Companion Diagnostics Market

Companion Diagnostics Market worth $13.6 billion by 2029

The report "Companion Diagnostics Market By Product (Assays, Kits, Reagents, System, Software & Services), Technology (PCR, NGS, ISH, IHC), Indication (Breast, Lung, Colorectal Cancer, CVD, Infectious, Neurology), Sample Type (Tissue, Blood) - Global Forecast to 2029", the global companion diagnostics market is projected to reach USD 13.6 billion by 2029 from USD 7.5 billion in 2024, at a CAGR of 12.6%.

Browse 320 market data Tables and 52 Figures spread through 300 Pages and in-depth TOC on "Companion Diagnostics Market By Product (Assays, Kits, Reagents, System, Software & Services), Technology (PCR, NGS, ISH, IHC), Indication (Breast, Lung, Colorectal Cancer, CVD, Infectious, Neurology), Sample Type (Tissue, Blood) - Global Forecast to 2029"
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The global companion diagnostics market is poised for significant growth in the near future, driven by the increasing incidence of cancers worldwide. This rise in cancer cases is fueling the demand for more accurate and personalized treatment options. Companion diagnostics play a crucial role in this scenario by helping to select appropriate targeted therapies for patients based on their genetic makeup and likely response. This personalized approach is expected to improve treatment outcomes while reducing adverse reactions to unsuited medicines. Additionally, the approvals of many targeted oncology drugs, along with complementary companion diagnostics, by regulatory agencies are expected to further propel the market growth. Emerging economies like China, Japan, and India are presenting attractive opportunities for companies operating in this market.

The assays, reagents & kits segment accounted for the largest share of the companion diagnostics market, by product & service segment, in 2023

Based on product & service, the companion diagnostics market is segmented into assays, kits & reagents, instruments/systems and software & services. The dominance of the assays, kits & reagents segment in 2023 can be attributed primarily to the broad range of available products and the rapidly increasing utilization of assays and kits across various therapeutic areas.

PCR segment expected to register the highest growth rate during the forecast period

Based on technology, the companion diagnostics market is categorized 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 largest portion of the companion diagnostics market. PCR has become essential in companion diagnostics, especially in the interpretive practice by pharmaceutical companies related to oncology drugs, due to its reliability, sensitivity, and ability to obtain quantitative results. Its extensive range of applications and established market presence give it a significant position in the field.

Cancer segment accounted for the largest share of the companion diagnostics market, by indication segment, in 2023

Based on indication, the companion diagnostics market is segmented into 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 share of the companion diagnostics market. This can be attributed to factors such as the expanding role of companion diagnostics in personalized medicine treatments for cancer, as well as the growing importance of biomarkers in cancer diagnosis.

In 2023, the largest share of the companion diagnostics market, based on sample type segment, was held by tissue samples

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. Tissue samples are often preferred in companion diagnostics for their ability to provide a direct analysis of the tumor, offering a comprehensive view of genetic mutations and biomarkers for more accurate and personalized treatment decisions.

In 2023, the largest share of the companion diagnostics market, based on end user segment, was held by pharmaceutical & biotechnology companies

Based on end user, the companion diagnostics market is segmented into pharmaceutical & biotechnology companies, reference laboratories, CROs, and other end users (including physician & hospital laboratories and academic medical centers). The pharmaceutical & biotechnology companies segment held the largest share of the companion diagnostics market in 2023. This is primarily driven by factors such as the rising utilization of companion diagnostics in drug development and the growing significance of companion diagnostic biomarkers.

North America is the largest regional market for companion diagnostics market

The global companion diagnostics market is divided into six key regions: North America, Europe, Asia Pacific, Latin America, the Middle East & Africa, and GCC countries. In 2023, North America held the largest portion of the companion diagnostics market. The growth of the North American companion diagnostics market can be credited to several factors, including the significant presence of leading companion diagnostics vendors and national clinical laboratories. Additionally, the easy access to technologically advanced devices and instruments, along with the highly developed healthcare systems in the US and Canada, contributed to the market's expansion in this region.

The major players in this market are 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), and Creative Biolabs (US).

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Companion Diagnostics Market Size,  Share & Growth Report
Report Code
MD 5463
PR Published ON
4/3/2024
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