Companion Diagnostics Market by Technology Type (Immunohistochemistry, Polymerase Chain Reaction (PCR), Next Generation Sequencing (NGS), In Situ Hybridization and Others), by Indication (Oncology, Neurology and Others)- Global Opportunity Analysis and Industry Forecast, 2020 – 2030
Industry: Healthcare | Publish Date: 29-Nov-2024 | No of Pages: 300 | No. of Tables: 163 | No. of Figures: 133 | Format: PDF | Report Code : HC333
Market Definition
The global Companion Diagnostics Market size was valued at USD 1.96 billion in 2019 and is predicted to reach USD 9.02 billion by 2030, with a CAGR of 14.8% from 2020-2030.
Companion Diagnostic (CDx) is a clinical test co-developed with a therapeutic drug for screening the responders and non-responders to that particular drug. It is done in order to identify a patient group that can or cannot be treated with that corresponding drug. CDx helps practitioners to determine the benefits, side effects, and risks associated with the intake of therapeutic drugs, thereby ensuring patient’s safety.
The increasing preferences for targeted therapies, growing applications of personalized medicines, higher prevalence of chronic diseases, and increasing incidences of allergies in patients due to side effects of medicines; give rise to development of customized CDx, thereby propagating the global companion diagnostics market growth.
Additionally, the benefits offered by CDx test such as cost-effectiveness, high sensitivity, fast and accurate results in less time frames; further escalate the growth of companion diagnostics market.
Market Dynamics and Trends
According to data provided by World Health Organization in 2018; 1 in 6 deaths are caused due to cancer every year. At the global level, an estimated 6.8 million people die every year suffering from neurological disorders. CDx holds wide application for indication, in chronic disorders such as oncology, neurology, and others. This scenario further supplements the growth of the global companion diagnostics market.
However, costly R&D procedures to develop new CDx, and unfavorable reimbursement policies, restrict the growth of global companion diagnostics industry.
Moreover, upsurge in R&D activities, and an increasing number of approvals granted by the U.S Food Drug Administration (FDA), are expected to propagate the growth of global companion diagnostics market in coming future.
Market Segmentations and Scope of the Study
The global companion diagnostics market share has been analyzed based on technology, type, indication, and geography.
Based on technology, the market is segmented into Immunohistochemistry, Polymerase Chain Reaction (PCR), Next Generation Sequencing (NGS), In Situ Hybridization, and others. Based on indication, the market is divided into Oncology, Neurology, and others. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
North America is expected to dominate the global companion diagnostics market, throughout the forecast period, accounting for the highest market share. This is attributed to well-established healthcare infrastructures and medical laboratories, increased investments in R&D activities to develop advanced precision medicine, as well as growing preferences towards personalized medicinal therapies in this region.
Asia Pacific region is expected to grow substantially in the global companion diagnostics market, with the highest CAGR values, owing to improving healthcare facilities, increased geriatric population prone to cancer & neurological disorders, as well as increasing medical tourism in this region.
Competitive Landscape
The companion diagnostics industry is highly competitive and consists of various market players. Some of the major market players include Abbott Laboratories Molecular, Inc., ARUP Laboratories, Inc., Agilent (Dako Denmark A/S), Danaher Corporation (Leica Microsystems), BioMerieux SA, Foundation Medicine, Inc., Qiagen N.V., Myriad Genetics, Inc., Thermo Fisher Scientific (Life Technologies Corporation), and Roche (Ventana Medical Systems, Inc.) among others.
The key players are employing strategies such as joint ventures for co-developing new products, and acquisitions, in-order to gain stronger position in the companion diagnostics market.
For instance, in March 2020, Thermo Fisher Scientific, one of the major players of companion diagnostics market, announced the signing of an agreement with Janssen Biotech Inc., a subsidiary of Johnson & Johnson, to co-develop a CDx for cancer. Thermo Fisher's Oncomine Dx Target Test contains 46 cancer-related biomarkers for detection of both DNA and RNA variants. Its workflow features fast turnaround time and lowest sample requirements as compared to conventional oncology tests.
In June 2020, Thermo Fisher Scientific, announced that it has extended its strategic partnership with Agios Pharmaceuticals, by signing an extended agreement to co-develop a global CDx for Low-Grade Glioma (LGG) in oncology. This CDx test includes the identification of IDH gene mutations using the Ion Torrent Genexus System and Oncomine Precision Assay test, for LGG patients.
Key Benefits
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The companion diagnostics market report provides the quantitative analysis of the current market and estimations through 2020-2030 that assists in identifying the prevailing market opportunities to capitalize on.
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The study comprises a deep dive analysis of the companion diagnostics market trend including the current and future trends for depicting the prevalent investment pockets in the market.
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The report provides detailed information related to key drivers, restraints, opportunities, and their impact on the companion diagnostics market is provided in the report.
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The report incorporates competitive analysis of the market players along with their market share in the global companion diagnostics market.
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The SWOT analysis and Porters Five Forces model is elaborated in the study companion diagnostics market.
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Value chain analysis in the companion diagnostics market study provides a clear picture of the stakeholders’ roles.
Companion Diagnostics Market Key Segments
By Technology Type
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Immunohistochemistry
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Polymerase Chain Reaction (PCR)
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Next Generation Sequencing (NGS)
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In Situ Hybridization
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Others
By Indication
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Oncology
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Neurology
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Others
By Geography
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North America
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U.S.
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Canada
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Mexico
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Europe
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UK
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Germany
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France
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Italy
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Rest of Europe
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Asia-Pacific
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China
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India
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Japan
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Australia
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Rest of Asia-Pacific
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RoW
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UAE
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Saudi Arabia
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South Africa
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Brazil
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Remaining countries
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Key Players:
- Abbott Laboratories Molecular, Inc.
- ARUP Laboratories, Inc.
- Agilent (Dako Denmark A/S)
- Danaher Corporation (Leica Microsystems)
- BioMerieux SA
- Foundation Medicine, Inc.
- Qiagen N.V.
- Myriad Genetics, Inc.
- Thermo Fisher Scientific (Life Technologies Corporation)
- Roche (Ventana Medical Systems, Inc.)
Report Scope and Segmentation
|
Parameters |
Details |
|
Analysis Period |
2019–2030 |
|
Base Year Considered |
2020 |
|
Forecast Period |
2020–2030 |
|
Market Size Estimation |
Billion (USD) |
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Market Segmentation |
By Technology (Immunohistochemistry, Polymerase Chain Reaction (Pcr), Next Generation Sequencing (Ngs), In Situ Hybridization, Other Technology) By Indication (Oncology, Neurology, Other Indication) |
|
Geographical Segmentation |
North America (U.S., Canada, Mexico) Europe (UK, Germany, France, Rest of Europe), Asia-Pacific (China, Japan, Australia, Rest of APAC), Rest of the World (Brazil, South Africa, Remaining Countries) |
|
Companies Profiled |
Abbott Laboratories Molecular, Inc., ARUP Laboratories, Inc., Agilent (Dako Denmark A/S), Danaher Corporation (Leica Microsystems), BioMerieux SA, Foundation Medicine, Inc., Qiagen N.V., Myriad Genetics, Inc., Thermo Fisher Scientific (Life Technologies Corporation), and Roche (Ventana Medical Systems, Inc.) |
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