Analysts’ Viewpoint on Global Market Scenario
The global companion diagnostics industry is expected to witness tremendous growth opportunities due to rising incidences of oncology and chronic disorders across the globe. Several companion diagnostics market players are leveraging lucrative revenue opportunities. Companion diagnostics are used to identify the response of oncology patients to the targeted drug therapy. This helps in developing personalized medicine for cancer patients. However, the lengthy and complicated approval process and the equally prolonged time to develop companion diagnostics are impacting the growth of the global market. Furthermore, the unavailability of reimbursement policies in some regions is also projected to hamper market growth.
The coronavirus pandemic has put intense pressure on the global healthcare system. With a shortage of hospital beds, medical staff, and necessary protective equipment required for elective surgical processes, healthcare practitioners gave priority to critical patients suffering from severe health complications. Considering the risk and safety of patients, non-emergency diagnostic and treatment procedures have been canceled or postponed in the time of the rapidly spreading coronavirus. This factor has negatively affected the global market for companion diagnostics as cancer surgeries have also been canceled. Clinical trials in oncology have also been affected by the coronavirus. However, the market is booming after the significant efforts taken by governments, healthcare practitioners, and market stakeholders to recover from losses caused due to pandemic.
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Rising incidences of HIV, thalassemia, colorectal cancer, melanoma, breast cancer, gastric cancer, and lung cancer is driving the demand for companion diagnostics procedures. There is a growing demand for companion diagnostic tests for the early detection and screening of chronic diseases. These tests also help reduce the side effects of drugs, improve patient outcomes, provide high diagnostic accuracy and specificity, reduce pharmacotherapy variability, and identify the most effective targeted therapy options. They are also associated with higher drug development success. The global market is booming due to the increasing demand for personalized medicines. Rising incidences of cancer and reduction in the cost of developing drugs are also having a positive impact on the global companion diagnostics market. Companion diagnostics tests and procedures help bring about better decisions with respect to treatment.
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Growing incidences of breast cancer across the globe are one of the key factors accelerating the global market for companion diagnostics, thereby creating value-grab opportunities for market contributors. Increasing awareness of breast cancer and the focus of health practitioners on its treatment is accelerating the global companion diagnostics market growth. However, the lung cancer segment is also generating substantial revenues in the global market. Rising pollution, unhealthy food, smoking, and chewing tobacco are mainly responsible for lung cancer, which results in the maximum number of deaths worldwide. It is particularly prevalent in low-income nations. This, alongside the development of numerous companion diagnostics and biomarkers for lung cancer, is mainly boosting the market growth. Companion diagnostics enable healthcare professionals to understand the side effects and potential risks posed by a particular therapeutic product. This eventually helps in fine-tuning treatment procedures.
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North America is expected to account for a major market share of the global companion diagnostics market. The rising affordability of treatment and well-established healthcare infrastructure are driving the global market for companion diagnostics in the region. The increasing prevalence of chronic diseases all over the world demand companion diagnostics procedures. A large number of ongoing clinical trials, outsourcing services, research activities, and increasing healthcare investment by governments are some of the factors responsible for the growth of the market in North America. Moreover, the significant presence of manufacturers is fueling the expansion of the North American companion diagnostics industry. Asia Pacific and Latin America are other attractive companion diagnostics regions, where the market is poised to increase due to rising healthcare spending and improving healthcare facilities.
| Attribute | Detail |
|---|---|
| Market Size Value in 2020 | US$ 5.24 Bn |
| Market Forecast Value in 2028 | US$ 9.30 Bn |
| Growth Rate (CAGR) | 9% |
| Forecast Period | 2021-2028 |
| Quantitative Units | US$ Mn for Value |
| Market Analysis | It includes cross-segment and regional-level analysis. Moreover, the qualitative analysis includes drivers, restraints, opportunities, key trends, and parent industry overview. |
| Competition Landscape |
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| Format | Electronic (PDF) + Excel |
| Market Segmentation |
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| Regions Covered |
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| Countries Covered |
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| Companies Profiled |
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| Customization Scope | Available upon request |
| Pricing | Available upon request |
Companion Diagnostics Market - Segmentation
| Attribute | Detail |
|---|---|
| Indication |
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| Region |
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The global market for companion diagnostics is expected to reach the value of US$ 9.30 Bn by the end of 2028
The companion diagnostics market is estimated to expand at a CAGR of 9% from 2021 to 2028
The companion diagnostics market is driven by an increase in demand and the development of personalized medicine
The breast cancer segment accounted for the largest market share in 2020 and the trend is expected to continue during the forecast period.
Key players operating in the market are Labcorp Drug Development, Agilent Technologies, Myriad Genetic Laboratories, Inc., Qiagen, Roche Molecular Systems, Inc., Dako, Inc.
1. Preface
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions and Research Methodology
3. Executive Summary: Global Companion Diagnostics Market
4. Market Overview
4.1. Introduction
4.1.1. Market Definition
4.1.2. Industry Evolution / Developments
4.2. Overview
4.3. Market Dynamics
4.3.1. Drivers
4.3.2. Restraints
4.3.3. Opportunities
4.4. Global Companion Diagnostics Market Analysis and Forecast, 2017-2028
4.4.1. Market Revenue Projections (US$ Mn)
5. Key Insights
5.1. Recent Approval of Companion Diagnostics for Cancer Care
5.2. Disease Prevalence & Incidence rate of Cancer
5.3. Key Mergers & Acquisitions
5.4. Regulatory Scenarios across globe
5.5. Overview of Personalized Medicine
5.6. Porters Five Forces Analysis
5.7. COVID-19 pandemic impact on the Global Companion Diagnostics Market
6. Global Companion Diagnostics Market Analysis and Forecast, by Indication
6.1. Introduction & Definition
6.2. Key Findings / Developments
6.3. Market Value Forecast, by Type, 2017-2028
6.3.1. Breast Cancer
6.3.2. Lung Cancer
6.3.3. Colorectal Cancer
6.3.4. Gastric Cancer
6.3.5. Melanoma
6.3.6. Others (HIV, Thalassemia)
6.4. Market Attractiveness Analysis, by Type
7. Global Companion Diagnostics Market Analysis and Forecast, by Region
7.1. Key Findings
7.2. Market Value Forecast, by Region
7.2.1. North America
7.2.2. Europe
7.2.3. Asia Pacific
7.2.4. Latin America
7.2.5. Middle East & Africa
7.3. Market Attractiveness Analysis, by Region
8. North America Companion Diagnostics Market Analysis and Forecast
8.1. Introduction
8.1.1. Key Findings
8.2. Market Value Forecast, by Type, 2017-2028
8.2.1. Breast Cancer
8.2.2. Lung Cancer
8.2.3. Colorectal Cancer
8.2.4. Gastric Cancer
8.2.5. Melanoma
8.2.6. Others (HIV, Thalassemia)
8.3. Market Value Forecast, by Country, 2017-2028
8.3.1. U.S.
8.3.2. Canada
8.4. Market Attractiveness Analysis
8.4.1. By Indication
8.4.2. By Country
9. Europe Companion Diagnostics Market Analysis and Forecast
9.1. Introduction
9.1.1. Key Findings
9.2. Market Value Forecast, by Type, 2017-2028
9.2.1. Breast Cancer
9.2.2. Lung Cancer
9.2.3. Colorectal Cancer
9.2.4. Gastric Cancer
9.2.5. Melanoma
9.2.6. Others (HIV, Thalassemia)
9.3. Market Value Forecast, by Country/Sub-region, 2017-2028
9.3.1. Germany
9.3.2. U.K.
9.3.3. France
9.3.4. Italy
9.3.5. Spain
9.3.6. Rest of Europe
9.4. Market Attractiveness Analysis
9.4.1. By Indication
9.4.2. By Country/Sub-region
10. Asia Pacific Companion Diagnostics Market Analysis and Forecast
10.1. Introduction
10.1.1. Key Findings
10.2. Market Value Forecast, by Type, 2017-2028
10.2.1. Breast Cancer
10.2.2. Lung Cancer
10.2.3. Colorectal Cancer
10.2.4. Gastric Cancer
10.2.5. Melanoma
10.2.6. Others (HIV, Thalassemia)
10.3. Market Value Forecast, by Country/Sub-region, 2017-2028
10.3.1. Japan
10.3.2. China
10.3.3. India
10.3.4. Australia & New Zealand
10.3.5. Rest of Asia Pacific
10.4. Market Attractiveness Analysis
10.4.1. By Indication
10.4.2. By Country/Sub-region
11. Latin America Companion Diagnostics Market Analysis and Forecast
11.1. Introduction
11.1.1. Key Findings
11.2. Market Value Forecast, by Type, 2017-2028
11.2.1. Breast Cancer
11.2.2. Lung Cancer
11.2.3. Colorectal Cancer
11.2.4. Gastric Cancer
11.2.5. Melanoma
11.2.6. Others (HIV, Thalassemia)
11.3. Market Value Forecast, by Country/Sub-region, 2017-2028
11.3.1. Brazil
11.3.2. Mexico
11.3.3. Rest of Latin America
11.4. Market Attractiveness Analysis
11.4.1. By Indication
11.4.2. By Country/Sub-region
12. Middle East & Africa Companion Diagnostics Market Analysis and Forecast
12.1. Introduction
12.1.1. Key Findings
12.2. Market Value Forecast, by Type, 2017-2028
12.2.1. Breast Cancer
12.2.2. Lung Cancer
12.2.3. Colorectal Cancer
12.2.4. Gastric Cancer
12.2.5. Melanoma
12.2.6. Others (HIV, Thalassemia)
12.3. Market Value Forecast, by Country/Sub-region, 2017-2028
12.3.1. GCC Countries
12.3.2. South Africa
12.3.3. Rest of Middle East & Africa
12.4. Market Attractiveness Analysis
12.4.1. By Indication
12.4.2. By Country/Sub-region
13. Competition Landscape
13.1. Market Player - Competition Matrix (by tier and size of companies)
13.2. Market Share Analysis, by Company, 2020
13.3. Company Profiles
13.3.1. Labcorp Drug Development
13.3.1.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.1.2. Financial Overview
13.3.1.3. Product Portfolio
13.3.1.4. Strategic Overview
13.3.1.5. SWOT Analysis
13.3.2. Agilent Technologies
13.3.2.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.2.2. Financial Overview
13.3.2.3. Product Portfolio
13.3.2.4. Strategic Overview
13.3.2.5. SWOT Analysis
13.3.3. Myriad Genetic Laboratories, Inc.
13.3.3.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.3.2. Financial Overview
13.3.3.3. Product Portfolio
13.3.3.4. Strategic Overview
13.3.3.5. SWOT Analysis
13.3.4. Qiagen
13.3.4.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.4.2. Financial Overview
13.3.4.3. Product Portfolio
13.3.4.4. Strategic Overview
13.3.4.5. SWOT Analysis
13.3.5. Roche Molecular Systems, Inc.
13.3.5.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.5.2. Financial Overview
13.3.5.3. Product Portfolio
13.3.5.4. Strategic Overview
13.3.5.5. SWOT Analysis
13.3.6. Dako Inc.
13.3.6.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.6.2. Financial Overview
13.3.6.3. Product Portfolio
13.3.6.4. Strategic Overview
13.3.6.5. SWOT Analysis
13.3.7. Abbott
13.3.7.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.7.2. Financial Overview
13.3.7.3. Product Portfolio
13.3.7.4. Strategic Overview
13.3.7.5. SWOT Analysis
13.3.8. Foundation Medicine, Inc.
13.3.8.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.8.2. Financial Overview
13.3.8.3. Product Portfolio
13.3.8.4. Strategic Overview
13.3.8.5. SWOT Analysis
13.3.9. MolecularMD Corporation
13.3.9.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.9.2. Financial Overview
13.3.9.3. Product Portfolio
13.3.9.4. Strategic Overview
13.3.9.5. SWOT Analysis
13.3.10. Ventana Medical Systems, Inc.
13.3.10.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.10.2. Product Portfolio
13.3.10.3. Strategic Overview
13.3.11. Illumina, Inc.
13.3.11.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.11.2. Product Portfolio
13.3.11.3. Strategic Overview
13.3.11.4. SWOT Analysis
13.3.12. Life Technologies Corporation
13.3.12.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.12.2. Product Portfolio
13.3.12.3. Strategic Overview
13.3.12.4. SWOT Analysis
13.3.13. Invivoscribe Technologies, Inc.
13.3.13.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.13.2. Product Portfolio
13.3.13.3. Strategic Overview
13.3.13.4. SWOT Analysis
13.3.14. ARUP Laboratories, Inc.
13.3.14.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.14.2. Product Portfolio
13.3.14.3. Strategic Overview
13.3.14.4. SWOT Analysis
13.3.15. Leica Biosystems
13.3.15.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.15.2. Product Portfolio
13.3.15.3. Strategic Overview
13.3.15.4. SWOT Analysis
13.3.16. Biogenex Laboratories, Inc.
13.3.16.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.16.2. Product Portfolio
13.3.16.3. Strategic Overview
13.3.16.4. SWOT Analysis
13.3.17. bioMérieux, Inc.
13.3.17.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.17.2. Product Portfolio
13.3.17.3. Strategic Overview
13.3.17.4. SWOT Analysis
13.3.18. GE Healthcare
13.3.18.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.18.2. Product Portfolio
13.3.18.3. Strategic Overview
13.3.18.4. SWOT Analysis
13.3.19. Agendia N.V
13.3.19.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.19.2. Product Portfolio
13.3.19.3. Strategic Overview
13.3.19.4. SWOT Analysis
13.3.20. Exact Sciences Corp
13.3.20.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.20.2. Product Portfolio
13.3.20.3. Strategic Overview
13.3.20.4. SWOT Analysis
13.3.21. Genomic Health
13.3.21.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.21.2. Product Portfolio
13.3.21.3. Strategic Overview
13.3.21.4. SWOT Analysis
List of Tables
Table 01: Global Companion Diagnostics Value (US$ Mn) Forecast, by Indication, 2017-2028
Table 02: Global Companion Diagnostics Value (US$ Mn) Forecast, by Region, 2017-2028
Table 03: North America Companion Diagnostics Market Value (US$ Mn) Forecast, by Indication, 2017-2028
Table 04: North America Companion Diagnostics Market Value (US$ Mn) Forecast, by Country, 2017-2028
Table 05: Europe Companion Diagnostics Market Value (US$ Mn) Forecast, by Indication, 2017-2028
Table 06: Europe Companion Diagnostics Market Value (US$ Mn) Forecast, by Country/Sub-region, 2017-2028
Table 07: Asia Pacific Companion Diagnostics Market Value (US$ Mn) Forecast, by Indication, 2017-2028
Table 08: Asia Pacific Companion Diagnostics Market Value (US$ Mn) Forecast, by Country/Sub-region, 2017-2028
Table 09: Latin America Companion Diagnostics Market Value (US$ Mn) Forecast, by Indication, 2017-2028
Table 10: Latin America Companion Diagnostics Market Value (US$ Mn) Forecast, by Country/Sub-region, 2017-2028
Table 11: Middle East & Africa Companion Diagnostics Market Value (US$ Mn) Forecast, by Indication, 2017-2028
Table 12: Middle East & Africa Companion Diagnostics Market Value (US$ Mn) Forecast, by Country/Sub-region, 2017-2028
List of Figures
Figure 01: Global Companion Diagnostics Market Value (US$ Mn) Forecast, 2017-2028
Figure 02: Global Companion Diagnostics Market Value Share, by Indication, 2020
Figure 03: Global Companion Diagnostics Market Value Share, by Region, 2020
Figure 04: Global Companion Diagnostics Value Share Analysis, by Indication, 2020 and 2028
Figure 05: Global Companion Diagnostics Attractiveness Analysis, by Indication, 2021-2028
Figure 06: Global Companion Diagnostics Market Value (US$ Mn), by Breast Cancer, 2017-2028
Figure 07: Global Companion Diagnostics Market Value (US$ Mn), by Lung Cancer, 2017-2028
Figure 08: Global Companion Diagnostics Market Value (US$ Mn), by Colorectal Cancer, 2017-2028
Figure 09: Global Companion Diagnostics Market Value (US$ Mn), by Gastric Cancer, 2017-2028
Figure 10: Global Companion Diagnostics Market Value (US$ Mn), by Melanoma, 2017-2028
Figure 11: Global Companion Diagnostics Market Value (US$ Mn), by Others, 2017-2028
Figure 12: Global Companion Diagnostics Value Share Analysis, by Region, 2020 and 2028
Figure 13: Global Companion Diagnostics Attractiveness Analysis, by Region, 2021-2028
Figure 14: Global Companion Diagnostics Market Value (US$ Mn), by North America, 2017-2028
Figure 15: Global Companion Diagnostics Market Value (US$ Mn), by Europe, 2017-2028
Figure 16: Global Companion Diagnostics Market Value (US$ Mn), by Asia Pacific, 2017-2028
Figure 17: Global Companion Diagnostics Market Value (US$ Mn), by Latin America, 2017-2028
Figure 18: Global Companion Diagnostics Market Value (US$ Mn), by Middle East & Africa, 2017-2028
Figure 19: North America Companion Diagnostics Market Value (US$ Mn) Forecast, 2017-2028
Figure 20: North America Companion Diagnostics Market Value Share Analysis, by Indication, 2020 and 2028
Figure 21: North America Companion Diagnostics Market Attractiveness Analysis, by Indication, 2021-2028
Figure 22: North America Companion Diagnostics Value Share Analysis, by Country, 2020 and 2028
Figure 23: North America Companion Diagnostics Attractiveness Analysis, by Country, 2021-2028
Figure 24: Europe Companion Diagnostics Market Value (US$ Mn) Forecast, 2017-2028
Figure 25: Europe Companion Diagnostics Market Value Share Analysis, by Indication, 2020 and 2028
Figure 26: Europe Companion Diagnostics Market Attractiveness Analysis, by Indication, 2021-2028
Figure 27: Europe Companion Diagnostics Value Share Analysis, by Country/Sub-region, 2020 and 2028
Figure 28: Europe Companion Diagnostics Attractiveness Analysis, by Country/ Sub-region, 2021-2028
Figure 29: Asia Pacific Companion Diagnostics Market Value (US$ Mn) Forecast, 2017-2028
Figure 30: Asia Pacific Companion Diagnostics Market Value Share Analysis, by Indication, 2020 and 2028
Figure 31: Asia Pacific Companion Diagnostics Market Attractiveness Analysis, by Indication, 2021-2028
Figure 32: Asia Pacific Companion Diagnostics Value Share Analysis, by Country/Sub-region, 2020 and 2028
Figure 33: Asia Pacific Companion Diagnostics Attractiveness Analysis, by Country/ Sub-region, 2021-2028
Figure 34: Latin America Companion Diagnostics Market Value (US$ Mn) Forecast, 2017-2028
Figure 35: Latin America Companion Diagnostics Market Value Share Analysis, by Indication, 2020 and 2028
Figure 36: Latin America Companion Diagnostics Market Attractiveness Analysis, by Indication, 2021-2028
Figure 37: Latin America Companion Diagnostics Value Share Analysis, by Country/Sub-region, 2020 and 2028
Figure 38: Latin America Companion Diagnostics Attractiveness Analysis, by Country/ Sub-region, 2021-2028
Figure 39: Middle East & Africa Companion Diagnostics Market Value (US$ Mn) Forecast, 2017-2028
Figure 40: Middle East & Africa Companion Diagnostics Market Value Share Analysis, by Indication, 2020 and 2028
Figure 41: Middle East & Africa Companion Diagnostics Market Attractiveness Analysis, by Indication, 2021-2028
Figure 42: Middle East & Africa Companion Diagnostics Value Share Analysis, by Country/Sub-region, 2020 and 2028
Figure 43: Middle East & Africa Companion Diagnostics Attractiveness Analysis, by Country/ Sub-region, 2021-2028
Figure 44: Global Companion Diagnostics Market Share Analysis, by Company, 2020
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