What This Report Will Provide?
This study involved four major activities in estimating the current size of the companion diagnostics market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market.
The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the size of segments and subsegments.
Expected Revenue Growth:
[333 Pages Report] The companion diagnostics market is expected to reach USD 6.8 billion by 2025 from USD 3.7 billion in 2020, at a CAGR of 12.9%
Major Growth Boosters:
Advantages of companion diagnostics, the growing need for targeted therapy, the rising importance of personalized medicine, the increasing global incidence of cancer, and the ever-increasing application areas of companion diagnostics are driving the growth of the global companion diagnostics industry. The increasing demand for next-generation sequencing, the growing significance of companion diagnostics in drug development, and the rising number of clinical trials are the major factors driving the growth of this market.
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In June 2020, Thermo Fisher Scientific Inc. and Agios Pharmaceuticals strategic partnership was made to codevelop a second companion diagnostics platform for oncology.
In January 2020, QIAGEN N.V. and Amgen collaborated with the aim to develop tissue-based companion diagnostics for the identification of patients with cancers that have the KRAS G12C mutation.
In May 2019, QIAGEN N.V. launched the therascreen PIK3CA RGQ PCR Kit in PIQRAY (alpelisib) therapy in the US to enhance its product portfolio in the companion diagnostics market.
Regional Growth Analysis:
The companion diagnostics market in the APAC is estimated to grow at the highest CAGR during the forecast period. The high incidence of cancer, increasing proteomics & genomics research, growing research funding, rising investments by pharmaceutical and biotechnology companies, and growing awareness about personalized therapeutics in several APAC countries are expected to drive the growth of the APAC market.
Key Questions Addressed in The Report:
1. Who are the top 10 players operating in the global companion diagnostics market?
2. What are the drivers, restraints, opportunities, and challenges in the companion diagnostics Industry?
3. What are the opportunities for stakeholders and provide details of the competitive landscape for key players?
4. What will be growth of companion diagnostics in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa?
Increasing Demand for Next-Generation Sequencing:
NGS-based companion diagnostic tests aim to unlock molecular information from each patient's tumor genome to guide treatment decisions for cancer therapies. Next-generation sequencing detects multiple biomarkers for multiple drug therapies in a shorter time frame as compared to other sequencing techniques. The use of NGS panels for biomarker measurement in one test has the potential to help in the treatment of many different types of cancers.
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The companion diagnostics market is dominated by a few globally established players such as Roche Diagnostics, Agilent Technologies, Qiagen, Thermo Fisher, and Abbott Laboratories.