Dublin, Sept. 01, 2021 (GLOBE NEWSWIRE) -- The "Global Companion Diagnostics Market- Strategies and Market Share and Industry Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global companion diagnostics market is expected to grow at a CAGR of over 23.5% during the period of 2020-2026. Companion diagnostic tests are used for collecting patient information, dosing requirement, and susceptibility regarding the side effects of any particular drug. Companion diagnostics tests are also known as pharmacogenetic tests.
While many drug labels provide guidance on pharmacogenetic testing, certain drugs specifically cancer drugs, require patients to receive a diagnostic test, as the efficacy of these drugs is limited to those with a particular genotype. Major driving forces of companion diagnostics are improved regulatory guidelines, rising cancer incidence across the globe, need for targeted therapies, and increasing collaborations and partnerships for test development.
The companion diagnostics market is the fastest-growing segment of the IVD and clinical lab services markets. The closely associated pharmacodiagnostics IVD market is expected to grow annually by over 20%.
Approval of CDX- assisted therapies, and high growth of market opened for laboratory tests and IVD products. Global companion diagnostics is facing challenges as prolonged development time of companion diagnostics, increasing duration of the approval, in spite of all challenges, there are huge opportunities as process increasing new indication areas, increasing demand for next-generation sequencing, increasing number of clinical trials which will leverage the market of data fabric.
The global companion diagnostics market is segmented on the basis of product & services, indication, technology and end-user. The indication segment consists of oncology, cardiovascular conditions, central nervous system indications, inflammation and virology segment. Oncology is dominating the indication segment. The technology market is segmented as Immunohistochemistry and Molecular diagnostics etc. Molecular diagnostics is the fastest growing and highest revenue generator product & service segment consist of assay kits, reagents, and software & services. The end-user segment of the market is differentiated into pharmaceutical & biopharmaceutical companies, reference laboratories, and other end users. The pharmaceutical and biopharmaceutical companies segment is dominating the market during the forecasted period.
Geographically North America hold the largest share in the companion diagnostics market, due to the high technological advancements in the region. Asia Pacific market is expected to grow at the highest CAGR between 2020 and 2026. The primary forces which are driving the growth of the market are the growing prevalence of diseases like cancer and neurology diseases, also the increasing number of hospitals and diagnostics laboratories are creating huge opportunity. are driving the growth of the companion diagnostics market.
The growth in the global companion diagnostics market is also influenced by the presence of major players such Qiagen n.v. (Netherland), Thermo Fisher Scientific Inc. (US), Myriad Genetics, Inc. (US), Sysmex Corporation (Japan), Genomic Health, Inc. (US) and other. Collaborations and partnership etc. are some crucial strategies adopted by the major players to gain competitive advantage.
Key Topics Covered:
3. Industry Outlook
4. Market Share Analysis
5. Regulatory Landscape: Companion Diagnostics
6. Analysing Companion Diagnostics
7. Analysing Companion Diagnostics Cross Borders
8. Competitive Landscape
9. Patent Analysis
10. Company Profiling
Thermo Fisher Scientific
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