Dublin, Sept. 24, 2019 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
The companion diagnostics market is projected to reach USD 7,299.4 million by 2024 from USD 3,515.8 million in 2019, at a CAGR of 15.7% during the forecast period.
Market Dynamics
This report analyzes the market for various companion diagnostics and their adoption patterns. It aims at estimating the size and future growth potential of the global companion diagnostics market as well as its segments (by product & service, technology, indication, end-user, and region). The report also includes an in-depth competitive analysis of key market players along with their company profiles, product offerings, and recent developments.
The prominent players operating in the global companion diagnostics market are F. Hoffmann-La Roche AG (Switzerland), Agilent Technologies, Inc. (US), QIAGEN N.V. (Germany), Abbott Laboratories, Inc. (US), Almac Group (UK), Danaher Corporation (US), Illumina, Inc. (US), bioMrieux SA (France), Myriad Genetics, Inc., (US), Sysmex Corporation (Japan), Thermo Fisher Scientific Inc. (US), Abnova Corporation (Taiwan), and Guardant Health, Inc. (US).
Cancer segment to witness the highest growth during the forecast period
The cancer segment is estimated to grow at the highest CAGR during the forecast period. This can be attributed primarily to the increasing global incidence of cancer, the growing role of companion diagnostics in personalized medicine treatment for cancer, the rising utility of biomarkers in the diagnosis of cancer, technological advancements in cancer diagnostics at the molecular level, and the availability of funding for cancer research.
Pharmaceutical & biopharmaceutical companies segment to grow at the highest CAGR in the companion diagnostics market, by end-user
The major factors driving the demand for pharmaceutical & biopharmaceutical companies in companion diagnostics are growing prominence in drug development and the growing importance of companion diagnostic biomarkers. The increasing demand for personalized medicine as well as the high demand for targeted therapies for various diseases and disorders are also expected to drive the demand and uptake of companion diagnostics among pharmaceutical & biopharmaceutical companies.
APAC market to witness the highest growth during the forecast period
Asia Pacific is estimated to be the fastest-growing regional market for companion diagnostics during the forecast period. The high incidence of cancer, growing proteomics & genomics research, increasing research funding, rising investments by pharmaceutical and biotechnology companies, and growing awareness about personalized therapeutics in several APAC countries are some of the major factors driving the growth of this market.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Companion Diagnostics: Market Overview
4.2 Asia Pacific: Companion Diagnostics Market, By End User (2018)
4.3 Regional Mix: Companion Diagnostics Market
4.4 Companion Diagnostics Market: Developing Vs. Developed Countries
4.5 Geographical Snapshot of the Companion Diagnostics Market
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Advantages of Companion Diagnostics
5.2.1.2 Growing Need for Targeted Therapy
5.2.1.3 Growing Importance of Personalized Medicine
5.2.1.4 Increasing Global Incidence of Cancer
5.2.1.5 Growing Application Areas of Companion Diagnostics
5.2.2 Restraints
5.2.2.1 High Cost of Companion Diagnostic Tests
5.2.2.2 Uncertain Reimbursement Scenario in Different Regions
5.2.3 Opportunities
5.2.3.1 Increasing Demand for Next-Generation Sequencing
5.2.3.2 Growing Significance of Companion Diagnostics in Drug Development
5.2.3.3 Increasing Number of Clinical Trials
5.2.4 Challenges
5.2.4.1 Shortage of Trained Professionals
6 Industry Insights
6.1 Introduction
6.2 Industry Trends
6.2.1 Growing Focus on Liquid Biopsy in Companion Diagnostics
6.2.2 Increasing Collaborations
6.3 Regulatory Analysis
6.3.1 North America
6.3.1.1 US
6.3.1.2 Canada
6.3.2 Europe
6.3.3 APAC
6.3.3.1 Australia
6.3.3.2 Japan
6.3.3.3 China
6.3.3.4 India
6.3.4 Brazil
6.4 Product Pipeline Analysis
7 Companion Diagnostics Market, By Product & Service
7.1 Introduction
7.2 Assays, Kits, & Reagents
7.2.1 With the Growing Need for Personalized Medicine, the Volume of Companion Diagnostic Tests Performed in Laboratories is Increasing, Which Supports the Adoption of Assays & Kits
7.3 Software & Services
7.3.1 the Need for Effective Data Management Software Within Laboratories is Increasing, Contributing to the Growth of the Companion Diagnostic Software & Services Market
8 Companion Diagnostics Market, By Technology
8.1 Introduction
8.2 Polymerase Chain Reaction (PCR)
8.2.1 Growing Applications of PCR Technologies in the Field of Personalized Medicine and Companion Diagnostics Drive the Growth of This Segment
8.3 Next-Generation Sequencing (NGS)
8.3.1 the NGS Segment is Expected to Grow at the Highest CAGR During the Forecast Period
8.4 in Situ Hybridization (ISH)
8.4.1 Increasing Adoption of ISH is Mainly Due to Advancements in Hybridization and Its Demand in Small-Tumor Diagnostics
8.5 Immunohistochemistry (IHC)
8.5.1 Increasing Demand for User-Friendly and Cost-Effective Technologies in Companion Diagnostics to Drive the Growth of This Segment
8.6 Other Technologies
9 Companion Diagnostics Market, By Indication
9.1 Introduction
9.2 Cancer
9.2.1 Breast Cancer
9.2.1.1 Breast Cancer is the Most Common Cancer Among Women - A Key Factor Contributing to the Large Share of This Market Segment
9.2.2 Lung Cancer
9.2.2.1 Growing Demand for Therapeutic Drugs and Their High Efficacy in the Treatment of Lung Cancer Increase the Adoption of Companion Diagnostics in This Segment
9.2.3 Colorectal Cancer
9.2.3.1 Growing Need for Molecular Profiling of Primary Tumors in Colorectal Cancer to Drive Growth in This Market Segment
9.2.4 Melanoma
9.2.5 Gastric Cancer
9.2.5.1 Increasing Focus of Market Players on the Development of Tests and Kits for Gastric Cancer Indications to Drive Market Growth
9.3 Neurological Diseases
9.3.1 Growing Number of Diagnostic Technologies for the Treatment of Neurological Diseases to Boost the Adoption of Companion Diagnostics in This Segment
9.4 Infectious Diseases
9.4.1 Growing Focus of Companion Diagnostic Players on Orphan Indications to Propel the Growth of This Segment During the Forecast Period
9.5 Cardiovascular Diseases
9.5.1 Growing Demand for Targeted Therapies Due to High Incidence and Mortality Rate of Cardiovascular Diseases to Drive Growth in This Segment
9.6 Other Indications
10 Companion Diagnostics Market, By End User
10.1 Introduction
10.2 Pharmaceutical & Biopharmaceutical Companies
10.2.1 Wide Usage of Companion Diagnostics in Pharmaceutical & Biopharmaceutical Companies Owing to Their Growing Prominence in Drug Development to Drive Market Growth
10.3 Reference Laboratories
10.3.1 Growing Incidence of Diseases Such as Cancer and the Rising Demand for Targeted Therapies to Drive the Growth of This End-User Segment
10.4 Contract Research Organizations
10.4.1 CROs Offer a Complete Range of Companion Diagnostic Services Ranging From Companion Diagnostic Development to Targeted Therapy-Related Clinical Trials
10.5 Other End Users
11 Companion Diagnostics Market, By Region
11.1 Introduction
11.2 North America
11.2.1 US
11.2.1.1 US is the Largest Market for Companion Diagnostics in North America
11.2.2 Canada
11.2.2.1 Government Initiatives to Promote Companion Diagnostics in Various Indications are Expected to Drive Market Growth in Canada
11.3 Europe
11.3.1 Germany
11.3.1.1 Germany is a Major Market for Pharmaceutical and Biotechnology Products in Europe
11.3.2 UK
11.3.2.1 Growth in the Country's Life Science Industry and Increasing Research are Key Factors Driving Market Growth in the UK
11.3.3 Switzerland
11.3.3.1 Switzerland Boasts a Strong Research-Oriented Pharma Industry
11.3.4 France
11.3.4.1 Increasing Government Funding for Genomics and Personalized Therapeutics R&D is Driving Market Growth
11.3.5 Italy
11.3.5.1 Growing Disease Prevalence has Contributed to the Demand for Better, More Powerful Therapeutics in Italy
11.3.6 Spain
11.3.6.1 Medical Institutes in Spain are Increasingly Focusing on Cancer Biomarker Research
11.3.7 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.1.1 Japan Holds the Largest Share of the Market in APAC
11.4.2 China
11.4.2.1 China is One of the Most Prominent Research Markets, Worldwide
11.4.3 India
11.4.3.1 Indian Government has Focused on Tackling the Problem of a Growing Cancer Incidence
11.4.4 Australia
11.4.4.1 Rising Burden of Geriatric Population has Resulted in Initiatives to Enhance Healthcare Access and Infrastructure
11.4.5 Rest of Asia Pacific
11.5 Latin America
11.5.1 Brazil
11.5.1.1 Brazil Dominates the Latin American Companion Diagnostics Market
11.5.2 Mexico
11.5.2.1 Mexico is Emerging as a Prominent Medical Tourism Hub
11.5.3 Rest of Latin America
11.6 Middle East and Africa
11.6.1 Rising Cancer Incidence Rate has Attracted Stakeholder Attention to Regional Markets in MEA
12 Competitive Landscape
12.1 Overview
12.2 Market Share Analysis
12.3 Competitive Leadership Mapping, 2018
12.4 Vendor Inclusion Criteria
12.5 Vendor Dive
12.5.1 Visionary Leaders
12.5.2 Innovators
12.5.3 Emerging Companies
12.5.4 Dynamic Differentiators
12.6 Competitive Situations and Trends
12.6.1 Partnerships, Collaboration, and Agreements
12.6.2 Acquisitions
13 Company Profiles
13.1 F. Hoffmann-La Roche AG
13.1.1 Business Overview
13.1.2 Products Offered
13.1.3 Recent Developments
13.2 Agilent Technologies Inc.
13.3 QIAGEN N.V.
13.4 Abbott Laboratories Inc.
13.5 Almac Group
13.6 Danaher Corporation
13.7 Illumina Inc.
13.8 bioMerieux S.A.
13.9 Myriad Genetics Inc.
13.10 Sysmex Corporation
13.11 Thermo Fisher Scientific Inc.
13.12 Abnova Corporation
13.13 Guardant Health Inc.
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