The global companion diagnostics market is projected to grow at a CAGR of 20.1% during the forecast period from 2022 – 2031.
The global companion diagnostics market is projected to reach USD 6.51 billion by 2031 from USD 2.61 billion in 2022, at a CAGR of 20.1%. The growth of this market is majorly driven by the 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. However, uncertain reimbursement scenarios in different countries such as the U.S., the U.K., Japan, and Australia are expected to limit the market growth.
“The assay kits & reagents segment is expected to grow at the fastest CAGR’
On the basis of product and service, the companion diagnostics market is segmented into assay kits & reagents, and software & services. The assay kits & reagents segment accounted for the largest share in 2016 and is expected to register the highest CAGR during the forecast period. The large share can be attributed to its wide range of applications in platforms such as PCR, NGS, IHC, and ISH.
“The oncology segment to dominate the global companion diagnostics market with the largest share and fastest CAGR”
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.
“The pharmaceutical and biopharmaceutical companies segment is expected to grow at the fastest CAGR”
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 register the highest CAGR during the forecast period. The large share and growth of this market can be attributed to the increasing and significant application of companion diagnostics in the drug development process.
“Asia-Pacific to witness the fastest growth during the forecast period (2022 – 2031)”
North America held the largest share of the global companion diagnostics market in 2022, while Asia-Pacific is expected to witness the highest growth from 2022 to 2031. The growing need for tailored therapeutics by the elderly population, the increasing number of hospitals and diagnostic laboratories, and the growing prevalence of life-threatening diseases are driving the growth of the companion diagnostics market in the Asia-Pacific region.
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The break of primary participants was as mentioned below:
- By Company Type – Tier 1-45%, Tier 2-34%, and Tier 3-21%
- By Designation – C-level-14%, Director Level-10%, and Others-76%
- By Region – North America-40%, Europe-32%, Asia-Pacific-20%, and RoW-8%
Some of the major market players in the companion diagnostics market are F. Hoffmann-La Roche AG (Switzerland), Agilent Technologies, Inc. (U.S.), and QIAGEN N.V. (Netherlands) dominated the global companion diagnostics market. Some of the other players competing in this market are Thermo Fisher Scientific Inc. (U.S.), Abbott Laboratories, Inc. (U.S.), Myriad Genetics, Inc. (U.S.), Danaher Corporation (U.S.), Almac Group (U.S.), and Sysmex Corporation (Japan).
The report analyzes the companion diagnostics market and aims at estimating the market size and future growth potential of this market based on various segments such as product and service, type of medical device, application, and region. The report also includes an in-depth regulatory analysis for various regions across the globe and a competitive analysis of the key players in this market along with their company profiles, product and service offerings, recent developments, and key market strategies.
Reasons to Buy the Report:
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies.
This report provides insights on the following pointers:
- Market Penetration: Comprehensive information on product and service portfolios offered by the top players in the global companion diagnostics market. The report analyzes the global companion diagnostics market by product and service, technology, indication, end user, and region
- Product/Service Enhancement/Innovation: Detailed insights on upcoming trends and new product/service launches in the global companion diagnostics market
- Market Development: Comprehensive information on the lucrative emerging markets by product and service, type of medical device, application, and region
- Market Diversification: Exhaustive information about new product or product enhancements, growing geographies, recent developments, and investments in the global companion diagnostics market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, products, services, and capabilities of leading players in the global market.
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