Companion diagnostic is characterized as an in vitro device, assisting physicians in identifying protected and efficient uses of similar drugs and the counterbalance of its benefits to potential risks. It determines whether a person suffering from a particular disease could benefit from the precise drug through bioassessment. In addition, it also helps find an appropriate medication for the patient at the right time.
The emerging need for targeted therapy, increasing cases of cancer, rising focus on personalized medicine, the growing pharmaceutical sector, and collaborative development of drugs and medications are primarily accredited to the growth of the global companion diagnostics market. Likewise, the increasing focus on the development of a specific medicine is set to further fuel the market’s growth.
The competitive analysis of the market entails strategic collaborations and partnerships for companion development. Moreover, market pioneers with undifferentiated companion diagnostic products and larger product portfolios generate strong competition within the global market.
Top Contenders in the Global Companion Diagnostic Market – Detailed Outlook
1. Abbott Laboratories
The company manufactures and commercializes health products across the globe. Its diagnostic segment provides a chemistry system, the assay utilized for the screening as well as diagnosis of cancer, drugs of abuse, fertility, infectious disease and therapeutics, diagnostics systems and cartridges, among others. It also provides molecular-level tests of RNA and DNA to determine diseases like HIV. The company’s pharmaceutical segment offers products that help treat gynecological disorders, depressive symptoms, and others. With its headquarters in Illinois, various strategic decisions of Abbott Laboratories include product launches, collaborations, and acquisitions.
2. Qiagen NV
Qiagen NV manufactures sample and assay technologies for applied testing, molecular testing, pharmaceutical research, and academic research. It offers molecular techniques as kits with precise target analysis, for instance, the kits for DNA testing. The company has launched a variety of products that primarily help doctors determine diseases and treat patients promptly. Some of the key strategies implemented by the company in order to sustain its market position are partnerships, joint ventures, acquisitions, etc. Qiagen NV is headquartered in Hilden, Germany.
3. Thermo Fisher Scientific Inc
Headquartered in Massachusetts, Thermo Fisher Scientific Inc has operations in multiple segments, including laboratory products and services, specialty diagnostics, analytical instruments, and life science solutions. The company manufactures and distributes its products to universities, government agencies, hospitals, clinical diagnostic labs, as well as pharmaceutical and biotech enterprises. It is operational in more than 50 countries, harboring more than 400,000 customers worldwide. Strategic decisions of the company comprise partnerships and acquisitions.
4. Roche Diagnostics
Roche Diagnostics is the diagnostic segment of Hoffman-LA Roche AG and manufactures tools and reagents for research and medical diagnosis. It develops products that help test blood and other body fluids and tissues. The primary therapeutic areas of the company’s manufacturing are oncology, immunology, neuroscience, infectious disease, and ophthalmology. Its strategies constitute partnerships, collaborations, and acquisitions. Headquartered in Basel, Switzerland, Roche Diagnostics is operational across Europe, North America, Latin America, Asia, Africa, Australia, and Oceania.
5. Illumina Inc
The company primarily manufactures integrated systems for analyzing genetic variations and biological functions. The extensive product line of the company is widely accepted in sequencing, genotyping, and gene expression markets owing to its technology. Its tools assist researchers in conducting crucial genetic tests in order to extract medical information from advancements in genomics and proteomics. Illuma Inc is also titled the world’s smartest company by MIT technology review and is headquartered in San Deigo, the United States.
6. Myriad Genetics Inc
Myriad Genetics Inc specializes in the production of molecular diagnostic solutions and provides a variety of tests, including BRAC Analysis, myRisk hereditary cancer, and others. The company’s prime focus includes the development and marketing of prognostic medicine tests along with personalized medicine and predictive medicine. The various strategic decisions adopted by the company include collaborations, partnerships, etc. It is headquartered in SaltLake City, Utah and is operational globally.
7. Genomic Health
The company offers genomic-based diagnostic tools that help locate cancer efficiently. It produces specialized processes incorporating various standards and regulations, including CLIA and CAP, for high standard testing. The company also provides a process that helps analyze the likelihood of cancer through a molecular diagnostic test. Headquartered in California, the United States, the strategic decision of Genomic Health includes collaborations.
The global companion diagnostics market has witnessed a significant boost with 18.45% of CAGR over recent years. The rising incidences of cancer, the developing pharmaceutical-biological companies, and a surging number of clinical trials are further fueling the market. In addition, the need for more enhanced and updated technology in terms of implementing proper patients with a better estimation of potential risks and benefits of specific tools and drugs is set to proliferate the demand for companion diagnostics across the globe.