Global Companion Diagnostics Market – Overview
Acknowledging the huge prominence, the market is garnering currently; Market Research Future (MRFR) in its recently published study report asserts that the Companion Diagnostics Market Size was estimated to be worth USD 2.6 billion in 2022 and is anticipated to increase from USD 2.90 billion in 2023 to USD 5.71 billion by 2030, registering a compound annual growth rate (CAGR) of 11.90% over the course of the forecast period (2023 - 2030).
The burgeoning healthcare sector is a key factor propelling market growth.
Companion Diagnostic refers to as therapeutic devices that are used to diagnosis the response of treatment in the patients as well as in vitro gadgets. These devices provide essential information that is required for the effective and safe use of corresponding medicine or biological product. The outcome as in the diagnostic report helps a health care professional to determine if the benefits of a particular therapeutic product will compensate with some potentially serious side effects or risks.
Similarly, companion diagnostics is also used in the drug development process by determining companion biomarker that helps predict potential response of toxicity. During the past few years, with the advancements in biotechnology, companion diagnostics have evolved dramatically. Additionally, the growing prevalence of chronic diseases such as cancer and HIV has helped companion diagnostics to garner huge prominence. This, as a result, has escalated the companion diagnostics market on the global platform.
Besides, other factors such as the growing population, urbanization coupled with the adoption of heady, inappropriate lifestyle foster the market growth contributing to the incidences of chronic diseases. Moreover, continuous advancement in medical technology in both - for the diagnosis and the treatment of patients propel the market growth. Also, the spreading awareness among physicians and patients about the drug toxicity is providing impetus to the market growth.
On the other hand, skepticism of physicians towards the advancement efficacies of these devices is likely to restrict the market growth. In developing countries due to less awareness, companion diagnostics are not as much in practice as in developed countries, but the developing countries with huge population like India China have a vast potential to pull in the market share.
Whereas in developed countries, lack of skilled professionals and lack of awareness is hampering the growth of companion diagnostics market. Besides, logistic issues raised so as to develop companion diagnostics and drug together are posing challenges to the market growth.
Global Companion Diagnostics Market – Segmentations
The MRFR analysis is segmented into four key dynamics for the convenience of understanding.
By Types : Comprises Monitoring Tests, and Theragnostic Tests among others.
By End Users : Hospital, Research Laboratories, and Medical Institutes among others.
By Applications : Cardiovascular, Cancer Diseases, and Central Nervous Systems among others.
By Regions : North America, Europe, APAC and the Rest-of-the-World.
The Companion Diagnostics Market data has been segmented, based on technology, by polymerase chain reaction (PCR), next-generation sequencing (NGS), in situ hybridization (ISH), immunohistochemistry (IHC), and others.
Global Companion Diagnostics Market – Geographical Analysis
North America market dominates the global companion diagnostics market with a significant market share. The market is further estimated to create a huge revenue pocket growing at a strong CAGR throughout the forecast period (2022-2030).
The European and Asia Pacific region accounts for the second and third largest market, respectively. Among the various factors driving the market growth in the developed regions such as North America and Europe include high per capita healthcare expenses, substantial funding support from the public and private sector for RD activities, and a well-proliferated healthcare sector.
Whereas the companion diagnostics market in the Asia Pacific region is driven by the vast patient pool, unmet clinical needs, and the low-cost treatment procedures. The APAC companion diagnostics market is expected to emerge as a promising market over the projected period.
Global Companion Diagnostics Market – Competitive Landscape
The companion diagnostics market appears to be fiercely competitive as well as fragmented due to the presence of many large and small-scale players accounting for a substantial market share. Market players try to gain a competitive advantage through strategic initiatives like partnership, acquisition, expansion, collaboration, and product technology launch. They invest heavily in the RD to develop a technology that is completely on a different level compared to their competition.
Key Players:
Fervent leading companion diagnostics market players include Agilent Technologies (U.S.), Abbott (U.S.), ARUP Laboratories (U.S.), Myriad Genetics Inc. (U.S.), F. Hoffmann-La Roche AG. (Germany), Thermo Fisher Scientific Inc. (U.S.), and Qiagen N.V. (Germany).
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