The companion diagnostics (CDx) market is projected to witness a compound annual growth rate of 17.68% to grow to US$17.618 billion by 2027, from US$5.637 billion in 2020.
A companion diagnostic device is a medical device that enables the user to receive crucial information regarding the use of corresponding drugs or biological products. The prime reason which is forecasted to drive the market growth is the rising prevalence of chronic diseases which has increased the market adoption of companion diagnostics. Furthermore, increasing healthcare expenditure with the rise in the standard of living and availability of technology coupled with demand for precision medicine has created notable opportunities for the companion diagnostic device.
Based on geography, the companion diagnostics (CDx) market is segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The Asia Pacific region is forecasted to hold a substantial share of the market owing to a surge in medical tourism and advancement in the medical sector. The North American and European regions are projected to hold the largest share of the market with an increase in healthcare spending.
A next-generation sequencing companion diagnostic is expected to hold a notable share of the market.
Based on technology, the companion diagnostic market can be distinguished as a polymerase chain reaction, immunohistochemistry, in-situ hybridization, and next-generation sequencing. A next-generation sequencing companion diagnostic is expected to hold a significant share of the market, owing to technological effectiveness and better market prospects.
Lung and Breast Cancer indication is expected to dominate the market for a companion diagnostic.
By indication, the companion diagnostic market can be segmented into lung cancer, breast cancer, colorectal cancer, and others. Lung and breast cancer indication is expected to dominate the companion diagnostic market, owing to a higher number of cases. Lung and breast cancer are the two most prevalent types of cancers. These two are also the form of cancers with the highest number of deaths. A report published by the World Health Organization (WHO) shows that in 2020, there were 2.26 million cases of breast cancer, while 2.21 million cases of lung cancer. Breast cancer caused 685 thousand deaths in 2020, while lung cancer killed 1.80 million people. The growing prevalence of these forms of cancers is expected to create significant demand for a companion diagnostic.
Growth Factors
One of the prime reasons supporting the growth in the companion diagnostics (CDx) market is the surging cancer cases. Companion diagnostic notably helps in cancer diagnostic and treatment. The device facilitates identifying a specific therapeutic solution for an individual suffering from cancer. A rise in cancer cases is expected to drive notable demand for companion diagnostic devices. Data from National Cancer Institute, NIH shows that 1.806 million new cases of cancer were diagnosed in the United States in 2020, increasing the rate of new cancer cases to 442.4% per 100,000 people. The rise in cancer cases is expected to surge the demand for diagnostic and treatment, hence supporting the market for a companion diagnostic.
Another key factor that supports the market for companion diagnostics (CDx) is a surge in healthcare expenditure with the rise in the standard of living and the adoption of advanced medical technology. Data from The World Bank shows that global per capita healthcare expenditure has been increasing at a remarkable rate. Per capita healthcare expenditure reached US$1,110.286 in 2018 from US$1,020.88 in 2016. Promising investment in the industry is expected to expand the market prospects further. In the US, for instance, healthcare expenditure is expected to grow at a CAGR from 2019 to 2028 and is expected to reach US$6.2 trillion by 208, from US$4.1 trillion in 2020. It is expected to invest in the healthcare industry and is projected to provide exceptional growth opportunities.
COVID Insights
The coronavirus pandemic resiliently impacted the market for a companion diagnostic. The surge in cases and the emergency situation created by the robust spread of the COVID-19 led to more fund investment towards the vaccination and hence impacted the market for a companion diagnostic. Furthermore, fear of catching the virus refrained patients from going for regular checks, which impacted the discovery of new or potential cases and affected the market prospects.
Key Development
| Report Metric | Details |
| Market size value in 2020 | US$5.637 billion |
| Market size value in 2027 | US$17.618 billion |
| Growth Rate | CAGR of 17.68% from 2020 to 2027 |
| Base year | 2020 |
| Forecast period | 2022–2027 |
| Forecast Unit (Value) | USD Billion |
| Segments covered | Technology, Indication, And Geography |
| Regions covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Companies covered | Abbott, Aglient Technolgies Inc., Arup Laboratories, F. Hoffmann-La Roche Ltd, Illumina, Inc., Invivoscribe, Inc, Myriad Genetics, Inc., QIAGEN, Thermo Fisher Scientific Inc. |
| Customization scope | Free report customization with purchase |
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What will be the companion diagnostics (CDx) market size by 2027?
A1. The companion diagnostics (CDx) market is projected to reach a market size of US$17.618 billion by 2027.
Q2. What are the growth prospects for the companion diagnostics market?
A2. The global companion diagnostics market is projected to witness a CAGR of 17.68% during the forecast period.
Q3. What is the size of the global companion diagnostics (CDx) market?
A3. Companion Diagnostics (CDx) Market was valued at US$5.637 billion in 2020.
Q4. What factors are anticipated to drive the companion diagnostics market growth?
A4. One of the prime reasons supporting the growth in the Companion Diagnostics (CDx) market is the rising surging cancer cases.
Q5. Which region holds the maximum market share of the companion diagnostics (CDx) market?
A5. The North American and European regions are projected to hold the largest share of the companion diagnostics market with an increase in healthcare spending.
Abbott
Aglient Technolgies Inc.
Arup Laboratories
F. Hoffmann-La Roche Ltd
Invivoscribe, Inc
Myriad Genetics, Inc.
QIAGEN
Thermo Fisher Scientific Inc.
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