DUBLIN--(BUSINESS WIRE)--The "Companion Diagnostics Market - Growth, Trends, Covid-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Companion Diagnostics Market was valued at USD 4,865.60 million in 2020 and is expected to reach USD 14,920.22 million by 2026, registering a CAGR of 20.24% during the forecast period.
Early diagnosis of COVID-19 is becoming more essential in the market, as it has the potential to find the right treatment for the patients impacted with the virus. The most commonly used and reliable test for diagnosis of COVID-19 has been the polymerase chain reaction (PCR) test performed using nasopharyngeal swabs or other upper respiratory tract specimens, including throat swabs.
Thus, the disease diagnosis using polymerase chain reaction (PCR) emerged as a major focus for the management of the disease. In November 2020, TScan Therapeutics signed a research license and option agreement with Qiagen to develop a COVID-19 immune response test.
The companion diagnostics market is expected to experience substantial growth due to the development of new biomarkers for various diseases, a rise in R&D of targeted therapies, an increase in demand for customized medicine with increased recognition in developing markets and a higher number of unmet cancer care needs. For instance, in September 2020, Roche introduced a highly effective SARS-CoV-2 antibody test that provided fast results. The introduction of such highly effective diagnostic tests is expected to boost the market growth.
The growth of the global companion diagnostics market can be attributed to the rising focus on personalized medicine and the co-development of drug and diagnostic technologies. Additionally, rising cases of adverse drug reactions related to drugs, due to the lack of efficacy, drive the need for companion diagnostics.
In addition, globally, the rising burden of cancer increasing demand for personalized medicines and awareness about the same, among the population. With companies increasing their collaborations for better biomarkers and diagnostics, in order to focus on cost regulations, there has been a significant number of opportunities for its applications in indications, like cancer, cardiovascular, and neurological disorders.
For instance, in April 2019, Myriad Genetics, Inc. and AstraZeneca plc and Merck Group entered into a partnership, to identify unmet medical needs in men related to metastatic castration-resistant prostate cancer and expand the company's patient access in the market.
Overall, the rising R&D activities in the development of novel diagnostic test for various chronic diseases is anticipated to drive the global companion diagnostics market growth.
Competitive Landscape
The Companion Diagnostics Market is moderately fragmented and highly competitive consists of several major players.
The presence of major market players, such as Abbott Laboratories Inc, Agilent Technologies Inc., F Hoffmann-La Roche Ltd, Biomerieux SA, and Qiagen NV, is increasing the overall competitive rivalry of the market studied.
Moreover, the rising focus of companies toward personalized medicine, co-development activities, and increased cases of adverse drug reactions is expected to boost the competitive rivalry in the market studied.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Companies Promoting Personalized Medicine and Targeted Therapy as a New Treatment Option
4.2.2 Increasing Cases of Adverse Drug Reactions
4.2.3 Co-development of Drug and Diagnostic Technology
4.3 Market Restraints
4.3.1 High Cost of Drug Development and Associated Clinical Trials
4.3.2 Reimbursement Issues among Many Countries
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Technology
5.1.1 Immunohistochemistry (IHC)
5.1.2 Polymerase Chain Reaction (PCR)
5.1.3 In-situ Hybridization (ISH)
5.1.4 Real-time PCR (RT-PCR)
5.1.5 Gene Sequencing
5.1.6 Other Technologies
5.2 By Indication
5.2.1 Lung Cancer
5.2.2 Breast Cancer
5.2.3 Colorectal Cancer
5.2.4 Leukemia
5.2.5 Melanoma
5.2.6 Other Indications
5.3 Geography
6 COMPETITIVE LANDSCAPE
- Abbott Laboratories, Inc
- Agilent Technologies Inc.
- F.Hoffmann-La Roche Ltd
- Biomerieux SA
- Qiagen NV
- Siemens Healthcare
- Thermo Fisher Scientific Inc.
- Danaher Corporation (Beckman Coulter Inc.)
- Almac Group
- Illumina, Inc
- Myriad Genetics, Inc
- Sysmex Corporation
- Abnova Corporation
- Guardant Health, Inc
- Biogenex Laboratories, Inc
For more information about this report visit https://www.researchandmarkets.com/r/tejm35
