USD 4.18 billion
Report ID: SQMIG35G2061 | Region: Global | Published Date: November, 2022 | | Tables: 61 | Figures: 66
Companion Diagnostics Market was valued at USD 4.18 billion in 2021 and it is expected to reach a value of USD 15.13 billion by 2028, at a CAGR of 12.90% over the forecast period (2022-2028).
The market growth is mainly because of the increase in different variants of cancer among the people. As more number of clinical trials are taking place and as the demand for next generation sequencing is high, the growth of the companion diagnostic market will also remain high. Another factor which propels such a growth is the importance of the products of this market in developing various kinds of drugs.
US Companion Diagnostics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4.18 billion
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Moreover, research and development acitvities in the area of diagnostic testing with the rise in demand for personalised medicines and treatments is also giving rise to positive growth of the market.
This report provides in-depth analysis of Global Companion Diagnostics market. We have analyzed 20+ data points that include product price trends, consumer purchase patterns, company annual sales performance, COVID-19 impact on distribution channels, parent industry performance, regional trends, and technological innovations, for tracking the Global market size and performance in the recent years.
Companion Diagnostics Market Segmental Analysis
The Global Companion Diagnostics market is segmented based on Product and service, Technology, Indication, End use, and Region. Based on Product and service Companion Diagnostics Market is categorized into: Assay kits & Reagents, Software & Services. Based on Technology Companion Diagnostics Market is categorized into: Polymerase Chain Reaction (PCR) , In Situ Hybridization (ISH) , Next-Generation Sequencing (NGS), Immunohistochemistry (IHC) , Others (Multiplex Assay and Cellular Imaging Technologies). Based on Indication Companion Diagnostics Market is categorized into: Cardiovascular, Neurological Diseases, Breast Cancer , Lung Cancer , Colorectal Cancer , Melanoma , Gastric Cancer , Infectious Diseases , Others . Based on End use Companion Diagnostics Market is categorized into: Pharmaceutical & Biopharmaceutical Companies, Reference Laboratories, CROs, Others . Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
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The market was negatively impacted due to Covid-19 in the first quarter of 2020. Tier 1 and Tier 2 companies in the market have their supply chains across the globe and were affected due to the lockdowns. Suppliers have their manufacturing facilities spread across various countries across Asia Pacific, Europe, North America, South America, and RoW. The lockdown and restrictions related to social distancing implemented in these COVID-19 countries had negatively affected the supply chain of these products..
In terms of the regional dynamics, the region of North America emerged to be the dominant one, this was because USA remained the major contributor to the market. This cane be attributed to the fact that USA is currently witnessing a rising cases of cancer among its population. Given the rise of cancer patients, growing research funding and investments, awareness among people regarding personalised therapies etc shows that Asia pacific will grow positively from 2020-2027.
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The market is characterized by the presence of a few well-established players. New product launches, partnerships and investing in research & development have been a key business strategy. Some of their recent developments are as follows:
Companion Diagnostics Market Top Player’s Company Profiles
Along with the parent market, the allied markets relating to technology, end use and indication are also identified On the basis of that, Skin cancer segment reckoned a highest market share of 13% in 2018. Skin cancer incidences among people are mainly increasing because of the frquent use of harmful and chemically ridden cosmetics. It is also estimated that lung cancer and genetic sequencing as a technology will grow till 2025 and beyond.
The study provides an analysis of the Global Companion Diagnostics Market in the emerging and established markets across the globe, including North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasts have been done on the basis of value.
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|Market size value in 2021||USD 4.18 billion|
|Market size value in 2028||USD 15.13 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Companion Diagnostics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Companion Diagnostics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Companion Diagnostics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Companion Diagnostics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
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