The global companion diagnostics market is projected to reach USD 6.51 billion by 2022 from USD 2.61 billion in 2017, at a CAGR of 20.1%. Factors such as improvements in regulatory guidelines, growing need for targeted therapies, rising cancer incidence across the globe, and increasing collaborations and partnerships for companion diagnostics test development.

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In this report, the market is segmented on the basis of product & service, technology, indication, end user, and region. On the basis of product & service, the assay kits & reagents segment accounted for the largest share in 2016, owing to its wide range of applications in platforms such as PCR, NGS, IHC, and ISH.

Based on technology, the polymerase chain reaction segment accounted for the largest share in 2016. The large share of this segment can be attributed to the advantages of PCR such as its ease of use and easy availability of kits & reagents with a quick turnaround time as compared to other technologies.

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Based on indication, the companion diagnostics market is further categorized into oncology, infectious diseases, neurology, and other indications (including cardiovascular, inflammatory, and inherited diseases). In 2016, the oncology segment accounted for the largest share and is also the fastest growing segment of the market; this is primarily attributed to the growing incidence of cancer that enhanced the focus on cancer research and also broadened the role of companion diagnostics in this field.

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On the basis of end user, the pharmaceutical and biopharmaceutical companies segment accounted for the largest share of the market in 2016. This end-user segment is also expected to grow at the highest CAGR during the forecast period. The largest share and growth of this market can be attributed to increasing and significant application of companion diagnostics in the drug development process.

Geographically, the companion diagnostics market in the Asia-Pacific region is expected to witness the highest CAGR during the forecast period, owing to the growing need for tailored therapeutics by the elderly population; increasing number of hospitals and diagnostic laboratories; and growing prevalence of life-threatening diseases.

As NGS technology has a significant impact on the growth of the companion diagnostics market, major market players are focusing on undertaking strategic developments for developing companion diagnostics products based on the NGS technology.

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