Originally published on Technavio:Companion Diagnostics Market - North America, Europe, EMEA, APAC: US, Canada, China, Germany, UK - Forecast 2023-2027

Published: October 2023 | Pages: 168 | SKU: IRTNTR46416

Companion Diagnostics Market Size and Growth Projection:

The Companion Diagnostics Market is anticipated to grow at a CAGR of 22.59% between 2022 and 2027, with the market size expected to increase by USD 11,029.63 million. Key drivers for this growth include the rising adoption of personalized medicine, increased collaborations within the industry, and growing investments in the life sciences sector. A notable challenge is the limited sustainability of smaller vendors, while trends such as the increased prevalence of breast cancer and rising product approvals for cancer treatment are expected to fuel market growth.

Companion Diagnostics Market Segmentation and Analysis:

This comprehensive companion diagnostics market report covers segmentation by end-user (life science, health centers, and others), indication (oncology, neurology, and others), and geography (North America, Europe, Asia, and the Rest of the World). It includes an in-depth analysis of drivers, trends, and challenges.

Market Forecast and Analysis:

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Key Driver:

The growing use of personalized medicine is a significant driver for the companion diagnostics market. Personalized medicine enhances patient care by not only improving disease diagnosis and treatment but also identifying diseases at an earlier stage. It offers the potential to treat diseases based on the genetic characteristics of individuals, addressing the issue of medical misdiagnoses. Additionally, companion diagnostics play a crucial role in developing personalized medicines for early disease detection and selecting precise treatment methods, thereby reducing mortality rates.

Key Trends:

A key trend in the companion diagnostics market is the growing importance of promotional activities. Due to the specificity of companion diagnostics, they are not as commonly marketed as other test kits and devices. However, improvements in distribution networks and increased product availability to end-users are gaining attention. As product enhancements continue, vendors recognize the significance of promotional activities, indicating a trend that is expected to support global market growth during the forecast period.

Key Challenge:

The lack of skilled manpower poses a significant challenge in the companion diagnostics market. Companion diagnostic tests require highly technical expertise, and a shortage of skilled and trained staff is a major impediment. The technical complexity and sophistication of companion diagnostic tests, which often involve intricate analytical procedures, further exacerbate this challenge. The shortage of trained professionals, lack of proper training programs, and high turnover rates hinder the successful execution of these tests.

Companion Diagnostics Market Customer Landscape:

The market report includes the adoption lifecycle, covering stages from innovators to laggards. It assesses adoption rates in different regions based on penetration. Additionally, the report includes key purchase criteria and drivers of price sensitivity, aiding companies in evaluating and developing growth strategies.

Major Companies in the Companion Diagnostics Market:

Companies in the market are implementing various strategies, including strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their market presence.

Example Company:

Abbott Laboratories:The company offers companion diagnostics such as m2000 REALTIME SYSTEM AND ASSAYS, ALINITY m SYSTEM, AND ASSAYS.

Market Share by Geography:

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North America is projected to contribute 36% to global market growth during the forecast period. Analysts at Technavio have detailed explanations of regional trends and drivers influencing the market. The companion diagnostics market in North America is steadily growing due to substantial investments in healthcare research and testing. Strong distribution networks in the US and Canada, coupled with the focus of pharmaceutical and medical device companies on drug discovery and device development, drive market growth in the region.

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The incidence of COVID-19 has significantly increased in North America, leading to a surge in demand for vaccine development. Companion diagnostic testing is required for the evaluation of vaccine efficacy in clinical studies. The development of companion diagnostics is expected to increase in the region due to the rising demand for vaccines.

The market report forecasts revenue growth globally, regionally, and at the country level, providing an analysis of the latest trends and growth opportunities from 2017 to 2027.

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