Companion Diagnostics Market

F. Hoffmann-La Roche AG, Agilent Technologies and QIAGEN N.V. are Leading Players in the Companion Diagnostics Market

The companion diagnostics market 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. The growth of the companion diagnostics industry is tied primarily to its numerous advantages, the growing need for targeted therapy, the rising importance of personalized medicine, the increasing 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. On the other hand, the high cost of companion diagnostic tests and the uncertain reimbursement scenario in different regions may limit the adoption of these tests, which will have an adverse impact on market growth. The COVID-19 pandemic and shortage of trained professionals may also challenge market growth to a certain extent in the coming years.

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), Guardant Health, Inc. (US), Icon Plc (Ireland), and Biogenex Laboratories, Inc. (US) are the leading players operating in the global companion diagnostics market. These companies are focusing on increasing their presence in high-growth markets through organic and inorganic growth strategies such as capacity expansions, product launches & approvals, agreements, partnerships, and collaborations & acquisitions.

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F. Hoffmann-La Roche AG is one of the leading players in the global companion diagnostics market. The company’s leading position in this market is attributed to its extensive geographic presence across North America, Europe, Middle East & Africa, and Asia Pacific. The company offers a comprehensive portfolio of companion diagnostic products for pharmaceutical companies and research institutes and has facilities in Switzerland, Germany, Austria, Denmark, France, the Netherlands, Russia, the UK, Brazil, China, India, Japan, Singapore, Thailand, Egypt, Nigeria, and South Africa. It focuses on product launches to increase its presence in the companion diagnostics product portfolio and strengthen its position in the market.

Agilent Technologies accounted for the second-largest share of the companion diagnostics market in 2019. The company offers robust companion diagnostic assays & kits where the products are based majorly on immunohistochemistry (IHC) and in-situ hybridization (ISH) technologies. Agilent provides companion diagnostic products to pharmaceutical companies, reference laboratories, hospitals, and other medical academic centers through its strong distribution network across the globe. The company’s business strategy includes product launches and approvals for new therapeutic areas. For instance, in April 2019, Agilent received an expanded FDA approval for its companion diagnostic assay, PD-L1 IHC 22C3 pharmDx, in non-small cell lung cancer (NSCLC) for first-line treatment with KEYTRUDA, a targeted anti-PD-1 therapy manufactured by Merck and Co. However, the company could also focus on other strategies such as service launches, partnerships, and agreements to further strengthen its position in the market.

QIAGEN N.V. was the third-largest companion diagnostics company in the market in 2019. The company is a provider of a comprehensive range of companion diagnostic products that help in detecting mutation of gene biomarkers such as KRAS, EGFR, and BRAF, among others. To build brand loyalty and enhance its brand image focuses on organic and inorganic strategies to expand its global footprint and product development capabilities to strengthen its position in the companion diagnostics market. For instance, in the last three years, QIAGEN has signed seven agreements with pharmaceutical companies & diagnostic services providers such as LabCorp (US), Novartis International AG (Switzerland), NeoGenomics, Inc. (US), SRL, INC. (Japan), Bristol-Myers Squibb Company (US), Mirati Therapeutics, Inc. (US), and Array BioPharma (US). These developments have also increased the breadth of the company’s companion diagnostics product portfolio and strengthened its position in the market.

Related Reports:

Companion Diagnostics Market by Product & Service (Assay, Kit, Software & Service), Technology (PCR, NGS, ISH, IHC), Indication (Breast, Lung & Gastric Cancer, Neurological Disease), End-User (Pharma Companies, CRO), Region - Global Forecast to 2025

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