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Companion diagnostics are a special class of IVDs that provides information that is essential for the safe and effective use of a corresponding therapeutic product. Drugs and their companion tests refer to each other in their labels. The FDA approved the first companion diagnostic-related drug, trastuzumab (Herceptin). Trastuzumab is specifically effective in human epidermal growth factor receptor 2 (HER2) positive cancers, which are associated with poor outcomes with conventional cytotoxic therapy. Companion diagnostics potentially allow therapy to be given only to the targeted population which will receive the most benefit, thus improving patient outcomes.
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The global companion diagnostics market was valued at USD 1.8 billion in 2018 and is expected to reach USD 7.1 billion in 2026, growing at a CAGR of 18.5% during the forecast period.
Recent News:
The growth of the companion diagnostics market is primarily driven by rising prevalence of cancer and growing trends towards personalized medicine. Cancer is the second leading cause mortalities in 2018, with continuous rise in the number of cancer patient across the globe, as per the report published by WHO. Furthermore, it is estimated that 1 out of 6 deaths occurs due to cancer every year across the globe. As per WHO, nearly one-third of the mortalities from cancer are due to 5 leading behavioural and dietary risk, which includes low fruit and vegetable intake, high body mass index, lack of physical activity, alcohol consumption, and tobacco use.
Top Key Players
The major players operating in the global companion diagnostics market are F. Hoffmann-La Roche Ltd. (Switzerland), Agilent Technologies, Inc. (the US), QIAGEN N.V. (Germany), Abbott Laboratories, Inc. (US), Almac Group (UK), Danaher Corporation (US), Illumina, Inc. (US), bioMérieux SA (France), Myriad Genetics, Inc., (US), Sysmex Corporation (Japan).
Companion diagnostics Market Size by Product, Indication, End User and Region.
By Product: Assays, Kits & Reagents, Software & Services
By Indication: Cancer, Neurological Diseases, Cardiovascular Diseases, Infectious Diseases, Others
End User: Pharmaceutical & Biopharmaceutical Companies, Contract Research Organizations, Reference Laboratories, Others
North America accounted for nearly 34% share of the global companion diagnostics market in 2018 and is expected to dominate the market throughout the forecast period followed by Europe and Asia-Pacific. Factors that are contributing significantly in the market growth include well-developed healthcare infrastructure, increasing healthcare R&D investments, the growing trend towards personalized medicine and so on.
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