments of DNA in a line at the same time NGS are capable of processing multiple DNA sequences in parallel. NGS is expected to grow at a high CAGR during the forecast period owing to the availability of next-generation sequencing at low cost, technological advancements and high prevalence of cancer cases. The supportive government initiatives to promote precision medicine research, along with the strategic alliances between key market players for companion diagnostics test development is expected to hold the largest share in North America followed by Europe throughout the forecast period. Increasing technological advancements aimed at developing companion diagnostic tests for new indications such as neurology, infectious diseases are also expected to hold the largest share in this region. Europe is rising demand for efficiency in healthcare & strengthening healthcare system and Germany is the largest market in Europe due to the presence of major market players and growing demand for technological advancement in these regions. However, Middle East & Africa are estimated to have a limited but stable growth owing to low healthcare expenditure and demand for primary healthcare services in this region.
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