According to the new market research report “Companion Diagnostics Market by Product & Service (Assay, Kit, Software & Service), Technology (PCR, NGS, ISH, IHC), Indication (Breast, Lung & Colorectal Cancer, Cardiovascular Disease), End-User (Pharma Companies, CRO), Region — Global Forecast to 2024”, published by MarketsandMarkets™, analyzes and studies the major market drivers, restraints/challenges, and opportunities in North America, Europe, Asia-Pacific, and the Rest of the world (RoW).
The global companion diagnostic market is is projected to reach USD 7.3 billion by 2024 from USD 3.5 billion in 2019, at a CAGR of 15.7%. The growth of the market can be attributed to increasing lung cancer cases, growing number of genetic testing, rising need for personalized medicines, and regulatory guidelines that support the companion diagnostics market. However, uncertainty in the reimbursement scenario in different countries is expected to hinder market growth.
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A companion diagnostic assay is an in vitro diagnostic device (IVD) that is used to identify whether a patient with certain disease could be benefitted by a particular drug through the biomarker assessment. The report analyzes the companion diagnostics market by product & service, technology, indication, end user, and region.
Based on product & service, the assay kits & reagents segment accounted for the largest share in 2016, owing to its wide range of applications in platforms such as PCR, NGS, IHC, and ISH.
The growth of this market is majorly driven by the factors such as improvements in regulatory guidelines, growing need for targeted therapies, rising cancer incidence across the globe, and increasing collaborations and partnerships for companion diagnostics test development.
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The companion diagnostic market in APAC is expected to grow at the highest CAGR during the forecast period. Factors such as the growing need of tailored therapeutics for the elderly population; increasing number of hospitals and diagnostic laboratories; and growing prevalence of life-threatening diseases are driving the growth of the companion diagnostics market in this regional segment.
Companion diagnostic assay kits include test panels that enable the detection of biomarker types. Companion diagnostics assays analyze the efficacy of a drug through the detection of disease biomarker activity against that drug. Companion diagnostic assays are operated on various technology platforms such as polymerase chain reaction (PCR), next-generation sequencing (NGS), immunohistochemistry (IHC), and in situ hybridization (ISH). Reagents include components such as staining solutions, acids, bases, buffers, detergents, solutions, and substrates required while performing various companion diagnostic tests. Reagents are products paired to the diagnostic test procedures and have a single-use.
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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.
The prominent players in the global companion diagnostics market are Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche AG (Switzerland), Agilent Technologies, Inc. (U.S.), QIAGEN N.V. (Netherland), Illumina Inc. (U.S.). Collaborations and partnerships was the key growth strategy adopted by market players between 2014 and 2017. Companies also aim to differentiate themselves in the highly competitive global companion diagnostics market by expanding their product portfolios in accordance with industry trends and client needs.