NEW YORK, May 10, 2019 (GLOBE NEWSWIRE) -- The global companion diagnostics market is expected to grow significantly from USD 3,153 Million in 2018 to USD 10,656 Million in 2025, at a CAGR of 19% from 2019 to 2025. The growth in the market is attributed to the rising prevalence of chronic diseases, growing demand for personalized medicine, and growing adoption of companion diagnostics. Moreover, technological advancement in diagnosis and treatment, growing number of genetic testing, and increasing merger and acquisition of companies for companion diagnostics test is further propelling the market growth. However, highly diverse regulatory landscape may restrain the market growth to some extent.
Companion diagnostics provide biological or clinical essential information that enables better decision about the development and use of potential drug therapy. Furthermore, companion diagnostics is used to monitor safety and efficacy followed by the patient’s response to a specific drug. Additionally, growing demand for new drug development with better predictability and outcomes of research and development in term of approving and useful products is likely to foster the market growth over the forecast period.
Key findings from the report:
- The global companion diagnostics market is expected to reach 10,656 USD Million by 2025 at a CAGR of 19% during the forecast period
- On the basis of technology, the polymerase chain reaction (PCR) segment held the major share of the market in 2018
- Based on application, the oncology segment held major market share in 2018, owing to increasing number of clinical trials and increasing prevalence of cancer across the globe
- On the basis of end-user, the pharmaceutical and biopharmaceutical companies held the major share of the market in 2018
- Geographically, North America held the major share of the global market in 2018. Asia-Pacific is expected to witness the highest CAGR during the forecast period
- Some of the key companies operating in the market include Almac Group; Abnova Corporation; Qiagen N.V.; bioMérieux SA; F. Hoffmann-La Roche AG ; Illumina, Inc.; Agilent Technologies, Inc; Hologic Inc.; and Myriad Genetics, Inc. among others
Companion Diagnostics -Market Insight
The growth companion diagnostics sector has been significant in the past several years. This has evidenced by the number of pharmaceutical and biotechnological companies who are adopting companion diagnostics for the development of novel drugs. Moreover, growing research and development activities in genetic and biomarker sciences is driving novel drug development pathway, with the personalized medicine era dominated by companion diagnostics. Additionally, increasing understanding of molecular drivers of diseases, discovery of many biomarkers and development of targeted therapy treatment, the development and use of companion diagnostics have significantly increased. Furthermore, oncology is the most active area to attract companion diagnostics. The emergence of targeted therapies in oncology and other discipline has increased,consequently increased the demand of companion diagnostics. In addition, the market growth is increasing amongst the end-user industries such as pharmaceutical and biotechnological companies who are willing to bring new drugs in market quicker with less expensive clinical trials as it has reduced the time and cost associated with it.
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Companion Diagnostics Market – Regional insight
Geographically, North America held the largest share of the market in 2018. The growth in the region is attributed to the growing research and development activities on oncology diseases, technological advancements in diagnosis and treatment, growing government support, and presence of major players in the region. Asia-Pacific is expected to witness the highest CAGR during the 2019-2025 due to increasing prevalence of chronic diseases, and growing number of pharmaceutical and biotech companies in the region. Moreover, growing adoption of companion diagnostics and growing demand for targeted therapy further propelling the market growth in the region.
This report segments global companion diagnostics market based on product and service, technology, application, end-user and region.
By Products and Service
- Assay Kits and Reagents
- Software & Services
By Technology
- In Situ Hybridization (ISH)
- Polymerase Chain Reaction (PCR)
- Next-generation Sequencing
- Immunohistochemistry (IHC)
- Other
By Application
- Infectious Diseases
- Oncology
- Blood Cancer
- Lung Cancer
- Ovarian Cancer
- Breast Cancer
- Pancreatic Cancer
- Melanoma Cancer
- Others - Muscular
- Gastrointestinal
- Neurological
- Others
By End-user
- Pharmaceutical and Biopharmaceutical Companies
- Clinical Research Organization
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Central & South America
- Middle East and Africa (MEA)
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