The global companion diagnostics market size was estimated at USD 4.2 Bn in 2021, growing at a CAGR of 13.3% during the forecast period 2022-2028. Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and other qualitative sections with an in-depth TOC on “Global Companion Diagnostics Market By Application (Breast Cancer, Colorectal Cancer, Lung Cancer, Urology, Melanoma, Gastric Cancer, Others), By Technology (Immunohistochemistry, Molecular Diagnostics, In-situ Hybridization, FISH, CISH, Real-Time PCR, Gene Sequencing), By End-user (Hospitals, Diagnostic Centres, Others) and By Geography- Global/Region/Country Forecast to 2028.”
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Rapid drug regulatory approvals are driving the Global Companion Diagnostics Market
Companion diagnostics are developed often along with drugs to help in choosing the patient groups to treat using particular drug based on their biological characters. These diagnostics are medical devices provide important data necessary for efficient and secure use of corresponding drug or biotechnology product. These diagnostics are developed on the basis of biomarkers technology for assessing the response or severe toxicity of the drugs. These diagnostics are mainly used in oncology area. The global companion diagnostics market growth is extremely sectioned because of the presence of numerous established small and large suppliers. The market competition will intensify during the evaluation period as vendors adopt strategies such as MA for developing novel technologies. Launch and approval of product will also assist in increasing the volume of available diagnostic devices in the market. Moreover, the vendors also work on distinguishing their products on the basis of accuracy of results, quality and other value added services since it is going to help them in getting a competitive edge over their peers.
There are a few factors including emergence of novel pharmaceuticals and diagnostics, improved efficacy and safety profiles of drugs, increase in the partnerships between other research firms, market players and government organizations over the use of co diagnostics, reduced healthcare expenditure and accelerated drug regulatory approvals bolstering the market growth. On the other hand, intellectual property problems in certain areas, complex clinical trial procedures and regulatory uncertainty are the important factors hampering the market growth.
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North America accounted for major share in the Companion Diagnostics Market
On the basis of regional analysis, companion diagnostics market is categorized into major regions such as Latin America, Asia Pacific, North America, Europe, Middle East and Africa. Among all these regions, North America projected to be the leading market for companion diagnostics due to the growing RD investment in the region and increase in the innovative technologies in biomarkers. Other regions such as Europe and Asia Pacific are anticipated to grow at a considerable rate due to the growing disposable income, large customer and patient base and increase in the government initiatives developing healthcare infrastructure.
Competitive Analysis - Global Companion Diagnostics Market
A few major players working in the global companion diagnostics market are Pfizer Inc., (U.S), F. Hoffmann-La Roche Ltd.(Switzerland), Qiagen Ltd. (Germany), ARUP Laboratories (U.S.), Abbott Laboratories (U.S.) and Biogenex Laboratories, Inc. (U.S.).
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