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The global companion diagnostics market is being driven by the rapid advancement in the field of drug and diagnostic technologies and the growing consumer preference for personalised medicines. The growing incidences of infectious diseases and cancer are supporting the industry further. The polymerase chain reaction or PCR segment, among other technologies, dominated the global industry owing to its cost-effectiveness, and high specificity and sensitivity, further making it useful for simple automated platforms. The North America dominated the industry, within which the United States served as the major contributor to the industry.
The increasing investment in industry-leading capabilities and R&D to accelerate innovation and address emerging healthcare needs is aiding the growth of the global companion diagnostics market further. In March 2020, Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, and QIAGEN N.V. (NYSE: QGEN), a leading global provider of molecular diagnostics and sample preparation technologies, unanimously approved Thermo Fisher’s proposal to acquire QIAGEN for €39 per share in cash, expanding specialty diagnostics portfolio with attractive molecular diagnostics capabilities, including infectious disease testing, and complementing leading life sciences offering with innovative solutions and technologies. Further, the recent outbreak of coronavirus in China, which is spreading quickly across the globe, is leading manufacturers to offer quick solutions. QIAGEN is quickly responding and providing solutions to restrict the spread of the coronavirus and in February 2020, the company announced worldwide shipments of QIAstat-Dx test kits to detect novel coronavirus SARS-CoV-2, as this newly developed QIAstat-Dx Respiratory Panel test kits can quickly differentiate novel coronavirus from 21 other pathogens implicated in serious respiratory syndromes. Such developments are expected to further aid the growth of the global companion diagnostics market over the forecast period.
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The major players in the global companion diagnostics market are F. Hoffmann-La Roche AG, Agilent Technologies, Inc., Qiagen N.V., Thermo Fisher Scientific Inc., Abbott Laboratories, Inc., Biomérieux SA, Danaher Corporation, Illumina, Inc., and Myriad Genetics, Inc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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