Companion Diagnostics Market Analysis with Size, Manufacturers, Applications and Forecast Research Report
According to a new report published by KD
Market Insights, titled, "Companion
Diagnostics Market, by Technology, and Indication:
Global Opportunity Analysis and Industry Forecast, 2019 - 2026," the
global companion diagnostics market was valued at $ 1,678 million in 2018, and
is expected to reach $6,452 million by 2026, growing at a CAGR of 18.3% from
2019 to 2026.
Companion diagnostic is an in-vitro diagnostic
process that provides information about the therapeutic response of a patient
for a specific treatment. This test improves the therapeutic efficiency of
drugs and decreases overall healthcare cost during treatment. Companion
diagnostic is a form of personalized medicine that includes drug-testing,
therapies, clinical trials, and research. These further determine therapeutic
benefits of the product to patients to outweigh any potential serious side
effects or risks.
The companion diagnostics market is an
emerging market and is anticipated to experience significant growth during the
forecast period owing to increase in R&D of targeted therapies, rise in
demand for personalized medicine with increase in awareness in emerging
economies, discovery of new biomarkers for various conditions, and higher
number of unmet needs for the treatment of cancer are majorly driving the companion
diagnostics market growth.
Based on technology, the polymerase chain
reaction (PCR) segment dominates the global market, and is anticipated to
continue this trend during the forecast period. Some key factors driving the
market growth are cost effectiveness, high sensitivity, and specificity and can
be used for simple automated platforms. However, the next generation sequencing
(NGS) segment is expected to experience rapid growth as it is an advanced
technique as compared to the PCR with less turnaround times.
Based on indication, the global companion
diagnostics market is segmented into oncology, neurology, and others. At
present, the oncology segment is the major revenue generating segment and is
estimated to experience significant growth during the forecast period. Some key
factors such as higher prevalence of cancer, rise in number of R&D
activities for cancer, higher number of unmet need for treatment of cancer,
surge in number of FDA approved companion diagnostics, and increase in
awareness among the patients about personalized medicine are majorly driving
the growth of the oncology segment.
Key Findings of the Companion
Diagnostics Market:
- Based on technology type, the PCR segment
held more than one third share in the global market in 2018.
- Based on indication type, the oncology segment exhibits fastest growth and is expected to grow at a CAGR of 18.5% from 2019 to 2026.
- Based on oncology type, the breast cancer segment held largest market share in 2018, and is expected to remain dominant throughout the forecast period.
- Based on region, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 20.4% during the forecast period.
- Based on indication type, the oncology segment exhibits fastest growth and is expected to grow at a CAGR of 18.5% from 2019 to 2026.
- Based on oncology type, the breast cancer segment held largest market share in 2018, and is expected to remain dominant throughout the forecast period.
- Based on region, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 20.4% during the forecast period.
North America accounted for approximately
one-half of the global market share in 2018, and is expected to remain dominant
throughout the forecast period. This was attributed to the higher usage of
companion diagnostics, large presence of key players, increase in number of target
population with high number of trained medical professionals. While,
Asia-Pacific is expected to experience the highest growth rate during the
forecast period majorly due to increase in demand for personalized medicine,
development in the healthcare infrastructure, and rise in prevalence of
different forms of cancer with higher number of unmet needs."
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