Companion Diagnostics Market CAGR of 9% throughout 2021 - 2028

Companion Diagnostics Market Outlook 2028

• The global companion diagnostics market was valued at US$ 5.24 Bn in 2020
• It is estimated to expand at a CAGR of 9% from 2021 to 2028
• The global companion diagnostics market is expected to reach the value of US$ 9.30 Bn by the end of 2028

Report Overview: https://www.transparencymarketresearch.com/companion-diagnostics-market.html

Analysts' Viewpoint on Companion Diagnostics Market Scenario
The global companion diagnostics market is expected to witness tremendous growth opportunities due to rising incidences of oncology and chronic disorders across the globe. Several companion diagnostics market players are leveraging lucrative revenue opportunities. Companion diagnostics are used to identify the response of oncology patients to the targeted drug therapy.
This helps in developing personalized medicine for cancer patients. However, the lengthy and complicated approval process and the equally prolonged time to develop companion diagnostics are impacting the growth of the global companion diagnostics market. Furthermore, the unavailability of reimbursement policies in some regions is also projected to hamper market growth.

COVID-19 Impact on Global Companion Diagnostics Market
The coronavirus pandemic has put intense pressure on the global healthcare system. With shortage of hospital beds, medical staff, and necessary protective equipment required for elective surgical processes, healthcare practitioners gave priority to critical patients suffering from severe health complications.
Considering risk and safety of patients, non-emergency diagnostic and treatment procedures have been cancelled or postponed in the time of rapidly spreading coronavirus. This factor has negatively affected the global companion diagnostics market as cancer surgeries also been cancelled. Clinical trials in oncology have also been affected by the coronavirus. However, the market is booming after the significant efforts taken by governments, healthcare practitioners, and market stakeholders to recover from losses caused due to pandemic.

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Increasing Prevalence of Chronic Disorders Fueling Market Growth
Rising incidences of HIV, thalassemia, colorectal cancer, melanoma, breast cancer, gastric cancer, and lung cancer is driving the demand for companion diagnostics procedures. There is a growing demand for companion diagnostic tests for early detection and screening of chronic diseases. These tests also help reduce the side effects of drugs, improve patient outcomes, provide high diagnostic accuracy and specificity, reduce pharmacotherapy variability, and identify the most effective targeted therapy options. They are also associated with higher drug development success. The global companion diagnostics market is booming due to the increasing demand for personalized medicines. Rising incidences of cancer and reduction in cost of developing drugs are also having a positive impact on the global companion diagnostics market. Companion diagnostics tests and procedures help bring about better decisions with respect to treatment.

Rising Awareness of Breast Cancer Globally
Growing incidences of breast cancer across the globe is one of the key factors accelerating the global companion diagnostics market, thereby creating value-grab opportunities for market contributors. Increasing awareness of breast cancer and focus of health practitioners on its treatment is accelerating the global companion diagnostics market growth. However, the lung cancer segment is also generating substantial revenues in the global companion diagnostics market. Rising pollution, unhealthy food, smoking, and chewing tobacco are mainly responsible for lung cancer, which results in the maximum number of deaths worldwide. It is particularly prevalent in low-income nations.

This, alongside the development of numerous companion diagnostics and biomarkers for lung cancer is mainly boosting market growth. Companion diagnostics enable healthcare professionals to understand the side effects and potential risks posed by a particular therapeutic product. This eventually helps in fine tuning treatment procedures.

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North America to Lead Companion Diagnostics Market
North America is expected to account for a major market share of the global companion diagnostics market. Rising affordability of treatment and well-established healthcare infrastructure are driving the companion diagnostics market in the region. The increasing prevalence of chronic diseases all over the world demand companion diagnostics procedures. A large number of ongoing clinical trials, outsourcing services, research activities, and increasing healthcare investment by governments are some of the factors responsible for the growth of the companion diagnostics market in North America.

Moreover, the significant presence of manufacturers is fueling the expansion of the North America companion diagnostics market. Asia Pacific and Latin America are other attractive companion diagnostics regions, where the market is poised to increase due to rising healthcare spending and improving healthcare facilities.

Companion Diagnostics Market: Overview
• Companion diagnostics are biological tests or assays, which aid in predicting the clinical effectiveness or safety of the therapeutic intervention administered to diseased individuals. These diagnostic tests assist physicians in taking effective treatment decisions by elucidating the efficacy of a specific drug prescribed for a specific target population. For instance, Herceptin (trastuzumab), a monoclonal antibody treatment prescribed for treating breast cancer patients who contain one or more copies of the HER2 gene.

• Companion diagnostics hold significant growth potential in the near future, owing to several tests in pipeline. The major advantage associated with the use of companion diagnostics is that it aids in predicting whether a patient will respond to a particular therapy and improves patient outcomes, thereby reducing the overall healthcare costs. Other advantages include the ruling out of generic therapies, thereby preventing side effects and resultant hospitalizations.

Companion Diagnostics Market: Key Drivers
• Technological advancements, higher prevalence of cancer across the globe, research & development activities, drug development, demand for personalized medicines, expansion of the pharmaceutical industry, key mergers & acquisitions, and impact of COVID-19 on companion diagnostics are projected to boost the growth of the global market during the forecast period.

Rise in prevalence and incidence of various infectious diseases such as HIV would attract advanced companion diagnostics, which is likely to propel the global companion diagnostics market during the forecast period. Breast cancer affects one in eight women in their lifetime, and the number of breast cancer cases is rising consistently both in developing and developed countries. According to a research, breast cancer is considered the most prevalent cancer in the U.S. According to Breast Cancer Statistics, 287,850 breast cancer cases are expected to be diagnosed in women in 2022. This is likely to augment the global market.

• Major risk factors for cancer are heredity, aging, obesity, high alcohol consumption, hormone replacement therapy, and cosmetic implants. Technological advancements leading to fast approval of companion diagnostic tests/assays are projected to drive the global market in the next few years. According to research, in 2020, around 44 CDx assays were approved by the FDA. Hence, regulatory approvals for CDx assays across countries is anticipated to propel the global market during the forecast period.

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Market Segmentation: Companion Diagnostics Market
• In terms of indication, the global companion diagnostics market has been classified into breast cancer, lung cancer, colorectal cancer, gastric cancer, melanoma, and others (HIV and thalassemia)

• The breast cancer segment accounted for the largest market share in 2020 and the trend is expected to continue during the forecast period. Rise in prevalence of breast cancer among middle-aged women across the globe and surge in awareness about the early diagnosis of breast cancer are likely to augment the segment in the next few years.

Prostate, lung, and colorectal cancer are the most common cancers diagnosed in men and accounted for 40% of the cases. In women, breast, lung, and colorectal cancer account for more than 50% of the cancer cases.

• In 2020, around 2.3 million women were diagnosed with breast cancer, and 685,000 deaths were reported globally in the same year. Breast cancer is considered the most prevalent cancer across the globe. This drives the need of companion diagnostics. According to GLOBOCAN data, globally, new lung cancer accounted to 2.2 million of total cancer cases in 2021. Hence, increase in incidence of cancer across the globe is projected to drive the need of companion diagnostics during the forecast period.

• Each of the segments has been analyzed in detail for market trends, recent trends, and developments, drivers, restraints, opportunities, and useful insights. The companion diagnostics market report provides current and expected revenue (US$ Mn) for each of these segments from 2021 to 2028, considering 2020 as the base year. The compound annual growth rate (percentage CAGR) has been provided for each segment and market from 2021 to 2028 along with market size estimations.

Regional Overview: Companion Diagnostics Market
• North America accounted for the largest share of the global companion diagnostics market in 2020 and the trend is projected to continue during the forecast period. Technological advancements, increase in patient population, and rise in prevalence & incidence rate of cancer are anticipated to drive the market in the region during the forecast period. According to National Cancer statistics, 1,806,590 new cancer cases were diagnosed in the U.S. in 2020, and 606,520 people succumbed to the disease. This is expected to propel the need of companion diagnostics in North America.

• The market in Asia Pacific is likely to grow at a rapid pace in the next few years, owing to rise in prevalence and incidence rates of cancer in several countries, outbreak of COVID-19 pandemic, and innovation & growth in advanced diagnostic products. Increase in cases of breast cancer is projected to drive the companion diagnostics market in the region. Surge in demand for personalized medicines is anticipated to propel the market in Asia Pacific. Untapped potential, several avenues of scientific research, positive economic growth, ever-increasing population, and positive regulatory scenario for healthcare in high growth countries attract leading global players to the region.

Major Players

• The companion diagnostics market report concludes with the company profiles section, which includes key information about major players in the global companion diagnostics market
• Leading players analyzed in the report include
o Labcorp Drug Development
o Agilent Technologies
o Myriad Genetic Laboratories, Inc.
o Qiagen
o Roche Molecular Systems, Inc.
o Dako, Inc.
o Abbott
o Foundation Medicine, Inc.
o MolecularMD Corporation
o Ventana Medical Systems, Inc.
o Illumina, Inc.
o Life Technologies Corporation
o Invivoscribe Technologies, Inc.
o ARUP Laboratories, Inc.
o Leica Biosystems
o Biogenex Laboratories, Inc.
o bioMérieux, Inc.
o GE Healthcare
o Agendia N.V
o Exact Sciences Corp
o Genomic Health

Each of these players has been profiled in the companion diagnostics market report based on parameters such as company overview, financial overview, business strategies, application portfolio, business segments, and recent developments

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