Global Companion Diagnostics Market Trends, Analysis, Growth, and Forecast: 2018 to 2027

The Companion Diagnostics Market Report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027.

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The Companion Diagnostics Market report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.

The global companion diagnostics market report has been segmented on the basis of technology, therapeutic area, and region.

Companion Diagnostics Market Overview:

Companion Diagnostics Market was valued at $24 million in 2020 & is projected to reach $34 million by 2030. It is expected to grow at a 5% CAGR between 2021 and 2030.

Companion diagnostics is an in-vitro medical device that provides information about the patients who are likely to benefit from a particular therapeutic product and also provides information about the biological products or corresponding drug if they are safe and effective for use.

It also identifies patients that are likely to be at an increased risk of adverse reactions as a result of treatment with the therapeutic product and hence companion diagnostics help doctors to decide which treatment and dosage can be offered to the patients.

An increasing number of approval by health authorities for companion diagnostic devices for the treatment of various diseases is a major factor expected to boost the growth of the global companion diagnostics market over the forecast period.

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.

An increasing number of cases of cancer globally is another factor expected to boost the market growth over the forecast period. Continuous innovations in companion diagnostics by manufacturers is expected to fuel the demand for companion diagnostics over the forecast period.

However, the high cost of the development of companion diagnostics devices is another factor expected to restrain the growth of the global companion diagnostics market over the forecast period.

The North American market dominates the global companion diagnostics market in terms of revenue contribution as compared to that of markets in other regions.

This is attributed to the presence of a well-developed healthcare infrastructure and an increasing number of product approvals by the US FDA and Health Canada in the region.

Europe accounts for the second-largest revenue share contribution to the global companion diagnostics market, followed by markets in the Asia Pacific, Latin America, and the Middle East & Africa respectively.

The market in the Asia Pacific is projected to register comparatively faster growth in terms of revenue over the next 10 years, owing to the developing healthcare infrastructure and increasing incidences of cancer in the region.

Companion Diagnostics Market Segmentation:

Companion Diagnostics Market Segmentation by technology:

• Polymerase Chain Reaction (PCR)
• Immunohistochemistry (IHC)
• In Situ Hybridization (ISH)
• Next-generation Sequencing

Global companion diagnostics market segmentation by therapeutic area:

• Oncology
  • Breast Cancer
  • Lung Cancer
  • Colorectal Cancer
  • Gastric Cancer
• Cardiovascular
• Central Nervous System
• Autoimmune & Inflammation
• Virology

Global companion diagnostics market segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa