According to a recent analysis by Emergen Research, the global companion diagnostics market is anticipated to reach USD 9.72 billion by 2027.
According to a recent analysis by Emergen Research, the global companion diagnostics market is anticipated to reach USD 9.72 billion by 2027. The market is expected to grow at a CAGR of 18.9% from 2020 to 2027. The rising prevalence of cancer and other chronic diseases, the increasing availability of personalized medicines, the growing awareness about the benefits of companion diagnostics, and the favorable reimbursement policies are some of the key factors that are expected to drive growth in this market during the forecast period.
The rising prevalence of cancer is one of the major factors driving growth in the companion diagnostics market. According to the American Cancer Society, there will be an estimated 1,806,590 new cancer cases diagnosed and 606,520 cancer deaths in the United States in 2020. In 2018, around 18.1 million people worldwide were diagnosed with cancer, and 9.6 million people died from the disease. The increasing incidence of cancer is expected to fuel demand for companion diagnostics, as these tests help in selecting patients who are likely to respond to a particular therapy.
Companion diagnostics are laboratory developed tests (LDT) or in vitro diagnostics (IVD) that are essential for the effective therapeutic use of a corresponding drug. In other words, these are tests performed on a patient’s samples (usually DNA or RNA extracted from blood or tissue) to help select patients who are more likely to respond to a particular drug.
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Owing to increased identification of new biomarkers for disease diagnosis and development of personalized medicines, the global companion diagnostics market is expected to grow during the forecast period. Companion diagnostics are tests used to identify whether a patient would respond to a particular therapy. The use of companion diagnostics provides an opportunity for pharmaceutical and biotech companies to better target their products and expand their indications. In addition, the development of targeted therapies is expected to fuel the growth of the global companion diagnostics market.
Consumer demand should be guided by a focus on R&D activities, as this will be the key driver for industry growth. For example, if a new drug is developed that can only be used effectively in patients with a certain type of cancer, then a diagnostic test will need to be created to identify which patients have that particular cancer subtype. In this case, the development of the new drug and the associated diagnostic test would be closely linked, and both would need to be approved by the relevant regulatory bodies before they could be made available to patients.
Further key findings from the report suggest
- The genetic sequencing segment accounted for the largest revenue share in 2021. This is due to the increasing adoption of personalized medicine and the rising demand for early diagnosis of diseases. The companion diagnostics market is witnessing significant growth due to the development of sophisticated sequencing technologies and the declining cost of sequencing. In addition, government initiatives to promote precision medicine are expected to drive the growth of this segment.
- The targeted therapeutics segment is expected to register the highest CAGR of 13.2% during the forecast period. This is attributed to the increasing adoption of targeted therapies and the rising demand for personalized medicines. Targeted therapies are being developed for the treatment of various types of cancer, such as breast cancer, lung cancer, and leukemia. In addition, the increasing research and development activities in the field of precision medicine are expected to drive the growth of this segment.
- The hospital segment accounted for the largest revenue share in 2021. This is attributed to the increasing number of patients being diagnosed with chronic diseases and the rising demand for early diagnosis of diseases. In addition, hospitals are well-equipped with diagnostic facilities and have trained personnel to carry out various tests. The home care setting segment is expected to grow at the highest CAGR during the forecast period.
- The skin cancer disease indication segment accounted for largest revenue share in 2021. The growing prevalence of melanoma is expected to support growth of this segment over the forecast period.
- The North American region is expected to register the highest CAGR of 12.4% during the forecast period. This is attributed to the increasing adoption of personalized medicine and the rising demand for early diagnosis of diseases. In addition, the presence of major market players in this region and the increasing government funding for precision medicine are expected to drive the growth of this market.
- Thermo Fisher Scientific, Johnson & Johnson, Arup Laboratories, Agilent Technologies, Foundation Medicine, Myriad Genetic Laboratories, Thermo Fisher Scientific, Abbott, MolecularMD, BioMérieux, and Illumina are a few notable participants.
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For the purpose of this report, Emergen Research has segmented into the global Companion Diagnostics Market based on the technology, disease indication, application, and region:
Technology Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Immunohistochemistry
- In Situ Hybridization
- Polymerase Chain Reaction
- Genetic Sequencing
Disease Indication Outlook (Volume, Kilotons; 2017-2027, Revenue, USD Billion; 2017-2027)
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Skin Cancer
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Hospitals
- Diagnostic Laboratories
Regional Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- North America
- S.
- Canada
- Europe
- Germany
- UK
- France
- Benelux
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of LATAM
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