Companion Diagnostics Market - Global Growth, Trends and Forecast (2022 - 2027) By Types, By Application, By Regions, and By Key Players: Siemens Healthineers (ETR: SHL), Abbott Laboratories (NYSE: ABT), QIAGEN N.V. (NYSE: QGEN), Illumina (NASDAQ: ILMN)

Registering a CAGR of 20.5% over the forecast period, the market value of Companion Diagnostics is expected to reach US$ 10200 million in the year 2027.

Companion Diagnostics Market Overview

A Companion diagnostic is a medical device that is used as an in-vitro diagnostic device to provide essential information about a drug or therapeutic product, such as whether the drug is safe and effective for a specific treatment in patients, identify whether the patients are more likely to benefit from the prescribed drug, and also performs drug monitoring on the patients.

The global companion diagnostics market is currently being driven by technological advancements in the healthcare industry, as well as an increase in various treatment procedures. As scientific knowledge advances with the practical application of a treatment, a number of companion diagnostics can be approved for a single drug. However, the cost of cutting-edge technology is a major impediment to the growth of the global companion diagnostics market.

The companion diagnostics market is expected to grow significantly due to an increase in product launches, the development of new biomarkers for various diseases, an increase in targeted therapy research and development, an increase in demand for customized medicine with increased recognition in developing markets, and an increase in the number of unmet cancer care needs. The growing emphasis on personalized medicine and the co-development of drug and diagnostic technologies can be attributed to the growth of the global companion diagnostics market. Furthermore, the increasing number of adverse drug reactions due to drug ineffectiveness drives the demand for companion diagnostics. The significant increase in global companion diagnostic testing is due primarily to factors such as the increasing prevalence of diseases such as lung cancer and non-small cell lung cancer.

Who are the Major Players in the Companion Diagnostics Market?

The global Companion Diagnostics includes the identification and analysis of the various market participants competing in the global market. Prominent competitors include Tocagen, Takeda Pharmaceutical Co Ltd (TYO: 4502), Siemens Healthineers (ETR: SHL), Abbott Laboratories (NYSE: ABT), QIAGEN N.V. (NYSE: QGEN), Roche Diagnostics, Thermo Fisher Scientific Inc., Covance, Myriad Genetics Inc. (NASDAQ: MYGN), Agilent Technologies (NYSE: A), Illumina (NASDAQ: ILMN), and others.

Industry News and Updates:

1. Product Introductions and Expansions

• QIAGEN Introduces the First FDA-Approved Tissue Companion Diagnostic to Detect KRAS G12C Mutation in NSCLC Tumors and Expand Precision Medicine Options in Lung Cancer

May 28, 2021— After receiving U.S. regulatory approval as a companion diagnostic to aid in the identification of non-small cell lung cancer (NSCLC) patients who may be eligible for treatment with LUMAKRASTM (sotorasib), a newly approved therapy developed and marketed by Amgen Inc., QIAGEN N.V announced the launch of an expanded scope of companion diagnostic (CDx) claims for the therascreen® KRAS RGQ PCR Kit.

• MBL Introduces a New ELISA-based Spinal Muscular Atrophy Companion Diagnostic Kit

May 8, 2020 - Medical and Biological Laboratories Co., Ltd. (MBL), a subsidiary of JSR Life Sciences, announced the release of an in vitro diagnostic kit for the genetic disease Spinal Muscular Atrophy (SMA). The MEBCDX AAV9 test kit, licensed from Quest Diagnostics, was approved by the Ministry of Health, Labour, and Welfare (MHLW) on April 27 as a companion diagnostic (CDx) kit for Novartis International AG's SMA gene therapy ZolgensmaTM (onasemnogene abeparvovec-xioi).

2. Collaborations, Partnerships, and Agreements

• Amgen Announces Global Diagnostic Collaborations to Expand Molecular Testing for Non-Small Cell Lung Cancer Patients

Jan. 13, 2020 — Amgen (NASDAQ: AMGN) announced strategic partnerships with leading diagnostic companies Guardant Health, Inc. and QIAGEN N.V. to develop blood- and tissue-based companion diagnostics (CDx) for the investigational cancer treatment AMG 510, respectively. AMG 510 is the first KRASG12C inhibitor to enter clinical trials for the treatment of multiple tumor types. KRAS G12C is an oncogene that is frequently mutated in human cancers. Both agreements will initially focus on CDx tests for non-small cell lung cancer (NSCLC), but will allow for further development of the diagnostic tests for Amgen's other oncology clinical development programs.

• Myriad, AstraZeneca, and Merck Expand Partnership in Companion Diagnostics

04/04/2019— Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in personalized medicine, announced today that its companion diagnostic collaboration with AstraZeneca and Merck has been expanded (known as MSD outside the US and Canada). The companies will use BRACAnalysis CDx® to identify germline BRCA mutations in men with metastatic castrate-resistant prostate cancer (mCRPC) who are enrolled in the Phase III PROfound (NCT02987543) study.

What are the major Applications, Types, and Regions for the Companion Diagnostics Market?

The market is segmented based on the type, applications, companies, and regions.

By Type, it is segmented into

• Polymerase Chain Reaction Test (PCR)


• Immunohistochemistry Test (IHC)


• In Situ Hybridization Test (ISH)


• Others

By Application, it is segmented into

• Lung Cancer


• Breast Cancer


• Colorectal Cancer


• Leukemia


• Melanoma


• Others

Based on technology, the PCR segment currently dominates the global market and is expected to do so throughout the forecast period. Cost-effectiveness, high sensitivity, and specificity, which can be used for simple automated platforms, are some key factors driving the market growth. Furthermore, the PCR, which is another key driver of this segment, can determine the sequencing of unknown etiologies of many diseases. However, the next-generation sequencing segment is expected to grow rapidly during the forecast period due to key advantages such as higher sensitivity to detect low-frequency variants, the shorter turnaround time for large sample volumes, and the ability to sequence hundreds to thousands of genes or genes regions simultaneously, and so on.

Companion Diagnostics Market Regional Analysis

Over the forecast period, North America is expected to hold a significant market share.

North America dominated the global companion diagnostics market, with the United States emerging as the market's largest contributor. The use of companion diagnostics is regarded as an important treatment decision tool for a variety of oncology drugs, as evidenced by how the FDA classifies these assays in terms of risk.

• North America
  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East & Africa
  
  
  • Latin America
  
  
  
  

The Companion Diagnostics Market describes the factors driving the global growth opportunities in upcoming years and highlights market channels. In addition, the report analyzes market size and share, trends, by geographic region, end-use type, and segment. It focuses extensively on revealing a detailed regional analysis. The Global Companion Diagnostics Market report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry.

What is our Companion Diagnostics Market report scope?

Scope of the Report covers the Companion Diagnostics Market with a detailed analysis of the overall scenario for the market. It also highlights the business participants’ environment in the global marketplace. This report also provides an overview of leading companies covering the latest successful marketing strategies, market contributions, current and historical background, and latest market happenings to help key organizations to grow and generate larger profits. Business players will greatly benefit from this Companion Diagnostics Market analysis report as it has vital details to provide about regional markets and expected opportunities for the prediction time period 2022-2027. Growth between segments is used to understand the different growth factors that are expected to dominate the market as a whole and to develop strategies to differentiate between key applications and target markets. It further reveals how the worldwide market is working through efficient information graphics.

Report Attributes	Report Details
Report Title	Companion Diagnostics Market - Global Growth, Trends and Forecast (2022 - 2027) By Types, By Application, By Regions, and By Key Players: Siemens Healthineers (ETR: SHL), Abbott Laboratories (NYSE: ABT), QIAGEN N.V. (NYSE: QGEN), Illumina (NASDAQ: ILMN)
Forecast Period 2022 to 2027 CAGR	CAGR of 20.5% over the forecast period (2022-2027)
By Type	Polymerase Chain Reaction Test ( PCR) Immunohistochemistry Test (IHC) In Situ Hybridization Test (ISH) Others
By Application	Lung Cancer Breast Cancer Colorectal Cancer Leukemia Melanoma Others
By Companies	Tocagen, Takeda, Siemens Healthineers, Abbott Laboratories, QIAGEN N.V., Roche Diagnostics, Thermo Fisher Scientific Inc., Covance, Myriad Genetics Inc., Agilent Technologies, Illumina
Regions Covered	North America Europe Asia-Pacific Rest of the World
Countries Covered	US Canada Germany France UK Italy Spain Rest of Europe China Japan India Australia South Korea Rest of Asia-Pacific Middle East & Africa Latin America
Base Year	2022
Historical Year	2017 to 2021
Forecast Year	2022 to 2027
Number of Pages	110
Customization Available	Yes, the report can be customized as per your needs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Key Takeaways from this Companion Diagnostics Report

• Evaluate Companion Diagnostics market potential through analyzing growth rates (CAGR %), Volume (Units), and Value ($M) data given at the country level - for product types, end-use applications, and different industries verticals.


• Understand the different dynamics influencing the market - growth driving factors, specific challenges, and hidden opportunities.


• Get in-depth insights on your competitor’s performance – revenue, shares, business strategies, financial benchmarking, product benchmarking, SWOT analysis, and more.


• Analyze the sales and distribution channels across geographies to enhance top-line revenues.


• Understand the demanding supply chain with a deep dive on the value augmentation at each, in order to optimize value and bring efficiencies to your processes.


• Get a quick outlook on the Companion Diagnostics market entropy – M&As, deals, partnerships, and product launches of all key players for the past 5 years.


• Evaluate the import-export statistics, supply-demand, and competitive landscape for more than the top 20 countries globally for the market.

Frequently Asked Questions

What is the study period of this market?

The Companion Diagnostics Market is studied from 2017 - 2027.

What is the growth rate of the Companion Diagnostics Market?

The Companion Diagnostics Market is growing at a CAGR of 20.5% over the next 5 years.

Who are the key players in Companion Diagnostics Market?

Tocagen, Takeda, Siemens Healthineers, Abbott Laboratories, QIAGEN N.V., Roche Diagnostics, Thermo Fisher Scientific Inc., Covance, Myriad Genetics Inc., Agilent Technologies, Illumina

What regions does this Companion Diagnostics Market report cover?

North America (the United States, Canada, and Mexico)

Europe (Germany, France, UK, Russia, and Italy)

Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)

South America (Brazil, Argentina, Colombia, etc.)

The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

What are the significant types of Companion Diagnostics Market?

Polymerase Chain Reaction Test ( PCR), Immunohistochemistry Test (IHC), In Situ Hybridization Test (ISH), Others

What are the major end-use applications of Companion Diagnostics Market?

Lung Cancer, Breast Cancer, Colorectal Cancer, Leukemia, Melanoma, Others

 

All our reports are custom made to your company’s needs to a certain extent, we do provide 5 free consulting hours along with the purchase of each report, and this will allow you to request any additional data to customize the report to your needs.