F. Hoffmann-La Roche Ltd. (Switzerland), Agilent Technologies, Inc. (US) and QIAGEN (Netherlands) are Leading Players in the Companion Diagnostics Market
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% during the forecast period. The primary drivers of growth in this market include significant drug development efforts, well-established regulatory frameworks in the region, a sizable population undergoing advanced medical testing, and policy initiatives aimed at delivering effective care to cancer patients.
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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As of 2023, F. Hoffmann-La Roche Ltd. (Switzerland) emerged as the top player in the companion diagnostics market. The company's prominent position in this market stems from its robust global sales and distribution network, which allows effective product marketing across various countries. Furthermore, F. Hoffmann-La Roche Ltd. dedicates a substantial portion of its revenue to research and development, enabling the introduction of new products to the market. Roche employs strategies of inorganic growth to boost its market dominance. In February 2024, the company entered into a collaboration agreement with PathAI (US) to expand digital pathology capabilities for companion diagnostics.
During 2023, Agilent Technologies, Inc. (US) secured the second position in the companion diagnostics market. The company’s growth in the market is a result of its robust global sales and distribution network, which allows for effective marketing of its products in numerous countries. Agilent Technologies dedicates a considerable portion of its revenue to research and development, which empowers the company to innovate and introduce new products to the market. In November 2023, the company received FDA Approval for PD-L1 IHC 22C3 pharmDx in Gastric or Gastroesophageal Junction (GEJ) Adenocarcinoma.
In the year 2023, QIAGEN (Netherlands) emerged as a predominant player in the companion diagnostics market. Qiagen's strong foothold in this market can be credited to its focus on enhancing its research and development capabilities to introduce unique products and bolster its position in the companion diagnostics market. For instance, the company expanded the scope of companion diagnostic (CDx) claims for the therascreen KRAS RGQ PCR Kit (therascreen KRAS Kit). The company also maintains a robust distribution network across North America, Europe, and Asia.
Related Reports:
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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