Companion Diagnostics Market is Expected to Reach $13.6 billion | MarketsandMarkets™
Chicago, April 23, 2024 (GLOBE NEWSWIRE) -- *Companion Diagnostics market* in terms of revenue was estimated to be worth $7.5 billion in 2024 and is poised to reach $13.6 billion by 2029, growing at a CAGR of 12.6% from 2024 to 2029 according to a latest report published by MarketsandMarkets™.
The growth of the companion diagnostics market is primarily driven by several key factors, including a large patient pool undergoing advanced medical testing, high levels of drug development activity, a structured regulatory framework in the region, and policy programs aimed at providing effective care to patients with cancer.
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*Companion Diagnostics** Market** Scope:*
*Report Coverage* *Details*
Market Revenue in 2024 $7.5 billion
Estimated Value by 2029 $13.6 billion
Growth Rate Poised to grow at a CAGR of 12.6%
Market Size Available for 2022–2029
Forecast Period 2024–2029
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Product & service, technology, indication, cancer type, sample type end user and region
Geographies Covered North America, Europe, Asia Pacific, Latin America, the Middle East & Africa and GCC countries
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunity Increasing importance of companion diagnostics in drug development
Key Market Driver Increasing significance of personalized medicine
Based on product & service, the companion diagnostics market is categorized into assays, kits & reagents, instruments/systems and software & services. In 2023, the segment comprising assays, kits, & reagents held the largest share of the companion diagnostics market. This substantial share is due to the wide array of available products, the increasing utilization of assays and kits across various therapeutic fields, and the growing demand for these products in both basic research and commercial applications.
Based on technology, the companion diagnostics market is segmented into into polymerase chain reaction (PCR), in situ hybridization (ISH), next-generation sequencing (NGS), immunohistochemistry (IHC), and other technologies. In 2023, the PCR segment held the predominant market share in the companion diagnostics market. This significant share is attributed to the user-friendly nature and widespread accessibility of PCR kits & reagents in companion diagnostic testing. Additionally, the expanding applications of PCR in the high-throughput detection of gene mutants with limited or low allele frequency, coupled with its quick turnaround time compared to other technologies, contribute to the dominance of the PCR segment.
Based on indication, the companion diagnostics market is categorized into segments including cancer, cardiovascular diseases (CVDs), neurological diseases, infectious diseases, and other indications (inflammatory and inherited diseases, among others). In 2023, the cancer segment held the largest portion of the market. This notable share is driven by several factors, including the rising global incidence of cancer, the expanding role of companion diagnostics in personalized medicine treatments for cancer, the growing importance of biomarkers in cancer diagnosis, advancements in molecular-level cancer diagnostics technology, and the availability of funding for cancer research.
Based on sample type, the companion diagnostics market is segmented into liquid, blood, and other sample types. In 2023, the tissue sample segment accounted for the largest share of the companion diagnostics market. Using tissue samples in companion diagnostics testing offers several advantages, primarily in providing more accurate and reliable results compared to other types of samples.
Categorized by end user, the companion diagnostics market is divided into pharmaceutical & biotechnology companies, reference laboratories, CROs, and other end users (including physician & hospital laboratories, and academic medical centers). In 2023, the pharmaceutical & biotechnology companies segment dominated the companion diagnostics market. This segment's significant share is linked to the increasing utilization of companion diagnostics in drug development and the rising importance of companion diagnostic biomarkers. Furthermore, the increasing demand for personalized medicine and the necessity for targeted therapies across diverse diseases and disorders are anticipated to fuel the adoption and demand for companion diagnostics among pharmaceutical & biotechnology companies.
The global companion diagnostics market is divided into six primary regions: North America, Europe, Asia Pacific, Latin America, the Middle East & Africa, and GCC countries. Among these regions, North America held the largest regional market share for companion diagnostics. The substantial presence of leading companion diagnostics vendors and national clinical laboratories, coupled with the easy access to technologically advanced devices and instruments, contribute to North America's significant share in this market. Furthermore, the highly developed healthcare systems in the US and Canada also play a role in this regional dominance.
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*Companion Diagnostics market major players covered in the report, such as:*
· F. Hoffmann-La Roche Ltd (Switzerland)
· Agilent Technologies, Inc. (US)
· QIAGEN (Netherlands)
· Thermo Fisher Scientific Inc. (US)
· Abbott (US)
· Almac Group (UK)
· Danaher (US)
· Illumina, Inc. (US)
· bioMérieux (France)
· Myriad Genetics, Inc. (US)
· Sysmex Corporation (Japan)
· ARUP Laboratories (UK)
· Abnova Corporation (Taiwan)
· Guardant Health (US)
· ICON Plc (Ireland)
· BioGenex (US)
· Invivoscribe, Inc. (US)
· ArcherDX, Inc. (Integrated DNA Technologies, Inc.) (US)
· NG Biotech (France)
· Q² Solutions (US)
· Amoy Diagnostics Co., Ltd. (China)
· Uniogen (Abacus Diagnostica) (Finland)
· Asuragen, Inc. (Bio-Techne) (US)
· NG Biotech (France)
· Meso Scale Diagnostics, LLC. (US)
· Creative Biolabs (US)
· and Among Others
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*This report categorizes the companion diagnostics market into the following segments and subsegments:*
*By Product & Service*
· Assays, kits & reagents
· Instruments/systems
· Software & services
*By Technology*
· Polymerase chain reaction
· Next-generation sequencing
· In situ hybridization
· Immunohistochemistry
· Other technologies
*By Indication*
· Cancer
· Lung Cancer
· Breast Cancer
· Blood Cancer
· Colorectal Cancer
· Other Cancers
· Neurological diseases
· Cardiovascular diseases
· Infectious diseases
· Other indications
*By Sample Type*
· Tissue samples
· Blood samples
· Other sample types
*By End User*
· Pharmaceutical & biotechnology companies
· Reference laboratories
· CROs
· Other end users
*By Region*
· North America
· US
· Canada
· Europe
· Germany
· UK
· Switzerland
· France
· Italy
· Spain
· Rest of Europe
· Asia Pacific
· China
· Japan
· India
· Australia
· Rest of Asia Pacific
· Latin America
· Brazil
· Mexico
· Rest of Latin America
· Middle East & Africa
· GCC Countries
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*Key Market Stakeholders:*
· Manufacturing Companies of Companion diagnostics and Related Devices
· Original Equipment Manufacturers
· Suppliers and Distributors of Electroceutical Devices
· Healthcare Service Providers
· Teaching Hospitals and Academic Medical Centers (AMCs)
· Health Insurance Payers
· Research and Consulting Firms
· Medical Research Institutes
· Healthcare Institutes/Providers (Hospitals, Medical Groups, Physicians’ Practices, Diagnostic Centers, and Outpatient Clinics)
· Venture Capitalists
· Community Centers
*Report Objectives:*
· To define, describe, segment, and forecast the companion diagnostics market by product & service, technology, indication, sample type, end user, and region
· To provide detailed information regarding the major factors influencing the market growth (drivers, restraints, opportunities, and challenges)
· To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
· To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
· To forecast the size of the market segments with respect to six regions, namely, North America, Europe, the Asia Pacific, Middle East & Africa, Latin America, and GCC countries
· To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies
· To track and analyze company developments such as acquisitions, collaborations, partnerships, agreements, and product launches & approvals in the companion diagnostics market
· To benchmark players within the companion diagnostics market using the Company Evaluation Matrix framework, which analyzes market players on various parameters within the broad categories of business strategy, market share, and product offerings
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*Content Source: **https://www.marketsandmarkets.com/PressReleases/companion-diagnostics.asp*
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