New York, US, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Companion Diagnostics Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Companion Diagnostics Market Information by Products & Services, Technology, End-User, and Region - Forecast till 2027”, the market is projected to reach USD 8.08 Billion by 2027 registering a CAGR of 20.29%.
Market Scope:
A companion diagnostic is a medical device that gives information necessary for the safe and successful use of a corresponding medicine or biological product. The test aids a physician in determining if the benefits of a medicinal product to patients will outweigh any potential serious side effects or hazards.
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Competitive Landscape:
The notable players of the market
- Hoffmann-La Roche Ltd (Switzerland)
- Thermo Fisher Scientific Inc. (US)
- Agilent TechnologiesInc. (US)
- QIAGEN (Germany)
- Abbott (US)
- bioMérieux SA (France)
- Leica Biosystems Nussloch GmbH (Germany)
- IlluminaInc. (US)
- Myriad GeneticsInc. (US)
- ArcherDXInc. (US)
- Foundation MedicineInc. (US)
- NG Biotech (France)
- ICON plc (Ireland)
- InvivoscribeInc. (US)
- Abnova Corporation (Taiwan)
- Guardant Health (US)
Market Drives
The increased demand for sequencing in the coming decade, the growing importance of companion diagnostics in drug development, and the increasing number of clinical trials are all propelling the companion diagnostics market forward. The companion diagnostics market is expected to grow significantly due to an increase in targeted therapy research and development, an increase in demand for customized medicine with increased recognition in developing markets, the development of new biomarkers for various diseases, and an increase in the number of unmet cancer care needs. Companion diagnostics market growth is predicted to be fueled by rising demand for personalized treatment, increased corporate collaboration, and co-development of drug diagnostics. The benefits of companion diagnostics, the growing desire for personalized therapy, the rising global cancer prevalence, and the ever-expanding application domains of companion diagnostics are all driving the global companion diagnostics market forward.
The increasing number of product approvals from global players is also projected to stimulate demand growth. Pharmaceutical and biopharmaceutical companies are currently working to combine patient-selection diagnostic frameworks and deliver the best candidate for targeted therapies in the early stages of drug development. This helps to encourage the growth of the companion diagnostics industry. Next-generation sequencing uncovers several biomarkers for multiple medication therapies in less time than other sequencing approaches. The use of NGS panels in a single test to evaluate biomarkers has the potential to aid in the treatment of a variety of malignancies.
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Market Restraints:
Despite the fact that these tests have a guaranteed return on investment, the high initial cost keeps them out of reach for a huge majority of end users, particularly in industrialized countries. This permits end-users, such as pharmaceutical companies, reference labs, hospitals, and CROs, who perceive diagnostic testing as a financial burden to use third-party diagnostic services.
Companion Diagnostics Market COVID-19 Analysis
COVID-19 is a highly contagious virus that puts a strain on the healthcare system. The scarcity of medical resources has become a problem as the number of verified cases grows. During an outbreak, incorporating telemedicine into wound care helps maintain social distance, preserve personal protective equipment and medical resources, and reduce unnecessary exposure for both vulnerable patients and high-risk healthcare personnel. The companion diagnostics industry is expected to be led by growing demand for kits and reagents during the COVID 19 pandemic.
Market Segmentation
Technology, indication, products & services, and end users have all been classified in the global companion diagnostics market.
By-Products & Services, the companion diagnostics market has been segmented into kits & reagents, assays, and software & services based on products and services.
The companion diagnostics industry has been bifurcated on the basis of technology into polymerase chain reaction (PCR), next-generation sequencing (NGS), in-situ hybridization, immunohistochemistry, and other advances. The ease of use and extensive availability of PCR kits and reagents in companion diagnostic research is propelling the PCR segment forward, with more PCR applications.
The indication-based industry has been divided into cancer, neurological disorders, respiratory diseases, infectious diseases, and others, according to indication. The cancer market is now the primary source of revenue, and it is predicted to grow significantly during the forecast period.
Pharmaceutical and biopharmaceutical companies, hospitals, contract testing organizations, and those focused on end-users have been classified as end-users in the companion diagnostics market. The substantial proportion of the pharma and biopharmaceutical segment can be due to the extensive usage of companion diagnostics in these industries, owing to their expanding popularity in drug creation and the increasing importance of companion diagnostic biomarkers.
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Regional Insights:
The Americas, Europe, Asia-Pacific, and the Middle East and Africa are the four regions that make up the global companion diagnostics market.
The Americas are expected to dominate the worldwide companion diagnostics market. This could explain the high risk of cancer and other chronic diseases in the area, as well as the rising cost of healthcare. Furthermore, market growth is expected to fuel an increase in the number of healthcare organizations working on created genomic databases to better understand the human genome, as well as expanding research efforts in this field employing companion diagnostic kits.
The European market for companion diagnostics is predicted to be the second-largest throughout the review period. The expansion of the regional sector is expected to spur the participation of a large number of enterprises as well as increased research and development activities aimed at improving individualized cancer medicine therapy. Furthermore, as per capita income rises, so does the desire for individualized treatment, fueling consumer growth even more.
Asia-Pacific is predicted to be the fastest expanding market because to the rapidly increasing number of patients with cancer, cardiovascular disease, and neurological illnesses. Furthermore, the rising prevalence of infectious diseases has a favorable impact on corporate development. The high incidence of cancer, expanding proteomics and genomics research, rising research funding, increasing investments by pharmaceutical and biotechnology enterprises, and increasing awareness of personalized therapies are expected to boost the growth of the APAC companion diagnostics market.
The Middle East and Africa market is predicted to rise steadily due to an increase in cancer cases and a growing preference for personalized medications. The Middle East and Africa market is predicted to rise steadily due to an increase in the number of hospitals and research labs, increased investment by healthcare companies, an increase in the number of cancer cases, and increased medication discovery.
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