The global companion diagnostics market generated $1,678 million in 2018, and is projected to reach $6,452 million by 2026, growing at a CAGR of 18.3% from 2019 to 2026. Companion diagnostic is a medical device, often an in-vitro device that provides information essential for the safe and effective use of a corresponding drug or biological product. These tests help a health care professional to determine patients who can benefit from a particular therapeutic product, identify patients at increased risk of severe side effects as a result of the treatment with a particular therapeutic product as well as achieve improved safety or effectiveness.
The companion diagnostics market is expected to experience significant growth during the forecast period owing to growth in demand for advanced therapies, rise in R&D activities to develop low cost & highly efficient drugs, increase in awareness in personalized medicines and surge in demand for cost effective diagnosis are some factors that majorly drive the market growth.
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The global companion diagnostics market is segmented based on technology, indication, and region. Based on technology, the market is categorized as immunohistochemistry, polymerase chain reaction (PCR), next Generation Sequencing (NGS), in situ hybridization, and others. On the basis of indication, it is segmented into oncology, neurology, and others. Oncology is further classified into lung cancer, colorectal cancer, breast cancer, blood cancer, and others. Based on region, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, and rest of Europe), Asia-Pacific (China, Japan, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa and rest of LAMEA).
The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries. According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.
Due to advancements spurred by AI/ML, the impact of digital health technology will grow. Data from the Department for Promotion of Industry and Internal Trade show that FDI in the medicines and medication sector totaled US$19.12 billion (DPIIT).
KEY BENEFITS FOR STAKEHOLDERS
> The study provides an in-depth analysis of the market along with the current trends and future estimations to elucidate the imminent investment pockets.
> It offers a quantitative analysis from 2018 to 2026, which is expected to enable the stakeholders to capitalize on the prevailing market opportunities.
> A comprehensive analysis of all the regions is provided to determine the existing opportunities.
> The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global market.
LIST OF KEY PLAYERS PROFILED IN THE REPORT
> Abbott Laboratories Molecular, Inc.
> Agilent (Dako Denmark A/S)
> ARUP Laboratories, Inc.
> BioMerieux SA
> Danaher Corporation (Leica Microsystems)
> Foundation Medicine, Inc.
> Myriad Genetics, Inc.
> Qiagen N.V.
> Roche (Ventana Medical Systems, Inc.)
> Thermo Fisher Scientific (Life Technologies Corporation)
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KEY MARKET SEGMENTS
By Technology Type
> Immunohistochemistry
> Polymerase chain reaction (PCR)
> Next Generation Sequencing (NGS)
> In situ hybridization
> Others
Indication
> Oncology
o Lung cancer
o Colorectal cancer
o Breast cancer
o Blood cancer
o Others
> Neurology
> Others
By Region
> North America
o U.S.
o Canada
o Mexico
> Europe
o Germany
o France
o UK
o Rest of Europe
> Asia-Pacific
o Japan
o China
o Australia
o Rest of Asia-Pacific
> LAMEA
o Brazil
o South Africa
o Rest of LAMEA
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
Some of the Key Questions Answered in this Report:
- What is the Market dimension at the regional and country-level?
- What are the key drivers, restraints, opportunities, and challenges of the Market, and how they are anticipated to influence the market?
- What is the international (North America, Europe, Asia-Pacific, South America, Middle East and Africa) income value, manufacturing value, consumption value, import and export of Market?
- Who are the world key producers of the Market Industry? How is their working state of affairs (capacity, production, sales, price, cost, gross, and revenue)?
- What are the Market possibilities and threats confronted via the carriers in the world Market Industry?
- Which application/end-user or product kind may also be seeking for incremental boom prospects? What is the market share of every kind and application?
- What targeted method and constraints are keeping the Market?
- What are the distinct sales, marketing, and distribution channels in the world industry?
- What are the upstream uncooked substances and manufacturing gear of Market alongside with the manufacturing technique of Market?
- What are the key market tendencies impacting the increase of the Market?
- Economic have an impact on the Market enterprise and improvement vogue of the Market industry.
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