Companion diagnostics market reaches new highs

The global companion diagnostics market is projected to reach USD 6452 million by 2026, growing at a CAGR of 18.3 percent from 2019 to 2026, according to Allied Market Research. A companion diagnostic is an in vitro medical device that provides information, which is essential for the safe and effective use of a corresponding drug or biological product. The market is expected to experience significant growth in coming years with surge in R&D of targeted therapies, rise in demand for personalized medicine with increase in awareness in emerging economies, discovery of new biomarkers for various conditions, and higher number of unmet needs for the treatment of cancer.

The PCR segment dominates the global market, based on technology, and is anticipated to continue this trend during 2020–2026. Some key factors that drive the market growth are cost effectiveness, high sensitivity and specificity, and can be used for simple automated platforms. Furthermore, the sequencing of unknown etiologies of many diseases can be determined by the PCR, which is another key driver of this segment. However, the next-generation sequencing segment is estimated to experience rapid growth with its key advantages like higher sensitivity to detect low-frequency variants, lower turnaround time for high sample volumes, ability to sequence hundreds to thousands of genes or gene regions simultaneously. The companion diagnostics market share is higher for breast cancer as there are many companion diagnostics developed for detection of breast cancer mutations; with large numbers of target population.

Asia-Pacific presents lucrative opportunities for the key players operating in the companion diagnostics market, with high population base, growth in awareness about companion diagnostics, development in healthcare infrastructure, and increase in demand for advance therapies. However, higher costs incurred in R&D to develop companion diagnostics can hamper the companion diagnostics market growth in Asia-Pacific. The key players include 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.), and Thermo Fisher Scientific (Life Technologies Corporation).