According to Coherent Market Insights, the global companion diagnostic market 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).
Key Trends and Analysis of the Global Companion Diagnostic Market:
In the global companion diagnostic market, there is increasing alliance among key players for the establishment of new and advanced companion diagnostic procedures for diagnosis of complex disease conditions such as cancers. For instance, in June 2020, Thermo Fisher Scientific, a leading biotechnological and pharmaceutical company, entered into a strategic partnership with Agios Pharmaceuticals for the development of companion diagnostic CDx used for diagnosis in oncology segment.
Moreover, increasing prevalence of cardiovascular diseases worldwide is also driving the global companion diagnostic market growth. According to World Health Organization report in 2017, cardiovascular diseases are one of the most fatal disease conditions, globally. According to the same source report in 2016, around 31% of global deaths were recorded due to cardiovascular diseases such as heart stroke and heart attack.
Furthermore, according to American Heart Association report in 2019, increasing health conditions such as nutrition deficiency, obesity, high levels of cholesterol, and increasing use of tobacco are leading to increasing incidence of cardiovascular conditions such as hypertension and heart blockages. Such factors are boosting the global companion diagnostic market growth
Among region, North America companion diagnostic market is expected to witness significant growth in the global companion diagnostic market, owing to increasing product approvals in the field of companion diagnostic applications. For instance, in 2018, Myriad Genetics, Inc, a leading company in molecular diagnostic and medicine, announced the pre- market approval (PMA) of BRACAnalysis CDx as companion diagnostic for talazoparib in metastatic breast cancer, approved by the U.S. Food Drug Administration.
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Key Market Takeaways:
The global companion diagnostic market is expected to exhibit a CAGR of 19.5% over the forecast period, owing to increasing trend of strategic alliance among the key companies in the global companion diagnostic market and rising product approvals and product launches by key players in the global companion diagnostic market.
The global companion diagnostic market drivers are rising prevalence of cardiovascular disease conditions and increasing health conditions such as overweight, obesity, and high cholesterol levels among the population in the world.
Key players operating in the 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.
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