Companion Diagnostics Market Size, Growth and Share Analysis by Products & Services (Assays, Kits & Reagents, Software & Services), Technology (Polymerase Chain Reaction (PCR), Next-Generation Sequencing (NGS), In Situ Hybridization (ISH) and Immunohistochemistry (IHC)), Indication (Cancer, Neurological Diseases, Infectious Diseases, Cardiovascular Diseases), Forecast to 2027
— Companion Diagnostics Market Overview
The companion diagnostics market size is predicted to touch USD 8,081.50 million at a 20.29% CAGR between 2016- 2027, according to the new report by Market Research Future (MRFR). A companion diagnostic, simply put, is an in vitro medical device which offers information essential for the effective and safe use of a biological product or corresponding drug. Various factors are adding to the companion diagnostics market growth. According to the new MRFR report, such factors include an increasing number of clinical trials, increasing significance of companion diagnostics in drug development, demand for next-generation sequencing, ever-increasing applications, and rising incidence of cancer worldwide.
Additional factors adding to the companion diagnostics market share include the rising significance of personalized medicine, growing investments in companion diagnostics clinical trials, increasing need for targeted therapy, and multiple benefits of companion diagnostics. Besides, an increase in collaborations amid pharmaceutical companies & diagnostic manufacturers to develop effective solutions to stop cancer management associated challenges are adding to the oncology companion diagnostics market growth.
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On the contrary, lack of awareness and scarcity of skilled professionals, especially in developing countries, may limit the companion diagnostics market revenue over the forecast period.
Companion Diagnostics Market Segmentation
The MRFR report gives an inclusive segmental analysis of the global companion diagnostics market report based on end users, indication, technology, and product & services.
By products & services, the companion diagnostics market is segmented into software & services and assays, kits, & reagents. Of these, assays, kits, & reagents will lead the companion diagnostics market over the forecast period.
By technology, the companion diagnostics market is segmented into immunohistochemistry, in-situ hybridization, next-generation sequencing (NGS), polymerase chain reaction (PCR), and others. Of these, the next-generation sequencing segment will dominate the market over the forecast period.
By indication, the companion diagnostics market is segmented into cardiovascular diseases, infectious diseases, neurological diseases, cancer, and others. Of these, the cancer segment will have a major share in the market over the forecast period.
By end user, the companion diagnostics market is segmented into contract research organization, laboratories, pharmaceutical & biopharmaceutical companies, and others. Of these, pharmaceutical & biopharmaceutical companies will spearhead the market over the forecast period.
Companion Diagnostics Market Regional Analysis
Based on the region, the global companion diagnostics market report covers the growth opportunities and recent trends across the Americas, Europe, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, the Americas will lead the market over the forecast period. Increasing healthcare expenditure, rising prevalence of cancer & other chronic disorders, growing research activities using diagnostic kits, and growing number of healthcare organizations working on generated genomic databases are adding to the companion diagnostics market growth in the region.
The global companion diagnostics market in Europe is predicted to have the second-largest share over the forecast period. Preference for personalized medicine, increasing per capita income, rising R&D activities to develop targeted drug therapy for cancer patients, and the presence of several companies are adding to the companion diagnostics market growth in the region.
The global companion diagnostics market in the APAC region is predicted to grow at a fast pace over the forecast period. Increasing cases of neurological diseases, cardiovascular diseases, and cancer, rising prevalence of infectious diseases, and a growing number of patients suffering from Alzheimer’s and dementia in India are adding to the companion diagnostics market growth in the region.
The global companion diagnostics market in the MEA is predicted to have steady growth over the forecast period. Growing demand for personalized medicines and rising cancer cases are adding to the companion diagnostics market growth in the region.
Companion Diagnostics Market Key Players
Eminent players profiled in the global companion diagnostics market report include Guardant Health (US), Abnova Corporation (Taiwan), Invivoscribe, Inc. (US), ICON plc (Ireland), NG Biotech (France), Foundation Medicine, Inc. (US), ArcherDX, Inc. (US), Illumina, Inc. (US), Leica Biosystems Nussloch GmbH (Germany), bioMérieux SA (France), Abbott (US), QIAGEN (Germany), Agilent Technologies, Inc. (US), Thermo Fisher Scientific Inc. (US), and F. Hoffmann-La Roche Ltd (Switzerland).
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