Companion Diagnostics Market Is Expected To Witness Lucrative Growth Over The Forecast Period Till 2026

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According to the report by Allied Market Research, the global companion diagnostic market is estimated to register a CAGR of 18.3% from 2019 to 2026. The research helps leading players and startups to devise new strategies based on current market trends and changing dynamics. Competitive landscape is mentioned in the report based on business segments, products portfolio, and strategic moves & developments of leading market players. Detailed segmentation assists in determining growing segments and determining further steps to capitalize on lucrative segments. Regional landscape is helpful in determining opportunities and driving factors of each region and taking further steps.

Companion diagnostic is an in-vitro diagnostic process that provides information about the therapeutic response of a patient for a specific treatment. This test improves the therapeutic efficiency of drugs and decreases overall healthcare cost during treatment. Companion diagnostic is a form of personalized medicine that includes drug-testing, therapies, clinical trials, and research. These further determine therapeutic benefits of the product to patients to outweigh any potential serious side effects or risks.

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The companion diagnostics market is an emerging market and is anticipated to experience significant growth during the forecast period owing to increase in R&D of targeted therapies, rise in demand for personalized medicine with increase in awareness in emerging economies, discovery of new biomarkers for various conditions, and higher number of unmet needs for the treatment of cancer are majorly driving the companion diagnostics market growth.

Based on technology, the polymerase chain reaction (PCR) segment dominates the global market, and is anticipated to continue this trend during the forecast period. Some key factors driving the market growth are cost effectiveness, high sensitivity, and specificity and can be used for simple automated platforms. However, the next generation sequencing (NGS) segment is expected to experience rapid growth as it is an advanced technique as compared to the PCR with less turnaround times.

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Based on indication, the global companion diagnostics market is segmented into oncology, neurology, and others. At present, the oncology segment is the major revenue generating segment and is estimated to experience significant growth during the forecast period. Some key factors such as higher prevalence of cancer, rise in number of R&D activities for cancer, higher number of unmet need for treatment of cancer, surge in number of FDA approved companion diagnostics, and increase in awareness among the patients about personalized medicine are majorly driving the growth of the oncology segment.

North America accounted for approximately one-half of the global market share in 2018, and is expected to remain dominant throughout the forecast period. This was attributed to the higher usage of companion diagnostics, large presence of key players, increase in number of target population with high number of trained medical professionals. While, Asia-Pacific is expected to experience the highest growth rate during the forecast period majorly due to increase in demand for personalized medicine, development in the healthcare infrastructure, and rise in prevalence of different forms of cancer with higher number of unmet needs.

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The Major Key Players Are:

• Abbott Laboratories Molecular, Inc.
• Agilent (Dako Denmark A/S)
• ARUP Laboratories, Inc.
• BioMerieux SA
• Danaher Corporation (Leica Microsystems)
• Foundation Medicine, Inc.
• Myriad Genetics, Inc.
• Qiagen N.V.
• Roche (Ventana Medical Systems Inc.)
• Thermo Fisher Scientific (Life Technologies Corporation).

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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.

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