Companion Diagnostics Market: Current Analysis and Forecast (2021-2027)

The companion diagnostics market is expected to witness a CAGR of around 16% during the forecast period (2021-2027). Companion diagnostic is a diagnostic test used as a companion to a therapeutic drug to determine its applicability to a specific person. Moreover, the demand for companion diagnostic tests is on the rise for the early detection and screening of various cancers such as breast cancer, lung cancer, colorectal cancer, gastric cancer, melanoma, and chronic diseases also. In addition, growing research and development activities in the laboratories are also expected to drive the demand for companion diagnostics over the forecast period. For instance, according to ILAC MRA (International Laboratory Accreditation Cooperation) and Signatories, in 2021, almost 85,000 laboratories, almost 13,000 inspection bodies, over 600 proficiency testing providers, and 250 reference material producers were accredited globally.

Some of the major companies operating in the companion diagnostics market include Labcorp Drug Development, Agilent Technologies, Myriad Genetic Laboratories Inc, Qiagen, Roche Molecular Systems Inc, Abbott, Foundation Medicine Inc, Ventana Medical Systems Inc, Illumina Inc, Life Technologies Corporation

Insights Presented in the Report

"Amongst indication, the breast cancer category accounted for the significant share in the market in 2020"

Based on indication, the companion diagnostics market is segmented into breast cancer, lung cancer, colorectal cancer, gastric cancer, and others. Among these, the breast cancer category is anticipated to witness a lucrative growth rate during the forecast period. This is mainly due to the rising cases of cancer, and in the geriatric population because most of the breast cancers occur in women over the age of 50. Moreover, companion diagnostics are also helpful in the treatment and diagnosis of lung, prostate, colon, rectal, and skin cancer. For instance, according to the American Cancer Society (ACS), in 2022, around 26,380 new cases of stomach cancer and around 11,090 deaths from this type of cancer are reported in the U.S.

"Amongst technology, the real-time-polymerase chain reaction category is expected to witness the significant CAGR during the forecast period"

Based on technology, the companion diagnostics market is segmented into real-time-polymerase chain reaction (RT-PCR), gene sequencing, In situ hybridization, and others. The real-time-polymerase chain reaction (RT-PCR) category is anticipated to witness a considerable growth rate during the forecast period. This is mainly due to the RT-PCR technique being effective in detecting cancer and chronic diseases with ease and accuracy. Moreover, major market companies are working on the development of new products and technologies these factors are also contributing to the growth of this market during the forecast period. For instance, in addition, in July 2021, Labcorp launched therascreen KRAS PCR Mutation Analysis, a companion diagnostic to identify patients with non-small cell lung cancer (NSCLC) who are eligible for therapy with LUMAKRAS (sotorasib), a novel therapeutic option developed by Amgen.

"North America to witness significant growth during the forecast period"

For a better understanding of the market, the report provides a detailed analysis of major regions and countries including North America (U.S., Canada, Rest of North America); Europe (Germany, U.K., France, Spain, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, Rest of Asia-Pacific) and Rest of World. North America accounted for a considerable market share during the forecast period. The large hospital administration of the patients, rising demand for diagnostic devices due to the surge of cancer & chronic disease, and the presence of medical device manufacturers in the region. These factors will drive the growth of the market during the forecast period in the region. For instance, according to the California Institute for Regenerative Medicine (CIRM) prostate cancer is the second leading cause of cancer death among men in the U.S., with a 60% occurrence rate in men over the age of 65. Approximately 61,860 patients are expected to die from prostate cancer in California in the year 2021.

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• The study comprehensively covers the market across different segments.

• Deep dive regional level analysis of the industry.

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