Companion Diagnostics Market size to exceed USD 6.5 Bn by 2025

Companion Diagnostics Market size is estimated to exceed USD 6.5 billion by 2025; according to a new research report by Global Market Insights, Inc.
 

Growing adoption of drug diagnostics co-development model to identify individual’s response to treatment options will augment companion diagnostics market growth. Companion diagnostics are being developed along with the drug and used to check its effectiveness as well as associated adverse reactions. Moreover, complementary diagnostic tests enable monitoring of drug response over the entire treatment course. They further provide access to person’s genetic, proteomic and metabolomics data resulting in better outcomes. Aforementioned advantages of drug diagnostic co-development will augment companion diagnostics market revenue.

 

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Improving regulatory scenario that facilitates entry of products will render a significant positive impact on companion diagnostics market growth. Innovative products are being developed by players in the market to identify appropriate drug diagnostic combination. Regulatory bodies ensure that effective and safe drugs are available across the globe. In 2017, FDA approved 16 new drugs with companion diagnostics. Thus, FDA product approvals will further stimulate companion diagnostics manufacturers to develop new entities thereby boosting companion diagnostics market. However, high cost will hamper drug diagnostics co-development market growth to some extent.
 

U.S. Companion Diagnostics Market Share, By Product, 2018 & 2025 (USD Million)
Companion Diagnostics Market

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Instruments segment was valued more than USD 1.2 billion revenue in 2018 and it is predicted to witness substantial growth over forthcoming years. Emphasis on R&D activities undertaken by industry players for development of innovative instruments that assist in accurate diagnosis will drive the segment. Technologically advanced instruments require less amount of media and reagents and delivers results in precise time. These instruments are used for multiple companion diagnostics test such as non-small cell lung cancer, melanoma, breast, colorectal and ovarian cancers. Aforementioned benefits of instruments and their wide range of applications will surge its demand in healthcare facilities.
 

Browse key industry insights spread across 110 pages with 101 market data tables & 9 figures & charts from the report, “Companion Diagnostics Market Size By Products (Instruments, Consumables, Services), By Disease Indication (Breast cancer, Lung cancer, Colorectal cancer, Skin cancer) By Technology (Immunohistochemistry, In Situ Hybridization, Polymerase Chain Reaction, Genetic Sequencing), By End-use(Hospitals, Diagnostic Laboratories) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, India, China, Japan, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Competitive Market Share & Forecast, 2019 - 2025” in detail along with the table of contents:  
https://www.gminsights.com/industry-analysis/companion-diagnostics-market
 

Breast cancer application segment of companion diagnostics market is anticipated to witness around 19% growth in coming years. Increasing prevalence of breast cancers will augment demand for companion diagnostics for effective and accurate treatment. According to CDC, in 2016, 245,299 incidences of breast cancer were reported in the U.S. alone. Large patient pool will augment demand for companion diagnostics as standard drugs are not always effective in all patients. HER2 protein is associated with breast cancer and often used as biomarker. Thus, rising prevalence of cancer will increase demand for companion diagnostics, thereby driving segment growth.   
 

Immunohistochemistry segment was valued around USD 500 million in 2018 and it is predicted to witness robust growth over forecast timeframe. Immunohistochemistry involves identification of antigens through antigen antibody binding principle. This technology further enables evaluation of drug contingency with significant accuracy. Effective results obtained with the usage of immunohistochemistry technology will augment its preference, thereby propelling immunochemistry technology segment growth.
 

Diagnostic laboratories end user segment of companion diagnostics market is anticipated to witness around 19.5% CAGR over the forecast timeframe. Increasing government funding and growing awareness pertaining to advantages of early diagnosis will escalate number of diagnostics procedures. Additionally, these laboratories provide disease specific diagnostics for several types of cancers, that will prove beneficial for segment growth. Moreover, diagnostics laboratories incorporate technologically superior devices providing efficient results. Aforementioned factors will prove beneficial for segmental growth.
 

North America companion diagnostics market was valued around USD 800 million in 2018 owing to high disposable income and availability of developed healthcare infrastructure. Robust research activities aimed at development of targeted drugs and therapies will augment demand for companion diagnostics in the region. Demographic trends such as rising geriatric population susceptible to chronic disorders and consequent increase in disease prevalence will support the industry growth.
 

Notable industry players operational in companion diagnostics market share are Roche, Pfizer, Merck, Astra Zeneca, Bristol Myers Squibb, Amgen, Biogen, Eli Lilly, Myriad Genetics, Johnson & Johnson, Becton, Dickinson and Company and Abbott. The players are implementing strategic initiatives such as geographic expansions, product launches, collaborations, acquisitions and mergers to acquire potential market share. New product approvals will positively impact the industry. For instance, In January 2018, Myriad company received FDA agreement for BRACAnalysis CDx as companion diagnostic for Lynparza that is used for patients suffering from metastatic breast cancer. In June 2016, Roche company received FDA approval for cobas EGFR Mutation Test v2, used to identify patients suffering from metastatic non-small cell lung cancer.
 

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Companion diagnostics market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2014 to 2025, for the following segments:
 

Companion Diagnostics Market, By Product (USD million)

  • Instruments
  • Consumables
  • Services

Companion Diagnostic Industry, By Disease Indication (USD million)

  • Breast cancer
  • Lung cancer
  • Colorectal cancer
  • Skin cancer
  • Others

Companion Diagnostics Market, By Technology (USD million)

  • Immunohistochemistry
  • In Situ Hybridization
  • Polymerase Chain Reaction
  • Genetic Sequencing
  • Others

Companion Diagnostic Market, By End-use (USD million)

  • Hospitals
  • Diagnostic laboratories
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • Asia Pacific
    • India
    • China
    • Japan
    • Australia
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • South Africa
    • Saudi Arabia

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