Market Leadership - Companion Diagnostics Market
The global companion diagnostics market is projected to reach USD 9.9 billion by 2026 from USD 5.5 billion in 2021, at a CAGR of 12.6% during the forecast period. Growth in this market is mainly driven by factors such as the high drug development activity, structured regulatory framework in the region, large patient pool undergoing advanced medical testing, and policy programs to provide effective care to patients with cancer.
The key players in this market are F. Hoffmann-La Roche Ltd. (Switzerland), Agilent Technologies, Inc. (US), Qiagen N.V. (Germany), Thermo Fisher Scientific, Inc. (US), Abbott Laboratories, Inc. (US), Almac Group (UK), Danaher Corporation (US), Illumina Inc. (US), bioMérieux SA (France), Myriad Genetics, Inc. (US), Sysmex Corporation (Japan), Abnova Corporation (Taiwan), Guardant Health, Inc. (US), ICON Plc (Ireland), BioGenex Laboratories, Inc. (US), Invivoscribe Technologies (US), ArcherDX, Inc. (US), NG Biotech (France), Q² Solutions (US), Amoy Diagnostics Co., Ltd. (China), Abacus Diagnostica Oy (Finland), Asuragen Inc. (US), SAGA Diagnostics (Sweden), Meso Scale Diagnostics, LLC. (US), and Creative Biolabs (US).
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In 2020, F. Hoffmann-La Roche Ltd. held the leading position in the companion diagnostics market. The company’s leading position in this market can be attributed to its strong global sales and distribution network, enabling it to market its products in various countries effectively. In addition, F. Hoffmann-La Roche Ltd. invests a significant amount of its revenue on R&D. This enables the company to develop and launch new products in the market. Roche adopts inorganic growth strategies to increase its dominance in this market. For instance, in September 2021, the company acquired TIB Molbiol Group (Germany). This acquisition strengthened its broad portfolio of molecular diagnostics solutions with the addition of a wide range of assays for infectious diseases, such as the identification of SARS-CoV-2 variants.
In 2020, Agilent Technologies, Inc. accounted for the second-largest share of the companion diagnostics market. The company’s leading position in this market can be attributed to its strong sales and distribution network globally, enabling it to market its products in various countries effectively. Agilent Technologies invests a significant amount of its revenue in R&D, enabling it to develop and launch new products in the market. In October 2021, the company announced that its PD-L1 IHC 22C3 pharmDx assay was labeled for use in TNBC in the European Union.
Qiagen N.V. leading position in this market can be attributed to focusing on boosting it R&D capabilities in a bid to launch differentiated products and strengthen its position in the companion diagnostics market. For instance, the company launched an expanded scope of companion diagnostic (CDx) claims for the therascreen KRAS RGQ PCR Kit (therascreen KRAS Kit). Qiagen has a strong distribution network in North America, Europe, and Asia.
Related Reports:
Companion Diagnostics Market by Product (Assays, Kits, Software & Services), Technology (PCR, NGS, ISH, IHC), Indication (Breast, Blood, Lung, Colorectal Cancer, Neurology Diseases), End User (Pharma Companies, CROs), Region - Global Forecast to 2026
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