Global Companion Diagnostics Market is valued at USD 5061.5 Million in 2021 and is expected to reach USD 16804.8 Million by 2028 with a CAGR of 18.7% over the forecast period.
Global Companion Diagnostics Market Size, Trends, Competitive, Historical & Forecast Analysis to 2022-2028, Increasing research and development in genetic technology, the surge in a number of cancer patients, and growing need for customized medicines are some of the major factors driving the growth of Global Companion Diagnostics Market.
Companion diagnostics are medical test procedures that map a particular patient’s illness with medicines that can be administered to the patient which will lead to faster recovery and won’t cause any safety hazards. Diagnostic tests are used to detect any illness or health condition of an individual. As per the symptoms experienced by the patient, the method of diagnosis varies according to these symptoms and methods to acquire details about the illness or the health condition. Every illness has some drugs associated with it which can be offered to the patient to rectify the adverse symptoms caused by the illness.
Many patients don’t react positively to the drugs which are reserved for these illnesses. Sometimes patients show a negative change in their deteriorating health condition even after these drugs are administered to them. In such cases, companion diagnostics play an important role. If any conventional medical treatments don’t work on a patient, the medical expert takes a call of administering other medical procedures or products to the patient. A companion diagnostic test is vital in these scenarios to avoid any further damage to the patient due to the change in a medical procedure. The main application of companion diagnostic is oncology treatment. Another important application of companion diagnostics is in-vitro-diagnostics. The first Companion test was approved by FDA in 1998.
The Covid-19 pandemic has been a boon for all medical industries including the companion diagnostics industry. As the pandemic is novel, no treatment procedures are available. While developing treatment plans in the initial days of the pandemic companion diagnostic tests were very essential to check the compatibility of medicines with patients. Therefore, the Covid-19 pandemic contributed to the immense ballooning of the global companion diagnostic market.
Some of the key players for the global Companion Diagnostics market are:
The global Companion Diagnostics market is segmented into product and services technology, indication, and region & country level. Based on product and services, the global companion diagnostic market is classified into assay and reagents, software, and services. Based on technology, the market is divided into immunohistochemistry, polymerase chain reaction (PCR), next-generation sequencing (NGS), and in situ hybridization. Based on indication, the global companion diagnostic market is classified into oncology, neurology, and others.
The regions covered in the global Companion Diagnostics market report are North America, Europe and Asia-Pacific. On the basis of country level, the market of global Companion Diagnostic market is subdivided into U.S.A, Canada, Mexico, U.K., France, Germany, Japan, China and Others.
On January 13th, 2020; Amgen announced strategic collaborations with leading diagnostic companies Guardant Health, Inc. and QIAGEN N.V. to develop blood- and tissue-based companion diagnostics (CDx), respectively, for investigational cancer treatment AMG 510. AMG 510 is the first KRASG12C inhibitor to advance to the clinic for investigation in the treatment of multiple tumor types. KRAS G12C is one of the most frequently mutated oncogenes in human cancers. The agreements with both companies will initially focus on CDx tests for non-small cell lung cancer (NSCLC) but allow for further development of the diagnostic tests for Amgen's other oncology clinical development programs.
Rising use of biomarkers is one of the major factors lead to substantial growth in the companion diagnostic market. Biological molecules can be defined as the presence of any abnormity in body fluids like blood where abnormalities cause hindrance to routine bodily functions. However, biomarkers are introduced to the body which gives an insight into the severity of infection. And, these are very significant in disease detection. For example; according to research; the success rate of trials with biomarkers is around 62%, whereas the success rate of trials without biomarkers is 11%. To administer any biomarker, companion diagnostic tests are very important. These tests give information about the compatibility of the entity used as biomarkers with the human body which is very important. According to the American Academy of Allergy Asthma and Immunology; nearly 30% of the world’s population has some sort of allergies. If the person is allergic to the administered biomarker this will cause further deteriorating of the patient’s condition. Therefore, the rising use of biomarkers contributes to the growth of the global companion diagnostic market.
Additionally, another factor contributing to the growth of the companion diagnostic market is rising number of cancer patients across the globe. According to American Chemical Society journals; approximately 19.3 million people were affected by cancer in 2020, out of which almost 10 million people passed away. A drastic rise of around 26% can be undoubtedly seen. Actual reason of many types of cancers is unknown. Cancer leads to increased multiplying of cells. This rate of growth of these cells is very unpredictable. Due to the unforeseeable nature of cancer disease, the treatment procedure is different for almost every patient. These hindrances can be ameliorated by companion diagnostic testing. This helps in curating a perfect treatment plan for cancer patients which will lead to a guaranteed betterment of the patient’s condition. And, the lung cancer improvement rate has increased drastically due to companion diagnostic testing.
However, the price of companion diagnostic testing is a compact disadvantage to the companion diagnostic market. Companion diagnostic tests are twice as expensive as normal diagnostic tests which can cause a dent to the companion diagnostic market revenue. Despite this, augmented research and development in medical industries can be lucrative opportunity for the further growth of the global companion diagnostic market.
Geographically, Asia Pacific is expected to witness the fastest growth in the global companion diagnostic market owing to the presence of a large patient pool and rising investment in this field in this region. Due to the poor standard of living in developing countries, there is a prevalence of many diseases like Malaria, Dengue, etc. For example; according to World Health Organization, around 62% of Asia’s total population suffers from Malaria every year. The diagnosis of these health conditions can be conducted by using companion diagnostic testing to improve treatment procedures. Various countries from the Asia Pacific receive a lot of local and international funding for medical research. Japan is the second-largest pharmaceutical industry in the world which shows a huge amount of research and funding present in the Asia Pacific region. Hence, the prevalence of illnesses and funding in the Asia Pacific is flourishing the companion diagnostic market growth in the Asia Pacific.
North America is expected to witness significant growth in the global companion diagnostic market which is attributed to the fact that North America has large smoking population which can further cause dangerous diseases. For instance; almost 14% of the United State is addicted to smoking. This gives rise to a higher number of lung cancer patients in the United States as smoking causes significant lung damage. Another harmful lifestyle factor present in the North American region is obesity. As junk food has become a major part of the United States due to which around 40% of United States citizens are victims of obesity. According to International Agency for Research in Cancer, obesity gives rise to numerous types of cancer. Indeed, companion diagnostic test help significantly in reducing cancer by providing a perfect treatment plan for cancer reduction, the huge presence of cancer patients in North America.
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2028|
|Market Size in 2021:||USD 5061.5 Million|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 16804.8 Million|
|Tables, Charts & Figures:||175|
|Companion Diagnostics Companies||Abbott Laboratories Molecular, Inc., Agilent (Dako Denmark A/S), ARUP Laboratories, Inc., BioMerieux SA, Danaher Corporation (Leica Microsystems), Foundation Medicine, Inc., Myriad Genetics, Inc., Qiagen N.V., Roche (Ventana Medical Systems, Inc.), Thermo Fisher Scientific (Life Technologies Corporation), others|
|Segments Covered||By Product and Services, By Technology Type, By Indication|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
Middle East and Africa
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