global-companion-diagnostics-market-to-reach-a-new-threshold-of-growth:-expected-to-reach-usd-7.8-billion-in-2027

Noida, India, June 24, 2021 (GLOBE NEWSWIRE) — A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global companion diagnostics market reached USD 3.6 billion in 2020 and is further projected to reach USD 7.8 billion by 2027, growing at a CAGR of 10.8% during 2021-2027 (forecast period). The global companion diagnostics market has been witnessing healthy growth potential owing to the rising prevalence of cancer cases around the world. The vigorous growth of the global companion diagnostics market can also be attributed to various factors influencing the global healthcare scenario, such as rising clinical trials on patients, growing emphasis on personalized medicines, and the surge in demand for next-generation sequencing, among others.

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The growing demand for customized medicines is driving the global companion diagnostics market growth

The global companion diagnostics market is experiencing substantial growth owing to a surge in demand for customized medicines. Companion diagnostics have proven useful in various evidence-based laboratory analyses and clinical evaluations, thereby providing more information for the healthcare professionals in crafting more precisely tailored medicines with higher efficacies. For instance, in September 2020, Roche, a research-focused healthcare company with capabilities ranging from diagnostics to pharmaceuticals had developed a SARS-CoV-2 antibody test that helps generate accurate and quicker results than the expected duration. The advent of such advanced technologies, combined with highly effective diagnostic tests, is contributing to the growth of the companion diagnostics market, globally.

The escalating number of clinical trials bolstering the global companion diagnostics market growth

To obtain approval for the commercial end-use of any medicine, the drug is required to pass through all of the four phases of clinical trials that are known for being time-consuming and challenging. However, the companion diagnostics agent can help you identify disease-specific biomarkers and assist in recruiting patients based on the demand for the trials. Clinical trials have started becoming a cost-effective affair owing to the surge in usage of companion diagnostics in the field of medication development and customized medicines.

According to the U.S. National Library of Medicine, the registered studies of clinical trials were recorded to be at around 381,053 as of JuneUnew June 2021 2021. The historical trend suggests that the clinical trials are increasing at a faster pace as the statistic recorded in 2020 stands at 325,793 against 293,274 in the year 2019. The record growth of the clinical trials in the U.S. alone indicates that the clinical trials and studies will continue to grow even in the foreseeable future. As a result, the rising number of clinical trials has been augmenting the growth of the global companion diagnostics market.

The PCR segment occupies the largest market share in the global companion diagnostics market

Based on technology, the global companion diagnostics market can be segmented into PCR, ISH, NGS, and IHC, and others. The Polymerase Chain Reaction (PCR) sub-segment accounted for the largest share under the technology segment. The world is confronting a lot of challenges owing to the pandemic that has claimed the lives of around 4 million people. The RT-PCR (Reverse Transcription Polymerase Chain Reaction) kit is the only way off identifying COVID-19 infection with higher effectiveness and precision. The PCR tests have a low allele frequency of genes, and high turnaround time in comparison to other technologies for which they are in huge demand. The promptness and high-reliability rate of PCR tests is positively contributing to the growth of the global companion diagnostics market.

The cancer sub-segment accounted for the largest share in the indication segment of the global companion diagnostics market

Based on indication, the global companion diagnostics market is segmented into cardiovascular, neurological diseases, cancer, infectious diseases, and others. The cancer segment held the largest share in the global companion diagnostics market in 2020 and is expected to witness strong growth over the forecast period as well. According to the WHO, cancer is the second leading cause of death worldwide, following cardiovascular illnesses, claiming more than 10 million lives in 2020 alone. The most prevalent cancer types diagnosed in 2020 are as follows—breast (2.24 million cases), lung (2.20 million cases), colon and rectum (1.92 million cases), prostate (1.40 million cases), skin (1.19 million cases), and stomach (1.08 million cases). Among these cases, the largest number of deaths were documented in the lung cancer category, which recorded nearly 1.80 million deaths in the year 2020 alone. 

The data cited above emphasizes the importance of proper diagnosis in diseases with higher mortality rates. Cancerous diseases are often treated with the help of oncology treatment as it is an effective approach to detect cancerous cells in the human body. Oncology treatment has been witnessing an upward trend owing to the1 rising investment opportunities for research and development around the world. The rising number of cancer patients has only augmented the demand for such treatments which are positively impacting the global companion diagnostics market.

North America to Remain Prolific in the Global Companion Diagnostics Market

The global companion diagnostics market is divided into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. The North American region accounted for the largest share in the global companion diagnostics industry in 2020. The region is equipped with advanced healthcare facilities and has a presence of a large number of pharmaceutical and biotech companies that have been contributing to the escalation of the global companion diagnostics market. Furthermore, North America is one of the most cancer-affected regions in the world, and the number is predicted to worsen in the approaching years as the geriatric population increases, thereby contributing to the growth of the global companion diagnostics market.

Europe holds the second position in terms of revenue in the global companion diagnostics market. Europe is witnessing healthy growth as a result of its highly efficient healthcare workforce and systems. Furthermore, increasing awareness of the necessity of adopting precise diagnostic instruments, electronic health records, and drugs prescribed precisely for a disease promotes the growth of the market in the region. Europe also spends a lot of money on healthcare. They also have public and private sector investment for R&D, as well as a well-developed healthcare industry in the region, which is propelling the growth of the global companion diagnostics market.

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COVID-19 Impact Analysis

The COVID-19 outbreak as well as the government-induced lockdown restrictions have had a negative impact on the global companion diagnostics market. Because of the nationwide lockdown imposed by the governments of different countries, the supply chain confronted disruptions, and availability concerns mounted amid a rising number of COVID-19 cases. However, the discretion offered to the healthcare domain amid the COVID-19 pandemic has helped the global companion diagnostics market to witness a growth potential as they continued offering their testing services to various healthcare professionals around the world. Companion diagnostics testing kits have also made it possible to determine the safety and efficacy rates of COVID-19 vaccines and medicines for cancer patients undergoing therapy. As a result, following a period of sluggish growth, the companion diagnostics market is expected to witness immense growth potential in the coming years.

Healthy Competition Driving Market Outcomes

The leading players in the global companion diagnostics market are F. Hoffmann-La Roche AG (Switzerland), Agilent Technologies, Abbott Laboratories, Almac Group (U.K.), Danaher Corporation (U.S.), Illumina, bioMérieux SA (France), Myriad Genetics, Sysmex Corporation (Japan), Thermo Fisher Scientific, Abnova Corporation (Taiwan), and other prominent players. The large presence of new companies has resulted in healthier competition among long-established service providers in the industry, thereby providing more opportunities for new entrants in the global companion diagnostics market.

In March 2021, Agilent Technologies Inc. announced that the company has acquired Resolution Bioscience Inc. The acquisition is expected to complement and augment Agilent’s strength in NGS-based cancer diagnostics, thereby providing more room for innovative technologies to serve the demands of the fast-growing precision medicine market. Agilent Technologies Inc. is expected to pay USD 550 million in cash and an additional sum of USD 145 million on the basis of future performance milestones. Resolution Bioscience’s non-invasive biopsy assay platform is supported by the clinical oncology diagnostic testing market as well as the biopharma services market. The platform is designed for a centralized Clinical Laboratory Improvement Amendments (CLIA) test service that comes in the form of a distributable kit.

In May 2021, QIAGEN N.V. announced the launch of an extended form of companion diagnostic claims for the therascreen KRAS Kit after receiving U.S. regulatory approval. As a companion diagnostic served in aiding and identifying non-small cell lung cancer (NSCLC) patients, it is making them eligible for receiving treatment under LUMAKRASTM, which is the latest approved therapy marketed and developed by Amgen Inc. The new approval is expected to further help the market leader in strengthening and expanding its therascreen portfolio of companion diagnostic tests. It also demonstrates the company’s commitment to assisting in the timely delivery of most recent innovations in precision healthcare to patients suffering from NSCLC cancer.

Scope of Report

By Product

  • Assay kits & Reagents
  • Software & Services

By Technology 

  • PCR
  • ISH
  • NGS
  • IHC
  • Others

By End-Users

  • Pharmaceutical & Biopharmaceutical Companies
  • Reference Laboratories
  • CROs
  • Others

By Indication

  • Cardiovascular
  • Neurological Diseases
  • Cancer
  • Infectious Diseases
  • Others

By Region

  • North America
  • Europe
  • The Asia-Pacific
  • Latin America
  • The Middle East & Africa

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