A companion diagnostic assay is an in vitro diagnostic device (IVD) that is used to identify whether a patient with certain diseases could be benefitted by a particular drug through the biomarker assessment. The key factors driving the growth of this market include the increasing lung cancer cases, growing number of genetic testing, rising need for personalized medicines, and regulatory guidelines that support the companion diagnostics market. The base year considered for the study is 2016, and the forecast has been provided for the period between 2017 and 2022.
The global companion diagnostics market is expected to reach USD 6.51 billion by 2022 from USD 2.17 billion in 2016, at a CAGR of 20.1%.
Market Dynamics
+ Drivers
+ Improvements in regulatory guidelines
+ Growing need for targeted therapies
+ Rising cancer incidence worldwide
+ Increasing collaborations and partnerships for companion diagnostics test development
Increasing collaborations and partnerships for companion diagnostics test development
Owing to the advantages of companion diagnostics in drug approval processes, an increasing number of pharmaceutical companies have entered into partnerships and collaborations with different companion diagnostic companies to develop and commercialize companion diagnostics tests for their drugs. For instance, in 2016, Agilent Technologies, Inc. and Applied Spectral Imaging (ASI) entered into a marketing agreement. ASI's most advanced GenASIs imaging platforms and Agilent's fluorescence in situ hybridization (FISH) products and solutions will be marketed by them. Simalarly in 2016, QIAGEN collaborated with Array BioPharma to develop and commercialize a companion diagnostic test. The test will be developed for Array BioPharma's binimetinib, an MEK inhibitior.
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Software and Services
Companion diagnostics software is used to streamline the research and analysis of diagnostic results. Software offers various functions such as the identification of driver vs. passenger mutations, prediction of novel biomarkers, and identification of genes that cause cancer. Companion diagnostic services include the development and commercialization of companion diagnostic (CDx) kits, biomarker assay development, analytical and clinical validation, regulatory registration/approval, cGMP manufacturing, GCP/CLIA certified laboratory, and project management. There are many companies offering end-to-end companion diagnostic services from development to commercialization.
Reimbursement challenges in different regions could limit market growth to a certain extent. Reimbursements for companion diagnostics vary widely across regions and countries. Currently, in most countries, reimbursement is provided only for treatments that offer better clinical results and evidence of performance.
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Companion Diagnostics Market by Types, Revenue, Industry Growth
The global Companion Diagnostics Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the companion diagnostics market include Abbott Laboratories Molecular, Inc., Agilent, ARUP Laboratories, Inc., BioMerieux SA, Danaher Corporation.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Companion Diagnostics Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/companion-diagnostic-market/download-sampleMarket DynamicsCompanion diagnostics are a crucial part of personalized medicine and will likely continue to rapidly increase in the number of disease areas.
Oncology is a segment of major focus and will remain at the forefront for the foreseeable future.
Companion diagnostic play a major role in oncology research and has revolutionized the treatment of cancer by allowing doctors to adjust drug therapy to achieve better clinical results.
The Global Companion Diagnostics Market size was valued at USD 1.96 billion in 2019 and is predicted to reach USD 9.02 billion by 2030, with a CAGR of 14.8% from 2020-2030.The Global Companion Diagnostics Market report factual examinations gives showcase statistical data points to comprehend the present and future development of the worldwide Companion Diagnostics Market.
Profound inquiries about and investigations were finished during the planning of the report.
This upgrades the visual portrayal and furthermore helps in understanding the certainties much better.
The report centers around worldwide real driving Companion Diagnostics Market players giving data, for example, organization profiles, item picture and determination, limit, creation, value, cost, income and contact data.
Upstream crude materials and gear and downstream interest examination is likewise completed.Inquire for discount offer at:-https://www.nextmsc.com/companion-diagnostics-market/inquire-before-buyingStudy on Table of Contents:Companion Diagnostics Market Overview, Scope, Status and Prospect (2015-2020) covering COVID-19 Pandemic.Global Companion Diagnostics Market Competition by ManufacturersGlobal Companion Diagnostics Supply (Production), Consumption, Export, Import by Region (2015-2020)Companion Diagnostics Manufacturing Cost Analysis, Industrial Chain, Sourcing Strategy and Downstream Buyers, Marketing Strategy Analysis, Distributors/TradersGlobal Companion Diagnostics Market Effect Factors Analysis and Forecast (2020-2030)Research Findings and Conclusion Appendix – Methodology/Research Approach, Market Size Estimation, Data Source, Secondary Sources, Primary Sources, and Disclaimer.About Next Move Strategy Consulting:Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider, committed to deliver high quality, market research reports that help multinational companies to triumph over their competitions and increase industry footprint by capturing greater market share.
Our research model is a unique collaboration of primary research, secondary research, data mining and data analytics.We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade.
Market HighlightsGlobal Companion Diagnostics Market is expected to register a CAGR of 20.29% during the forecast period, with a market value of USD 8,081.50 Million by 2027.
The market, based on products & services, has been bifurcated into assays, kits, & reagents, and software & services.
On the basis of technology, the market has been bifurcated into polymerase chain reaction (PCR), next-generation sequencing (NGS), in-situ hybridization, immunohistochemistry, and other technologies.The market based on indication has been segmented into cancer, neurological diseases, infectious diseases, cardiovascular diseases, and others.
Based on end user, the companion diagnostics market has been segregated into pharmaceutical & biopharmaceutical companies, laboratories, contract research organizations, and others.Regional AnalysisThe companion diagnostics market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.The Americas is likely to dominate the global companion diagnostics market.
This can be attributed to the increasing demand for personalized medicine and the rising prevalence of various chronic diseases such as cancer, neurological disorders, and cardiac diseases among others.
According to the American Cancer Society, 1.8 million new cancer cases will be diagnosed in 2020 in the US.
The global Companion Diagnostics Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the companion diagnostics market include Abbott Laboratories Molecular, Inc., Agilent, ARUP Laboratories, Inc., BioMerieux SA, Danaher Corporation.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Companion Diagnostics Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/companion-diagnostic-market/download-sampleMarket DynamicsCompanion diagnostics are a crucial part of personalized medicine and will likely continue to rapidly increase in the number of disease areas.
Oncology is a segment of major focus and will remain at the forefront for the foreseeable future.
Companion diagnostic play a major role in oncology research and has revolutionized the treatment of cancer by allowing doctors to adjust drug therapy to achieve better clinical results.
The Global Companion Diagnostics Market size was valued at USD 1.96 billion in 2019 and is predicted to reach USD 9.02 billion by 2030, with a CAGR of 14.8% from 2020-2030.The Global Companion Diagnostics Market report factual examinations gives showcase statistical data points to comprehend the present and future development of the worldwide Companion Diagnostics Market.
Profound inquiries about and investigations were finished during the planning of the report.
This upgrades the visual portrayal and furthermore helps in understanding the certainties much better.
The report centers around worldwide real driving Companion Diagnostics Market players giving data, for example, organization profiles, item picture and determination, limit, creation, value, cost, income and contact data.
Upstream crude materials and gear and downstream interest examination is likewise completed.Inquire for discount offer at:-https://www.nextmsc.com/companion-diagnostics-market/inquire-before-buyingStudy on Table of Contents:Companion Diagnostics Market Overview, Scope, Status and Prospect (2015-2020) covering COVID-19 Pandemic.Global Companion Diagnostics Market Competition by ManufacturersGlobal Companion Diagnostics Supply (Production), Consumption, Export, Import by Region (2015-2020)Companion Diagnostics Manufacturing Cost Analysis, Industrial Chain, Sourcing Strategy and Downstream Buyers, Marketing Strategy Analysis, Distributors/TradersGlobal Companion Diagnostics Market Effect Factors Analysis and Forecast (2020-2030)Research Findings and Conclusion Appendix – Methodology/Research Approach, Market Size Estimation, Data Source, Secondary Sources, Primary Sources, and Disclaimer.About Next Move Strategy Consulting:Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider, committed to deliver high quality, market research reports that help multinational companies to triumph over their competitions and increase industry footprint by capturing greater market share.
Our research model is a unique collaboration of primary research, secondary research, data mining and data analytics.We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade.
Market HighlightsGlobal Companion Diagnostics Market is expected to register a CAGR of 20.29% during the forecast period, with a market value of USD 8,081.50 Million by 2027.
The market, based on products & services, has been bifurcated into assays, kits, & reagents, and software & services.
On the basis of technology, the market has been bifurcated into polymerase chain reaction (PCR), next-generation sequencing (NGS), in-situ hybridization, immunohistochemistry, and other technologies.The market based on indication has been segmented into cancer, neurological diseases, infectious diseases, cardiovascular diseases, and others.
Based on end user, the companion diagnostics market has been segregated into pharmaceutical & biopharmaceutical companies, laboratories, contract research organizations, and others.Regional AnalysisThe companion diagnostics market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.The Americas is likely to dominate the global companion diagnostics market.
This can be attributed to the increasing demand for personalized medicine and the rising prevalence of various chronic diseases such as cancer, neurological disorders, and cardiac diseases among others.
According to the American Cancer Society, 1.8 million new cancer cases will be diagnosed in 2020 in the US.