Companion Diagnostic Market Evolution By Recent Trends, Regional Growth, Revenue and Opportunities Till 2030 | Abbott Laboratories, Inc., F. Hoffmann-La Roche AG, Agilent Technologies, Inc
Companion Diagnostic Market Overview:
A companion diagnostic is an in-vitro diagnostic device used to determine whether or not a drug is real and actual for a given therapy in patients, to determine which patients are most likely to experience positive effects from taking a given medication, and to track how well that medication is working for those who are taking it.
Lung cancer, breast cancer, gastric cancer, neurological disorders and stomach cancer are just some of the many conditions for which companion diagnostics have found widespread application. As an added bonus, companion diagnostics employ a wide variety of diagnostic methods, including PCR, in situ hybridization, immunohistochemistry, multiplex assays, next-generation sequencing, and technologies for cellular imaging.
Forecasts put the value of the market for companion diagnostic worldwide at US$ 3,481.2 Mn in 2020, growing at a CAGR of 19.5% between 2015 and 2020. (2020-2027).
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Companion diagnostic (CD) testing has increased significantly around the world owing to factors including the rising incidence of diseases like lung cancer and non-small cell lung cancer. In 2018, the United States projected approximately 121,680 incidents of lung cancer in men and 234,030 cases in women, in accordance to a report from the US National Library of Medicine. In addition, lung carcinoma, breast cancer and prostate cancer, were the frequently chronic cancers in the United States in the year 2018.
Market for companion diagnostic worldwide- Effect of Coronavirus (Covid-19) Pandemic
COVID-19 and the market for CD (companion diagnostic) are interconnected in both directions. For example, in the month of April 2020, a diagnostic company called Diaceutics PLC announced results from their own COVID-19 oncology tracker demonstrating the impact of COVID on cancer testing and diagnosis in the United States. An estimated 31% decrease in the use of companion diagnostic procedures has been recorded by Diaceutics’ COVID-19 tracker.
Growth is anticipated in the North American market due to the efforts of major players there to boost the total amount of laboratories for testing and advance diagnostic procedures through the introduction of new products. For the diagnosis of mutation in the epidermal growth factor receptor gene in non-small cell lung cancer, Roche Molecular Systems, Inc. was given marketing approval for their cobas EFGR mutation test v2 polymerase chain reaction (PCR) test in 2018.
In addition, consolidation through mergers and acquisitions is being pursued by players in the European market for CD (companion diagnostic) in an effort to speed up innovation in diagnostic procedures, which should propel the development of this market. Consider the 2019 announcement of the merger between Myriad Genetics, Inc. (a pioneer in the field of personalized medicine) and AstraZeneca and Merck. As a result of the merger, BRAC Analysis CDx will be used to check for BRCA mutations in men with metastatic castrate-resistant cancer.
The main companies participating in the market of companion diagnostic worldwide are F. Hoffmann-La Roche AG, Agilent Technologies, Inc, QIAGEN N.V, Abbott Laboratories, Inc., Almac Group, Danaher Corporation, Illumina, Inc, bioMérieux SA, Myriad Genetics, Inc, Sysmex Corporation, Thermo Fisher Scientific Inc, Abnova Corporation, Guardant Health, Inc., Icon Plc, and Biogenex Laboratories, Inc.
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Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Companion Diagnostic Market Size Analysis from 2023 to 2030
11.6 COVID-19 Outbreak: Companion Diagnostic Industry Impact
Chapter 2 Global Companion Diagnostic Competition by Types, Applications, and Top Regions and Countries
2.1 Global Companion Diagnostic (Volume and Value) by Type
2.3 Global Companion Diagnostic (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Companion Diagnostic Sales, Consumption, Export, Import by Regions (2017-2023)
Chapter 5 North America Companion Diagnostic Market Analysis
Chapter 6 East Asia Companion Diagnostic Market Analysis
Chapter 7 Europe Companion Diagnostic Market Analysis
Chapter 8 South Asia Companion Diagnostic Market Analysis
Chapter 9 Southeast Asia Companion Diagnostic Market Analysis
Chapter 10 Middle East Companion Diagnostic Market Analysis
Chapter 11 Africa Companion Diagnostic Market Analysis
Chapter 12 Oceania Companion Diagnostic Market Analysis
Chapter 13 South America Companion Diagnostic Market Analysis
Chapter 14 Company Profiles and Key Figures in Companion Diagnostic Business
Chapter 15 Global Companion Diagnostic Market Forecast (2023-2030)
Chapter 16 Conclusions
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