The growing incidences of cancer cases are likely to surge the demand for companion diagnostic cancer biomarkers that can generate significant revenue in the coming period. The rising need for targeted therapy is recognized as another salient cause that may strengthen the industry. In addition, the growing number of clinical trials is anticipated to present various growth opportunities, which is expected to develop trade during the assessment period.
As per the assessment performed by Market Research Future (MRFR), the global companion diagnostics market is anticipated to acquire a market value of USD 8,081.50 million while expanding at a CAGR of 20.29% by 2027. The increasing demand for personalized medicine is anticipated to be a significant factor that is expected to develop companion diagnostic technologies and augment the market during the review period.
On the other hand, the narrow labelling of companion diagnostics is expected to hinder the market growth in the coming period. However, the growing initiatives taken by the government of various countries to develop the technique can counter the impeding cause, which can boost the oncology companion diagnostic market sales revenue.
Some of the eminent players of the global companion diagnostics market are Thermo Fisher Scientific Inc. (US), F. Hoffmann-La Roche Ltd (Switzerland), Agilent Technologies, Inc. (the US), bioMérieux SA (France), QIAGEN (Germany), Abbott (US), Leica Biosystems Nussloch GmbH (Germany), Myriad Genetics, Inc. (the US), Illumina, Inc. (the US), ArcherDX, Inc. (the US), and NG Biotech (France).
Segmentation:
The global companion diagnostics market, as per the study conducted by MRFR experts, had been segmented in the report based on products & services, technology, indication, and end users.
- By products & services, the global market for companion diagnostics has been segmented into kits, & reagents, assays, and software & services.
- By technology, the global report on the companion diagnostics market has been segmented into next-generation sequencing (NGS), polymerase chain reaction (PCR), immunohistochemistry, in-situ hybridization, and other technologies.
- By indication, the global study conducted on the companion diagnostics market includes neurological diseases, cancer, cardiovascular diseases, infectious diseases, and others.
- By end-user, the companion diagnostics market comprises contract research organizations, laboratories, pharmaceutical & biopharmaceutical companies, and others.
Regional Analysis
As per the companion diagnostics market report by MRFR, the global market has been segmented into North America, Asia-Pacific, Europe, and the Middle East & Africa.
North America is anticipated to dominate the global market during the review period owing to the growing demand for personalized medicine. The increasing prevalence of chronic illness among the expanding populace is predicted to be another salient cause that can strengthen the market during the review period. As per the America Cancer Society records, by 2020, 1.8 million Americans are likely to be infected by the disease, which is likely to benefit the market in the coming time.
Europe is projected to be the second-largest market during the review period owing to the growing acceptance of companion diagnostics. The favorable reimbursement policies for companion diagnostics tests are predicted to develop the regional market during the review period.
APAC is anticipated to be the fastest-growing region due to the increasing adoption of technologies in the healthcare sector. The growing funding in R&D and rising incidence of cancer, and the rising awareness about personalized therapeutics are other salient causes that can propel the regional market during the review period.
MEA is anticipated to acquire the least market share during the forecast period owing to the sluggish development in the region. However, Middle East countries such as; the UAE & Kuwait are likely to favor market growth in the coming period.
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