This report aims to provide detailed insights into the global companion diagnostic market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
Expected Revenue Growth:
The Companion Diagnostics Industry is expected to reach USD 6.8 billion by 2025 from USD 3.7 billion in 2020, at a CAGR of 12.9% during the forecast period of 2020 to 2025.
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Key Factors Driving Market Growth:
The growth of the Companion Diagnostics Market is tied primarily to the advantages of companion diagnostics, the growing need for targeted therapy, the increasing importance of personalized medicine, the rising global incidence of cancer, and the ever-increasing application areas of companion diagnostics. The increasing demand for next-generation sequencing, the growing significance of companion diagnostics in drug development, and the rising number of clinical trials are also expected to present growth opportunities for players in the market, which also expected to support market growth in the coming years.
Assays, kits, & reagents segment to account for the largest share of the Companion Diagnostics Market, by product & service
The assays, kits, & reagents segment is expected to account for the largest share of the market in 2019. This is attributed to the availability of a wide range of assays, kits, & reagents in companion diagnostics, increasing the use of assays & kits in different therapeutic areas, and the growing demand for assays & kits in basic research and commercial applications which drives the growth of this segment.
Next-Generation Sequencing (NGS) to form the fastest-growing end-user segment in the companion diagnostic market
NGS-based companion diagnostic tests aim to unlock molecular information from each patient's tumor genome to guide treatment decisions for cancer therapies. Next-generation sequencing detects multiple biomarkers for multiple drug therapies in a shorter time frame as compared to other sequencing techniques. The use of NGS panels for biomarker measurement in one test has the potential to help in the treatment of many different types of cancers.
North America is estimated to be the largest regional market for companion diagnostics
North America is expected to account for the largest share of the market in 2019, closely followed by Europe. Factors such as the highly developed healthcare system in the US & Canada, the presence of a large number of leading companion diagnostics vendors & national clinical laboratories in this region, and the easy accessibility to technologically advanced devices and instruments & presence of a large number of global players in this region are driving the growth of the Companion Diagnostics Market in North America.
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The prominent players operating in the Companion Diagnostics Market are F. Hoffmann-La Roche AG (Switzerland), Agilent Technologies, Inc. (US), QIAGEN N.V. (Germany), Abbott Laboratories, Inc. (US), Almac Group (UK), Danaher Corporation (US), Illumina, Inc. (US), bioMérieux SA (France), Myriad Genetics, Inc., (US), Sysmex Corporation (Japan), Thermo Fisher Scientific Inc. (US), Abnova Corporation (Taiwan), and Guardant Health, Inc. (US).