Companion Diagnostics Market Size Worth USD 15.91 billion by 2029 | Report by Fortune Business Insight
According to Fortune Business Insights, Companion Diagnostics Market size was valued at USD 6.80 billion in 2021. The market is projected to grow from USD 7.67 billion in 2022 to USD 15.91 billion by 2029, exhibiting a CAGR of 11.0% during the forecast period.
Pune, India, Jan. 10, 2023 (GLOBE NEWSWIRE) — The global companion diagnostics market size was valued at USD 6.80 billion in 2021. The market is projected to grow from USD 7.67 billion in 2022 to USD 15.91 billion by 2029, exhibiting a CAGR of 11.0% during the forecast period.
This information is provided by Fortune Business Insights, in its report titled, “Companion Diagnostics Market, 2022-2029.”
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Companion Diagnostics Market Report Scope & Segmentation :
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 11.0% |
| 2029 Value Projection | USD 15.91 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 6.80 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 135 |
Driving Factors
Rising Cancer Incidence to Accelerate Market Growth
The number of cancer patients has significantly increased in recent years. The prevalence of cancer cases is rising, which increases the need for effective CDx assays. Genomic testing provides clinicians with precise information on the treatment protocols and presents a complete picture of patients’ tumors. Sales of CDx products are thus rising as cancer incidence rises.
To accommodate the increased demand, additional tests are also being developed to identify certain kinds of mutations. This factor has raised the demand for these tests on a global level and will continue to fuel the companion diagnostics market growth in the near future.
COVID-19 Impact
Drop in Number of Tests Carried Out during COVID-19 Owing to Decrease in Diagnosis of Cancer
Since the outbreak of COVID-19, companion diagnostics have become less necessary. Major market participants also suffered a sizable loss in revenue as a result of the COVID-19 pandemic and other problems such as decline in testing volume. The market’s revenue growth in 2020 was lower than in 2019, declining to 1.5% from 8.5%.
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Segments
Polymerase Chain Reaction Segment to Dominate Backed by Launch of New Products
Based on technology, the polymerase chain reaction dominated the market in 2021, owing to the introduction of new products in the market by the key players.
Increasing Prevalence of Cancer and the Emphasis of Key Players on Innovative Technology Development Led to the Dominance of the Segment
In terms of indication, the cancer segment is anticipated to exhibit a dominant companion diagnostics market share due to the increasing prevalence of cancer & key players’ focus on innovative technology to develop advance tests for cancer drugs.
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Collaborations with Manufacturers Leading to the Significant Share of the Pharmaceutical & Biopharmaceutical Companies Segment
The pharmaceutical & biopharmaceutical companies generated the highest revenue in the market in 2021. Collaborations with companion diagnostics manufacturers led to the dominance of this segment.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report presents a holistic study of the market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report.
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Regional Insights
North America to Lead Backed by Higher Occurrence of Cancer Patients
In 2021, North America produced USD 2.35 billion in revenue. The dominance of the region is linked to its higher incidence of cancer and other chronic diseases as well as to its expanding use of sophisticated CDx assays.
Europe is projected to rank as the second-most significant region in terms of revenue in the global market in 2021. The expansion of cooperation between local pharmaceutical firms and companion diagnostics producers is credited with the region’s success.
During the forecast period, Asia Pacific is anticipated to develop at the greatest CAGR. This element is related to the increased incidence of cancers, the expansion of the healthcare industry, and the rise in the number of businesses producing medical devices for diagnostic purposes.
Competitive Landscape
Collaborations amongst Businesses to Protect their Brand Values in the Global Market
Market leaders regularly choose efficient tactics to advertise their goods and fortify their positions in the industry. One such tactic is to collaborate with other businesses to launch new products in order to reach more end-users.
Key Industry Development
June 2022: In partnership with OmniSeq Corporation, Laboratory Corporation of America Holdings introduced OmniSeq INSIGHTsm, a complete genomic and immunological profiling tissue-based test utilizing Next-Generation Sequencing (NGS) technology. The test is intended to enhance patient outcomes and develop precision oncology.
List of Key Players Covered in the Report
- Abbott (U.S.)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Agilent Technologies, Inc. (U.S.)
- Illumina, Inc. (U.S.)
- Guardant Health (U.S.)
- Thermo Fisher Scientific Inc. (U.S.)
- BIOMERIEUX (France)
- QIAGEN (Germany)
- Myriad Genetics, Inc. (U.S.)
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Table Of Contents :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Incidence of Cancer, Key Countries, 2021
- Technological Advancements of Companion Diagnostics
- New Product Launches, By Key Players
- Key Industry Developments – Mergers & Acquisition
- Impact of COVID-19 on the Market
- Global Companion Diagnostics Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Technology
- Polymerase Chain Reaction
- Immunohistochemistry
- In-situ Hybridization
- Next Generation Gene Sequencing
- Others
- Market Analysis, Insights and Forecast – By Indication
- Cancer
- Neurological Diseases
- Infectious Diseases
- Others
- Market Analysis, Insights and Forecast – By End user
- Pharmaceutical & Biopharmaceutical Companies
- Reference Laboratories
- Contract Research Organization
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
- Market Analysis, Insights and Forecast – By Technology
- North America Companion Diagnostics Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Technology
- Polymerase Chain Reaction
- Immunohistochemistry
- In-situ Hybridization
- Next Generation Gene Sequencing
- Others
- Market Analysis, Insights and Forecast – By Indication
- Cancer
- Neurological Diseases
- Infectious Diseases
- Others
- Market Analysis, Insights and Forecast – By End user
- Pharmaceutical & Biopharmaceutical Companies
- Reference Laboratories
- Contract Research Organization
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Market Analysis, Insights and Forecast – By Technology
- Europe Companion Diagnostics Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Technology
- Polymerase Chain Reaction
- Immunohistochemistry
- In-situ Hybridization
- Next Generation Gene Sequencing
- Others
- Market Analysis, Insights and Forecast – By Indication
- Cancer
- Neurological Diseases
- Infectious Diseases
- Others
- Market Analysis, Insights and Forecast – By End user
- Pharmaceutical & Biopharmaceutical Companies
- Reference Laboratories
- Contract Research Organization
- Market Analysis, Insights and Forecast – By Country/ Sub-region
- Germany
- U.K
- France
- Italy
- Spain
- Scandinavia
- Rest of Europe
- Market Analysis, Insights and Forecast – By Technology
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