DUBLIN--(BUSINESS WIRE)--The "Global 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 - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
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.
Market growth is driven by factors such as the growing significance of companion diagnostics in drug development and rising incidence of cancer and the growing adoption of targeted therapies.
Based on product & service, the companion diagnostics market is segmented into assays, kits & reagents, and software & services. In 2020, assays, kits & reagents accounted for the largest share of the companion diagnostics market due to the availability of a wide range of products, increasing use of assays and kits in different therapeutic areas, and the growing demand for assays and kits in basic research and commercial applications.
Based on end-user, the companion diagnostics market is segmented into pharmaceutical & biotechnology companies, reference laboratories, CROs, and other end users. In 2020, pharmaceutical & biotechnology companies were the largest end-users of companion diagnostics. This can primarily be attributed to the growing use of companion diagnostics owing to their increasing prominence in drug development and the increasing importance of companion diagnostic biomarkers. The rising demand for personalized medicine, as well as the high need for targeted therapies for various diseases and disorders, are also expected to drive the demand and uptake of companion diagnostics among pharmaceutical & biotechnology companies.
The global companion diagnostics market has been segmented into five major regions - North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest regional market for companion diagnostics.
The large share of North America in this market can be attributed to the presence of many leading companion diagnostics vendors & national clinical laboratories, the easy accessibility to technologically advanced devices and instruments, and the highly developed healthcare system in the US and Canada.
Key Topics Covered:
- Companion Diagnostics Market, by Product & Service, 2021 Vs. 2026 (USD Million)
- Companion Diagnostics Market, by Technology, 2021 Vs. 2026 (USD Million)
- Companion Diagnostics Market, by Indication, 2021 Vs. 2026 (USD Million)
- Companion Diagnostics Market, by End-user, 2021 Vs. 2026 (USD Million)
- Companion Diagnostics Market, by Region, 2021 Vs. 2026 (USD Million)
- Companion Diagnostics Market Overview - Growing Incidence of Cancer to Drive Market Growth
- Companion Diagnostics Market Share, by Product & Service, 2021 vs. 2026 - Assays, Kits & Reagents Segment to Dominate Market in 2026
- Companion Diagnostics Market Share, by Technology, 2021 vs. 2026 - Polymerase Chan Reaction Segment to Lead Market During Forecast Period
- Companion Diagnostics Market Share, by Indication, 2021 vs. 2026 - Cancer Segment to Dominate Market During Forecast Period
- Companion Diagnostics Market Share, by End-user, 2021 vs. 2026 - Pharmaceutical & Biotechnology Companies Segment to Lead Market in 2026
- Companion Diagnostics Market: Geographic Growth Opportunities - Asia-Pacific to Register Highest Growth Rate in Companion Diagnostics Market During Forecast Period
- Advantages of Companion Diagnostics
- Growing Need for Targeted Therapy
- Rising Importance of Personalized Medicine
- Increasing Global Incidence of Cancer
- Growing Application Areas of Companion Diagnostics
- High Capital Investment and Low Cost-Benefit Ratio
- Expensive Companion Diagnostic Tests
- Uncertain Reimbursement Scenario in Different Regions
- High Cost of Immunotherapy Treatment
- Increasing Demand for Next-Generation Sequencing
- Growing Significance of Companion Diagnostics in Drug Development
- Higher Number of Clinical Trials
- Shortage of Trained Professionals
- Lack of Awareness of Companion Diagnostics Testing
- Abacus Diagnostica Oy
- Abbott Laboratories, Inc.
- Abnova Corporation
- Agilent Technologies, Inc.
- Almac Group
- Amoy Diagnostics Co., Ltd.
- Archerdx, Inc.
- Asuragen Inc.
- Biogenex Laboratories, Inc.
- Biomerieux Sa
- Creative Biolabs
- Danaher Corporation
- F. Hoffmann-La Roche Ag
- Guardant Health, Inc.
- ICON plc
- Illumina, Inc.
- Invivoscribe Technologies
- Meso Scale Diagnostics, LLC.
- Myriad Genetics, Inc.
- Ng Biotech
- Q Solutions
- Saga Diagnostics
- Sysmex Corporation
- Thermo Fisher Scientific, Inc.
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