(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for Companion Diagnostics Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Companion Diagnostics Market products.
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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.
Global Companion Diagnostics Market – Drivers, Restraints, Opportunities, Trends, and Forecasts: 2018–2024
Overview: Companion diagnostics are molecular tests that provide essential information for the safety and effective use of the corresponding drug. These tests assist healthcare professionals to decide whether a specific treatment product benefits patient for curing disease, predict drug toxicities, off-target effects of treatment, and other adverse effects related to the drug. It is also used during clinical trials to guide treatment, which can improve therapy responses and treatment outcomes. Currently, there are over 20 approved or cleared companion diagnostic tests and most of the tests are for cancer treatments targeting mutation. According to the estimation of National Cancer Institute, in the US, around 1.6 million new cases of cancer were diagnosed and 595,690 people have died due to cancer in 2016. According to the Canadian Cancer Society, 202,400 new cases of cancer and nearly 78,000 deaths were recorded in 2016. While in Europe, 1.3 million people were diagnosed in 2015. Further, according to the study of World Health Organization, approximately 14 million new cancer cases were diagnosed and is expected to grow by about 70% over the next 2 decades. The trend of increasing incidence of cancer & infectious diseases is catching up even in developing countries due to increased adoption of the Western lifestyle, which is expected to fuel the growth of the companion diagnostics market in coming years.
The companion diagnostics market is booming due to increasing patient base for infectious diseases & cancer globally, high adoption of companion diagnostics, growing demand for companion diagnostics, and emerging applications of companion diagnostics. Low awareness & lack of professionals to conduct tests and unfavorable reimbursement scenario in developed & developing countries are few of the factors hampering the market growth to an extent.
Market Analysis: The“Global Companion Diagnostics” market is estimated to witness a CAGR of 19.6% during the forecast period 2018–2024. The market is analyzed based on four segments – technology, applications, end-users, and regions.
Regional Analysis: The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is set to be the leading region for the companion diagnostics market growth followed by Europe, Asia Pacific, and Rest of the World.
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Technology Analysis: The global companion diagnostics market , by technology, is segmented into polymerase chain reaction, immunohistochemistry, in-situ hybridization, next-generation sequencing, and others. Polymerase chain reaction occupied the largest share in 2017, and next-generation sequencing is expected to grow at a high CAGR in the coming years.
Application Analysis: The global companion diagnostics market, by application, is segmented into cancer, infectious disease, and others. The cancer application is further segmented into colorectal cancer, breast cancer, lung cancer, melanoma, and others. In 2017, cancer application occupied a significant market share and is expected to be the same during the forecast period due to increasing incidence of cancer, changing lifestyle, and growing
For instance, in February 2017, Roche announced the launch of Elecsys AMH Plus immunoassay, the first companion diagnostic to be approved for use in fertility. The key market players are receiving product approvals that are helping them to increase the market share. For instance, in June 2017, the US FDA granted approval to Thermo Fisher Scientific for NGS-based test known as the Oncomine Dx Target test, which instantaneously evaluates 23 genes clinically related to NSCLC.
Benefits: The report provides complete details about the usage and adoption rate of companion diagnostics products in various regions. With that, key stakeholders can know about the major trends, drivers, investments, vertical player's initiatives, government initiatives toward the test adoption in the upcoming years along with the details of commercial tests available in the market. Moreover, the report provides details about the major challenges that are going to impact on the market growth. Additionally, the report gives the complete details about the key business opportunities to key stakeholders to expand their business and capture the revenue in the specific verticals to analyze before investing or expanding the business in this market.
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Table of Contents
1 INDUSTRY OUTLOOK 9
1.1 Industry overview 9
1.2 Total addressable market 9
1.3 Industry Trends 10
2 Report Outline 10
2.1 Report Scope 10
2.2 Report Summary 11
2.3 Research Methodology 12
2.4 Report Assumptions 12
3 Market Snapshot 13
3.1 Market Definition – Infoholic Research 13
3.2 Importance of Companion diagnostics 13
3.3 Segmented Addressable Market (SAM) 13
3.4 Trends of the companion diagnostics market 14
3.5 Related Markets 15
3.5.1 Personalized medicine 15
3.5.2 Genetic testing Market 16
3.5.3 Point-Of-Care Diagnostics Market 16
4 Market Outlook 16
4.1 Overview 16
4.2 Regulatory Scenario 17
4.3 Market segmentation 18
4.4 PEST Analysis 18
4.5 Porter 5(Five) Forces 20
5 Market Characteristics 21
5.1 DRO – Global Companion Diagnostics Market Dynamics 21
5.1.1 Drivers 21
5.1.1.1 Growing incidence of cancer across the globe 21
5.1.1.2 Rising adoption of companion diagnostics tests 22
5.1.1.3 Growing demand of personalized medicine 23
5.1.2 Opportunities 23
5.1.2.1 Emerging applications of companion diagnostics 23
5.1.2.2 Growing demand for next-generation sequencing 23
5.1.3 Restraints 24
5.1.3.1 Uncertain reimbursement scenario in developed and developing countries 24
5.1.3.2 Lack of professionals to perform the test 25
6 Technology: Market Size and Analysis 27
6.1 Overview 27
6.2 Polymerase Chain Reaction 27
6.3 In Situ Hybridization 28
6.4 Immunohistochemistry 29
6.5 Next-Generation Sequencing 29
6.6 Others 30
7 Application: Market Size and Analysis 31
7.1 Overview 31
7.2 Cancer 31
7.2.1 Lung cancer 32
7.2.2 Breast cancer 33
7.2.3 Colorectal cancer 33
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