Companion Diagnostics Market Size By Product (Instruments, Consumables, Services), By Disease Indication (Breast cancer, Lung cancer, Colorectal Cancer, Skin cancer), By Technology (Immunohistochemistry, In Situ Hybridization, Polymerase Chain Reaction, Genetic Sequencing), By End-use (Hospitals, Diagnostic Laboratories), Industry Analysis Report, Regional Outlook, Application Potential, Competiti

Companion Diagnostics Market Size By Product (Instruments, Consumables, Services), By Disease Indication (Breast cancer, Lung cancer, Colorectal Cancer, Skin cancer), By Technology (Immunohistochemistry, In Situ Hybridization, Polymerase Chain Reaction, Genetic Sequencing), By End-use (Hospitals, Diagnostic Laboratories), Industry Analysis Report, Regional Outlook, Application Potential, Competiti

Companion Diagnostics Market Size

Companion Diagnostics Market size exceeded USD 2 billion in 2018 and is poised to grow at over 19% CAGR between 2019 and 2025. Growing incidences of adverse drug reactions will prove beneficial for the market growth.

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Companion diagnostics help doctors to identify patients at higher risk of side effects from certain medications and thus enable their prevention. Companion diagnostics further helps to adjust drug treatment to avoid hazardous repercussions and enhance clinical outcomes.

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Increasing prevalence of cancer across the globe will boost the companion diagnostics market demand. Cancer patients react differently to variety of drugs and consequently need personalized therapy. Companion diagnostics provide accurate information about the drug’s effectiveness and safety in different patient group.

Companion Diagnostics Market Analysis

Consumables product segment in the companion diagnostics market is anticipated to observe around 19% growth rate till 2025. The segment includes reagent and media, that are required for assessment of patient’s reaction to the drug. Unlike instruments, consumables are frequently bought and have high replacement rate. They are consumed in large quantity to cater to increasing demand for companion diagnostics.

Service segment value was over USD 160 million in 2018. Outsourcing services enables healthcare facilities to emphasize on primary activities. Moreover, companies providing companion diagnostics services have expertise in the field and thus provides superior quality data. As companion diagnostics services enables healthcare professionals to provide superior quality therapy to patients by using personalized medications, its demand will rise over the coming years.

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Skin cancer segment accounted for over 13% companion diagnostics market share in 2018. Increasing prevalence of skin cancer due to adverse effects of cosmetics and excess exposure to harmful sun rays will surge demand for companion diagnostics tests. As per CDC, in 2016, 82,476 incidences of melanomas were reported in the U.S. alone. Companion diagnostics is playing pivotal role in assisting doctors to treat skin cancer patients.

Lung cancer segment application segment is projected to show more than 18.5% growth from 2019 to 2025. Substantial growth is attributed to Increasing prevalence of cancer across the globe. According to Centers for Disease Control and Prevention, 218,229 lung and bronchus cancer incidences were reported in 2016 in the U.S. Selection of effective treatment at early stages plays important role in the treatment of lung cancer. Companion diagnostics enables selection of treatment tailored considering individual needs.  Furthermore, it also helps in avoiding adverse reactions throughout the course of treatment.

In situ hybridization technology segment size in the companion diagnostics market crossed USD 400 million in 2018. In situ hybridization uses amplifiable DNA as reporter molecule that produce multiple variants. In situ hybridization enables parallel analysis of multiple protein involved in tissues and cells making it possible to relate protein complex among individual’s cells. In situ hybridization technology is prominently used for fusion in non-small-cell lung cancer or detect amplification in breast cancer. This technology can detect known and novel fusion types and it is simple and easy to use with well-designed probes.

Genetic sequencing technology segment is predicted to register gains of 20% through 2025. Next Generation Sequencing (NGS) is used for recognizing unknown genes for microbiome, cancer driver genes, hereditary diseases and also for clinical and research application purposes. Technologically advanced next generation sequencing methods enables in detecting fusions, mutations, microsatellite instability, copy number alterations, tumour mutation burden, etc. These features of genetic testing-based companion diagnostics assist in finding detailed genetic structure of an individual.

Hospitals dominated around 40% companion diagnostics market share in 2018 owing to increasing patient pool due to high prevalence of chronic disorders. Hospitals incorporate technologically advanced companion diagnostics that enable physician to provide superior treatment to patient. Availability of developed infrastructure and skilled professionals in hospital increases patient’s preference towards hospitals.

Diagnostic laboratories end-use segment growth in the market will be around 19.5% during 2019-2025. Increasing awareness pertaining to benefits of early diagnosis have surged the demand for better and accurate diagnostic tests. Additionally, government funding for diagnostic tests to curb the burden of these diseases will benefit the segment growth. Moreover, availability of technological advanced devices for diagnosing specific type of cancer will enable healthcare professionals to provide patient with accurate data.

North America companion diagnostics market size is estimated to expand at more than 18% CAGR during the forecast timeline impelled by increasing prevalence of chronic diseases and growing geriatric population susceptible to these diseases. Additionally, high disposable income and affordability for companion diagnostics tests will render a significant positive impact on the North American market growth trends.

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Asia Pacific market revenue is anticipated to witness around 20.5% growth through 2025. Government initiatives for providing effective treatment to cancer patients will propel the regional market expansion. Furthermore, companies are taking initiatives and doing necessary alliances to demonstrate usefulness of companion diagnostics for curbing overall healthcare expenditure.

Companion Diagnostics Market Share

Some of the notable players operating in the companion diagnostics market are

• Roche
• Pfizer
• Merck
• Astra Zeneca
• Bristol Myers Squibb
• Amgen
• Biogen
• Eli Lilly
• Myriad Genetics
• Johnson & Johnson
• Becton
• Dickinson and Company
• Abbott

Industry players are adopting strategies such as new product launches, collaborations and mergers and acquisitions to grab high revenue share.

The companion diagnostics market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2014 to 2025, for the following segments

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Market, By Product

• Instruments
• Consumables
• Services

Market, By Disease Indication

• Breast cancer
• Lung cancer
• Colorectal cancer
• Skin cancer
• Others

Market, By Technology

• Immunohistochemistry
• In Situ Hybridization
• Polymerase Chain Reaction
• Genetic Sequencing
• Others

Market, By End-use

• Hospitals
• Diagnostic laboratories
• Others

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • India
  • China
  • Japan
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa
  • Saudi Arabia