Companion Diagnostics Market worth $9.9 billion by 2026

MarketsandMarkets Research Pvt.  Ltd.

MarketsandMarkets Research Pvt. Ltd.

Chicago, Aug. 25, 2022 (GLOBE NEWSWIRE) — According to the new market research report “Companion Diagnostics Market by Product (Assays, Kits, Software & Services), Technology (PCR, NGS, ISH, IHC), Indication (Breast, Blood, Lung, Colorectal Cancer, Neurology Diseases), End User (Pharma Companies, CROs), Region – Global Forecast to 2026“, is projected to reach USD 9.9 billion by 2026 from USD 5.5 billion in 2021, at a CAGR of 12.6%.

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The large patient pool undergoing advanced medical testing, high drug development activity, structured regulatory framework in the region, and policy programs to provide effective care to patients with cancerare the major factors driving the market’s growth.

Based on product & service, the companion diagnostics market is segmented into assays, kits& reagents, and software & services. In 2020, assays, kits& reagents accounted for the largest share of the market. The large share of this segment can be attributed to the availability of a wide range of products, increasing use of assays and kits in different therapeutic areas, and the growing demand for assays and kits in basic research and commercial applications.

Based on technology, the companion diagnostics market is segmented into polymerase chain reaction (PCR), next-generation sequencing (NGS), in situ hybridization (ISH), immunohistochemistry (IHC), and other technologies. In 2020, the PCR segment accounted for the largest share of the market. The large share of this segment can be attributed to the ease of use and widespread availability of PCR kits & reagents in companion diagnostic testing, growing applications of PCR in the high-throughput detection of mutants with a limited or low allele frequency of genes, and quick turnaround time of PCR as compared to other technologies.

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Based on indication, the companion diagnostics market is segmented into cancer, cardiovascular diseases (CVDs), neurological diseases, infectious diseases, and other indications (inflammatory and inherited diseases, among others). In 2020, the cancer segment accounted for the largest share of the market. The large share of this segment can be attributed to the increasing global incidence of cancer, growing role of companion diagnostics in the personalized medicine treatment for cancer, increasing utility of biomarkers in the diagnosis of cancer, technological advancements in cancer diagnostics at the molecular level, and availability of funding for cancer research.

Based on end users, the companion diagnostics market is segmented into pharmaceutical & biotechnology companies, reference laboratories, CROs, and other end users (including physician & hospital laboratories, and academic medical centers). In 2020, pharmaceutical & biotechnology companies accounted for a larger share of the market. The large share of this segment can be attributed to the growing use of companion diagnostics owing to their increasing prominence in drug development, and the increasing importance of companion diagnostic biomarkers. The rising demand for personalized medicine, as well as the high need for targeted therapies for various diseases and disorders, are also expected to drive the demand and uptake of companion diagnostics among pharmaceutical & biotechnology companies.

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Geographical Growth Scenario:

The global companion diagnostics market has been segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest regional market for companion diagnostics. The large share of North America in this market can be attributed to the presence of many leading companion diagnostics vendors & national clinical laboratories, the easy accessibility to technologically advanced devices and instruments, and the highly developed healthcare system in the US and Canada.

Key Players:

The major players operating in this companion diagnostics market are F. Hoffmann-La Roche Ltd. (Switzerland), Agilent Technologies, Inc. (US), Qiagen NV (Germany), Thermo Fisher Scientific, Inc. (US), Abbott Laboratories, Inc. (US), Almac Group (UK), Danaher Corporation (US), Illumina Inc. (US), bioMérieux SA (France), Myriad Genetics, Inc. (US), Sysmex Corporation (Japan), Abnova Corporation (Taiwan), Guardant Health, Inc. (US), ICON Plc (Ireland), BioGenex Laboratories, Inc. (US), Invivoscribe Technologies (US), ArcherDX, Inc. (US), NG Biotech (France), Q² Solutions (US), Amoy Diagnostics Co., Ltd. (China), Abacus Diagnostica Oy (Finland), Asuragen Inc. (US), SAGA Diagnostics (Sweden), Meso Scale Diagnostics, LLC. (US), and Creative Biolabs (US).

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