Companion Diagnostics Market Size – Global Industry Analysis, Trends, Growth opportunities and Demand Forecast

Market Highlights

Global Companion Diagnostics Market is expected to register a CAGR of 20.29% during the forecast period, with a market value of USD 8,081.50 Million by 2027. A companion diagnostic is an in vitro diagnostic medical kit. Through this test, the healthcare professional can determine whether a particular therapeutic product is effective to the patient or possess any serious side effects or risks.

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 Segment Analysis

Global Companion Diagnostics Market has been segmented by Products & Services, Technology, Indication, and End Users. The market, based on products & services, has been bifurcated into assays, kits, & reagents, and software & services. On the basis of technology, the market has been bifurcated into polymerase chain reaction (PCR), next-generation sequencing (NGS), in-situ hybridization, immunohistochemistry, and other technologies.

The market based on indication has been segmented into cancer, neurological diseases, infectious diseases, cardiovascular diseases, and others. Based on end user, the companion diagnostics market has been segregated into pharmaceutical & biopharmaceutical companies, laboratories, contract research organizations, and others.

Regional Analysis

The Companion Diagnostics Market Size, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.

The Americas is likely to dominate the global companion diagnostics market. This can be attributed to the increasing demand for personalized medicine and the rising prevalence of various chronic diseases such as cancer, neurological disorders, and cardiac diseases among others. According to the American Cancer Society, 1.8 million new cancer cases will be diagnosed in 2020 in the US. Moreover, the presence of major manufacturers is also expected to drive market growth in the region.

 Asia-Pacific is estimated to be the fastest-growing market owing to the adoption of technologies and publishing guidelines for the use of CDx for the development of personalized medicines in the region. For instance, Precision Medicine Asia is one of the largest cancer clinics that provide a platform for innovative oncology therapies and diagnostics development in Asia, and also technical and regulatory expertise in CDx development. Moreover, the rising neurological disease in the aging population is also driving the market growth.

 The market in the Middle East & Africa is expected to witness steady growth due to the growing number of hospitals, research laboratories, increasing investment by healthcare companies, a growing number of cancer cases, rising drug discovery, and increasing preference for personalized medicines.

Key Players

MRFR recognizes the following companies as the Key Players in the global companion diagnostics market— F. Hoffmann-La Roche Ltd (Switzerland), Thermo Fisher Scientific Inc. (US), Agilent Technologies, Inc. (US), QIAGEN (Germany), Abbott (US), bioMérieux SA (France), Leica Biosystems Nussloch GmbH (Germany), Illumina, Inc. (US), Myriad Genetics, Inc. (US), ArcherDX, Inc. (US), Foundation Medicine, Inc. (US), NG Biotech (France), ICON plc (Ireland), Invivoscribe, Inc. (US), Abnova Corporation (Taiwan), and Guardant Health (US).


Key Findings of the Study

The Global Companion Diagnostics Market is estimated to reach USD 8,081.50 Million by 2027 at a CAGR of 20.29% during the assessment period

The Americas accounted for the largest share of the global companion diagnostics market due to the increasing number of healthcare organizations working on generated genomic databases to understand the human genome and growing research activities

Based on products & services, the assays, kits, & reagents segment is expected to account for the largest market share of 66.9% by 2027

On the basis of technology, the polymerase chain reaction segment is expected to account for the largest market share of 37.5% by 2027

Based on indication, the cancer segment is expected to account for the largest market share of 67.8% by 2027

On the basis of end user, the pharmaceutical & biopharmaceutical companies segment is expected to account for the largest market share of 38.3% by 2027

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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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