Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Companion diagnostic is a medical device used as an in-vitro diagnostic device, which is used to provide essential information of the drug or therapeutic product such as whether the drug is safe and effective towards particular treatment in patients, identify whether the patients are more likely to have benefit from the prescribed drug, and also carries out drug monitoring on the patients.
Companion diagnostics are widely used in diseases such as breast cancer, lung cancer, gastric cancer, and neurological diseases. Moreover, companion diagnostics use a wide range of diagnostic procedures such as polymerase chain reactions, in situ hybridization, next generation sequencing, immunohistochemistry, and multiplex assay and cellular imaging technologies.
Figure 1. Global Companion Diagnostics Market Value (US$ Mn), 2016-2027
The global companion diagnostic market value is estimated to be valued at US$ 3,481.2 million in 2020 and is expected to exhibit a CAGR of 19.5% over the forecast period (2020-2027).
Significant increase in global companion diagnostic testing is mainly due to factors such as increasing prevalence of diseases such as lung cancer and non-small cell lung cancer. For instance, according to the US National Library of Medicine report in 2018, the U.S. estimated around 121,680 cases of lung cancer in men and 234,030 cases in females. Moreover, according to the same source, in 2018, lung carcinoma, prostate cancer, and breast cancer were the most diagnosed cancers in the U.S.
Companion Diagnostics Market Report Coverage
||Market Size in 2019:
||US$ 3,481.2 Mn
|Historical Data for:
||2016 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 12,114.6 Mn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East: GCC, Israel, and Rest of the Middle East
- Africa: South Africa, North Africa, and Central Africa
- By Application: Lung Cancer, Breast Cancer, Colorectal Cancer, Gastric Cancer, Melanoma, Others.
- By Technology: Real Time-Polymerase Chain Reactions(PCR), Gene Sequencing, Fluorescence in situ Hybridization, Others.
F. Hoffmann-La Roche AG, Agilent Technologies, Inc, QIAGEN N.V, Abbott Laboratories, Inc., Almac Group, Danaher Corporation, Illumina, Inc, bioMérieux SA, Myriad Genetics, Inc, Sysmex Corporation, Thermo Fisher Scientific Inc, Abnova Corporation, Guardant Health, Inc., Icon Plc, and Biogenex Laboratories, Inc
- Greater diagnosis efficiency of fluorescence in situ hybridization in case of small tumor samples in cancer disease.
- Increase in incidence of cancer is factor expected to drive the growth of global companion diagnosis market.
|Restraints & Challenges:
- Narrow labelling of companion diagnostic devices.
- No histological information of patients retained in real time- polymerase chain reaction.
Global Companion Diagnostic Market- Impact of Coronavirus (Covid-19) Pandemic
There is a bidirectional relationship between COVID-19 and companion diagnostic market. For instance in April 2020, according to Diaceutics PLC, a diagnostic company announced results of impact of COVID on the cancer testing and diagnosis in the U.S. from their own COVID-19 oncology tracker. According to Diaceutics COVID-19 tracker, there is approximately 31% drop in companion diagnostic procedures.
Among regions, North America market is expected to grow, as key companies are focusing on product launches to expand the number of testing facilities and development in diagnostic procedures. For instance, in 2018, Roche Molecular Systems, Inc received an approval for cobas EFGR mutation test v2, a polymerase chain reaction (PCR) test used in diagnosis of mutation in epidermal growth factor receptor gene in non-small cell lung cancer.
Figure 2. Global Companion Diagnostic Market Share (%), by Region, 2020
Moreover, in Europe companion diagnostic market, companies are focusing on mergers and acquisitions to strengthen the development in diagnostic procedures, which is expected to drive the market growth in this region. For Instance, in 2019, Myriad Genetics, Inc, a leading company in personalized medicines, announced its merger with AstraZeneca and Merck. The merger will lead to use of BRACAnalysis CDx to identify BRCA mutations in men suffering from metastatic castrate resistant cancer.
Major players operating in global companion diagnostic market include F. Hoffmann-La Roche AG, Agilent Technologies, Inc, QIAGEN N.V, Abbott Laboratories, Inc., Almac Group, Danaher Corporation, Illumina, Inc, bioMérieux SA, Myriad Genetics, Inc, Sysmex Corporation, Thermo Fisher Scientific Inc, Abnova Corporation, Guardant Health, Inc., Icon Plc, and Biogenex Laboratories, Inc.