USD 4.18 billion
Global Companion Diagnostics Market Size, Share, Growth Analysis, By Product and service(Assay kits & Reagents, Software & Services), By Technology(Polymerase Chain Reaction (PCR), In Situ Hybridization (ISH)) - Industry Forecast 2023-2030
Report ID: SQMIG35G2061 | Region: Global | Published Date: November, 2022 | | Tables: 61 | Figures: 66
Global Companion Diagnostics Market Insights
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.
Market snapshot - 2022-2028
Global Market Size
Growth Rate
12.90% CAGR
Companion Diagnostics Market, By Type/Application, 2020 (%)
Companion Diagnostics Market, By Geography, 2021 - 2027
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Global Companion Diagnostics Market Segmental Analysis
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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Global Companion Diagnostics Market Regional Insights
Global Companion Diagnostics Market: Impact of COVID 19
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..
Key Trends in Global Companion Diagnostics Market
- The growing trend among consumers towards targeted therapy and personalised medicine has the potentially led to significant growth of the market. There have been attempts among the players of pharmaceutical and biopharmaceutical companies to provide selection of patients for diagnosis at the initial stage of drug development this is done so that targeted therapies can be given to the right candidate. This is one trend that will boost the market growth.
- The growing demand for next generation sequencing is also propelling growth in the market. Next-generation sequencing detects multiple biomarkers for multiple drug therapies in a shorter time frame. The use of NGS panels in one test has the potential to help in the treatment of many different types of cancers.
- Finally, with increase in R&D activies and diagnostic centers with latest equipments with private and public organizations also are driving the growth of the market. Apart from the spending and investments in health care is also increasing, which in turn fuels growth. The companion diagnostic provides better treatment options to patients with life threatening diseases and therefore is in high demand.
Global Companion Diagnostics Market: Regional Dynamics
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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Global Companion Diagnostics Market Dynamics
Global Companion Diagnostics Market: Competitive Landscape
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:
- In June 2020, Thermo Fisher Scientific Inc. and Agios Pharmaceuticals strategic partnership was made to codevelop a second companion diagnostics platform for oncology.
- In January 2020, QIAGEN N.V. and Amgen collaborated with the aim to develop tissue-based companion diagnostics for the identification of patients with cancers that have the KRAS G12C mutation.
- In April 2019, Myriad Genetics, Inc. (US) and AstraZeneca plc (UK) and Merck Group (Germany) entered into a partnership, to identify unmet medical needs in men related to metastatic castration-resistant prostate cancer and expand the company's patient access in the market.
Companion Diagnostics Market Top Player’s Company Profiles
- F. Hoffmann-La Roche AG
- Agilent Technologies, Inc.
- Abbott Laboratories, Inc.
- QIAGEN N.V.
- Danaher Corporation
- Almac Group
- Thermo Fisher Scientific Inc.
- BioMérieux SA
- Myriad Genetics, Inc.
Adjacent Companion Diagnostics Market Analysis
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.
Scope of the Companion Diagnostics Market
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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Global Companion Diagnostics Market Competitive Landscape
Key Questions addressed in Companion Diagnostics Market
- Which are the high-growth market segments in terms of different segment names?
- What is the historical market size for the Global Companion Diagnostics Market?
- What are the market forecasts and estimates for the period 2020-2027?
- What are the major drivers, restraints, opportunities, and challenges in the Global Companion Diagnostics Market?
- Who are the major players in the market, and what share of the market do they hold?
- Who are the major players in various countries, and what share of the market do they hold?
- How is the competitive landscape for the Global Companion Diagnostics Market?
- What are the recent developments in the Global Companion Diagnostics Market?
- What are the different strategies adopted by the major players in the market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the Global Companion Diagnostics Market, and how do they compete with the other players?
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 4.18 billion |
| Market size value in 2028 | USD 15.13 billion |
| Growth Rate | 12.90% |
| Base year | 2021 |
| Forecast period | 2022-2028 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Companion Diagnostics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Companion Diagnostics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
Customization Options
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.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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