Companion Diagnostics Market Latest Technology, Emerging Technology, Historical Demands by Regional Forecast to 2027

Market Research Future (MRFR) expects the global companion diagnostics market to exhibit a robust 20.29 % CAGR over the 2020 to 2027 forecast period to reach a valuation of more than USD 12 billion, according to the latest research report from the market research expert. The report provides a comprehensive overview of the global companion diagnostics market to readers looking to assess the growth prospects of the market and figure out which strategies are likely to work in the market in the coming years. Major drivers and restraints affecting the global companion diagnostics market are profiled in the report to help readers understand the major factors motivating the market in the coming years. Key competitive insights into the companion diagnostics market's workings are also provided in the report on the back of a detailed analysis of the historical performance of companies in the global market.
Companion diagnostics is an area of healthcare that deals with figuring out how effectively a particular therapy is working for a particular patient. This involves identifying patients who will benefit the most from a particular therapeutic product, identifying risks that may render a particular treatment unusable for certain patients, as well as monitoring the progression of a condition post-treatment to gauge the efficacy of the therapy. The field of companion diagnostics has boomed since the genetics revolution, as more in-depth information about a patient's tendency to react to certain chemicals has been made available by genetic studies. Increasing availability of detailed information about a patient's genetic makeup has allowed for the development of effective tests to cross-check various therapeutic products against the genetic tendencies exhibited by the patient. This has led to steady growth of the companion diagnostics market over the last few years.
The increasing demand for personalized medicine in the coming years is likely to be a major driver for the companion diagnostics market. As the genetics field has grown, physicians and medical researchers have been quick to make use of it to develop ways of treating diseases with highly personalized, customized treatment formulations that best suit the individual patient in question. The increasing efficacy of personalized medication has made it popular among patients and doctors alike, with many countries, particularly in the technologically developed West, exhibiting growing demand for personalized treatments and medication. This is likely to remain a major driver for the companion diagnostics market over the forecast period. Increasing research into genetics and its connection with the development of diseases is also likely to be a major driver for the companion diagnostics market over the forecast period.

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Competitive Analysis:
Leading players in the global companion diagnostics market include Thermo Fisher Scientific Inc., Qiagen NV, Myriad Genetics Inc., F. Hoffman-La Roche AG, ARUP Laboratories, Agilent Technologies, and Abbott Laboratories.
In September 2019, Thermo Fisher signed an agreement with Eli Lilly for the development of companion diagnostics for the latter's LOXO-292 cancer therapy.
In February 2019, Bayer gained full control of Vitrakvi from Eli Lilly. The drug is used against cancers exhibiting a particular genetic mutation and is likely to necessitate significant companion diagnostics development in the coming years.
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Segmentation:
The global companion diagnostics market is segmented on the basis of technology, application, end use, and region.
By technology, the global companion diagnostics market is segmented into polymerase chain reaction (PCR), in-situ hybridization, and immunohistochemistry. Of these, the PCR segment holds a dominant 53% share in the global companion diagnostics market and is likely to remain the leading revenue generator over the forecast period.
By application, the global companion diagnostics market is segmented into cancer, infectious diseases, cardiovascular diseases, central nervous system disorders, and others.
By end use, the market is segmented into pharma and biotech companies, clinical laboratories, contract research organizations, and others.

Regional Analysis:
The Americas is likely to remain the major revenue generator in the global companion diagnostics market over the forecast period, followed by Europe and Asia Pacific. North America is likely to remain the leading regional market due to the growing presence of the healthcare sector and the strong presence of research avenues into genetics. Asia Pacific is likely to exhibit the highest growth rate.

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