DUBLIN--(BUSINESS WIRE)--The "Companion Diagnostics Market by Product & Service (Assay, Kit, Software & Service), Technology (PCR, NGS, ISH, IHC), Indication (Breast, Lung & Colorectal Cancer, Cardiovascular Disease), End-User (Pharma Companies, CRO), Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The companion diagnostics market is projected to reach USD 7,299.4 million by 2024 from USD 3,515.8 million in 2019, at a CAGR of 15.7% during the forecast period.
- The growth of the companion diagnostics industry is tied primarily to its various advantages, the growing need for targeted therapy, the increasing importance of personalized medicine.
- Moreover, the increasing global incidence of cancer, ever-increasing application areas of companion diagnostics, rising demand for next-generation sequencing, the growing significance of companion diagnostics in drug development, and the increasing number of clinical trials are expected to present growth opportunities for players in the market.
- However, the high cost of companion diagnostic tests and the uncertain reimbursement scenario in different regions affect market growth to a certain extent during the forecast period.
This report analyzes the market for various companion diagnostics and their adoption patterns. It aims at estimating the size and future growth potential of the global companion diagnostics market as well as its segments (by product & service, technology, indication, end-user, and region). The report also includes an in-depth competitive analysis of key market players along with their company profiles, product offerings, and recent developments.
The prominent players operating in the global companion diagnostics market are 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), bioMerieux SA (France), Myriad Genetics, Inc., (US), Sysmex Corporation (Japan), Thermo Fisher Scientific Inc. (US), Abnova Corporation (Taiwan), and Guardant Health, Inc. (US).
Cancer segment to witness the highest growth during the forecast period
The cancer segment is estimated to grow at the highest CAGR during the forecast period. This can be attributed primarily to the increasing global incidence of cancer, the growing role of companion diagnostics in personalized medicine treatment for cancer, the rising utility of biomarkers in the diagnosis of cancer, technological advancements in cancer diagnostics at the molecular level, and the availability of funding for cancer research.
Pharmaceutical & biopharmaceutical companies segment to grow at the highest CAGR in the companion diagnostics market, by end-user
The major factors driving the demand for pharmaceutical & biopharmaceutical companies in companion diagnostics are growing prominence in drug development and the growing importance of companion diagnostic biomarkers. The increasing demand for personalized medicine as well as the high demand for targeted therapies for various diseases and disorders are also expected to drive the demand and uptake of companion diagnostics among pharmaceutical & biopharmaceutical companies.
APAC market to witness the highest growth during the forecast period
Asia Pacific is estimated to be the fastest-growing regional market for companion diagnostics during the forecast period. The high incidence of cancer, growing proteomics & genomics research, increasing research funding, rising investments by pharmaceutical and biotechnology companies, and growing awareness about personalized therapeutics in several APAC countries are some of the major factors driving the growth of this market.
- Advantages of Companion Diagnostics
- Growing Need for Targeted Therapy
- Growing Importance of Personalized Medicine
- Increasing Global Incidence of Cancer
- Growing Application Areas of Companion Diagnostics
- High Cost of Companion Diagnostic Tests
- Uncertain Reimbursement Scenario in Different Regions
- Increasing Demand for Next-Generation Sequencing
- Growing Significance of Companion Diagnostics in Drug Development
- Increasing Number of Clinical Trials
- Shortage of Trained Professionals
- Abbott Laboratories Inc.
- Abnova Corporation
- Agilent Technologies Inc.
- Almac Group
- bioMerieux S.A.
- Danaher Corporation
- F. Hoffmann-La Roche AG
- Guardant Health Inc.
- Illumina Inc.
- Myriad Genetics Inc.
- QIAGEN N.V.
- Sysmex Corporation
- Thermo Fisher Scientific Inc.
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