During the projection period of 2020 to 2025, the companion diagnostics market is predicted to grow at a CAGR of 12.9 percent, from USD 3.7 billion in 2020 to USD 6.8 billion in 2025. The global companion diagnostics market is growing due to the advantages of companion diagnostics, the growing need for targeted therapy, the growing importance of personalised medicine, the rising global incidence of cancer, and the ever-increasing application areas of companion diagnostics. The expanding demand for next-generation sequencing, the increasing importance of companion diagnostics in drug development, and the increasing number of clinical trials are all driving this industry forward.
Roche Diagnostics, Agilent Technologies, Qiagen, Thermo Fisher Scientific, and Abbott Laboratories are all part of the companion diagnostics business. These vendors have manufacturing sites distributed across Asia Pacific, Europe, North America, South America, and the rest of the world. The lockdown and social distancing limitations imposed in certain COVID-19 countries had a negative impact on the supply chain for these products.
Drugs are now commonly considered to work differently in various people, thanks to developments in genetic sequencing and genomics. The practise of administering “the right drug, at the right time, at the right dose, for the right person” can be aided by a better understanding of an individual's genetic characteristics or biomarkers. Pharmaceutical and biopharmaceutical companies are constantly attempting to implement patient-selection diagnostic frameworks in the early stages of drug development to provide targeted theraphy. This boosts the market for companion diagnostics even further.
Despite delivering guaranteed returns on investment, the high initial cost of these tests puts them out of reach for a huge majority of end users—particularly those in poor nations. End users, such as pharmaceutical firms, reference laboratories, hospitals, and contract research organisations (CROs), who see the utilisation of such diagnostic tests as a financial burden, turn to third-party companion diagnostic services.
Companion diagnostic tests based on next-generation sequencing (NGS) attempt to unlock molecular information from each patient's tumour genome in order to advise treatment decisions for cancer therapy. In comparison to other sequencing techniques, next-generation sequencing discovers many biomarkers for multiple pharmacological regimens in a faster time frame. The use of NGS panels to detect biomarkers in a single test has the potential to aid in the treatment of a variety of malignancies.
Companion diagnostic testing is a highly sophisticated and complex process that necessitates well-trained personnel. Companion diagnostic technologies must be understood in order to conduct tests efficiently. Small differences in the quantity and purity of the materials used in CDx assays can lead to erroneous and unpredictable conclusions. Companion diagnostics also require a variety of assays, kits, tests, and software and services, which raises the cost of production. As a result, all laboratories and installations must be well-versed in these technologies.
In 2019, the companion diagnostics market is likely to be dominated by the polymerase chain reaction segment. The ease of use and widespread availability of PCR kits and reagents in companion diagnostic testing, growing applications of PCR in high-throughput detection of mutants with a limited or low allele frequency of genes, and PCR's high turnaround time when compared to other technologies are all factors that contribute to this segment's large share.
In 2019, pharmaceutical and biopharmaceutical firms are predicted to hold the majority of the companion diagnostics market. The extensive use of companion diagnostics in these industries, owing to their expanding relevance in drug development and the increasing value of companion diagnostic biomarkers, accounts for the high proportion of this segment. The growing demand for customised treatment, as well as the rising demand for targeted therapeutics for a variety of diseases and disorders, is predicted to fuel demand for companion diagnostics among pharmaceutical and biopharmaceutical businesses.
During the forecast period, the companion diagnostics market in APAC is expected to develop at the fastest rate. The rising prevalence of cancer, expanding proteomics and genomics research, increasing research funding, rising investments by pharmaceutical and biotechnology companies, and growing awareness about customised treatments in numerous APAC nations are projected to propel the market forward.
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