The report "Global Companion Diagnostics Market, By Technology (Polymerase Chain Reaction (PCR), Immuno Histo Chemistry (IHC), In Situ Hybridization (ISH), and Next-Generation Sequencing), By Therapeutic Area (Oncology (Breast Cancer, Lung Cancer, Colorectal Cancer, and Gastric Cancer), Cardiovascular, Central Nervous System, Auto Immune and Inflammation, and Virology), and Region - Global Forecast to 2029"
companion diagnostics market is projected to grow from US$ 3.6 Billion in 2020 to US$ 9.8 billion by 2029. Rising number of approvals for companion diagnostic devices by health authorities for treatment of different diseases is a key factor driving growth of the global companion diagnostics market. In addition, in 2017, for instance, US FDA approved a companion diagnostic genetic test to select patients with metastatic colorectal cancer for treatment with the drug Vectibix. Furthermore, increasing number of cases of cancer over the globe is other factor expected to fuel growth of the target market. Increasing demand for next-generation sequencing (NGS) and clinical trials to boost the adoption of companion diagnostics are in turn factors expected to create lucrative opportunities for the players operating in the global companion diagnostics market.
Key Highlights:
· In May 2018, for instance, QIAGEN N.V. and Freenome Inc.; major players of the target market, has collaborated in order to improve companion diagnostic development.
Key Market Insights from the report:
The global companion diagnostics market accounted for US$ 3.6 Billion in 2020 and is projected to register a CAGR of 11.9% over the forecast period. The market report has been segmented on the basis of technology, therapeutic area, and region.
· By technology, the in situ hybridization (ISH) is a segment accounted for major revenue share in 2018, owing to its excellent properties such as reliability, reproducibility, sensitivity, and accuracy in comparison to other techniques.
· By therapeutic area, the oncology segment is accounted for major revenue share in 2018 due to increasing prevalence of various types of cancer, surge in cancer research, and rise in geriatric population globally.
· By region, North America companion diagnostics market accounted for major revenue share in the global companion diagnostics market and is further anticipated to maintain its dominance over the forecast period. This is attributed to presence of well established companion diagnostics brands in the countries in the region. Well-developed healthcare infrastructure and increasing number of product approvals by the US FDA and Health Canada in the region are some major factors expected to support growth of the North America market over the forecast period. The market in Europe is expected to account for second-highest revenue share in 2018.
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The prominent player operating in the global companion diagnostics market includes Roche Diagnostics GmbH, Agilent Technologies, Inc., QIAGEN N.V., Abbott Laboratories Inc., Ventana Medical Systems, Inc., bioMerieux Inc., Myriad Genetics, Inc., Leica Microsystems GmbH, Resonance Health Ltd., and Thermo Fisher Scientific Inc.
