CHICAGO, April 5, 2024 /PRNewswire/ -- Companion Diagnostics Market in terms of revenue was estimated to be worth $7.5 billion in 2024 and is poised to reach $13.6 billion by 2029, growing at a CAGR of 12.6% from 2024 to 2029 according to a new report by MarketsandMarkets™.
The global companion diagnostics market is poised for significant growth in the near future, driven by the increasing incidence of cancers worldwide. This rise in cancer cases is fueling the demand for more accurate and personalized treatment options. Companion diagnostics play a crucial role in this scenario by helping to select appropriate targeted therapies for patients based on their genetic makeup and likely response. This personalized approach is expected to improve treatment outcomes while reducing adverse reactions to unsuited medicines. Additionally, the approvals of many targeted oncology drugs, along with complementary companion diagnostics, by regulatory agencies are expected to further propel the market growth. Emerging economies like China, Japan, and India are presenting attractive opportunities for companies operating in this market.
Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=155571681
Browse in-depth TOC on "Companion Diagnostics Market"
320 - Tables
52 - Figures
300 - Pages
Companion Diagnostics Market Scope:
Report Coverage |
Details |
Market Revenue in 2024 |
$7.5 billion |
Estimated Value by 2029 |
$13.6 billion |
Growth Rate |
Poised to grow at a CAGR of 12.6% |
Market Size Available for |
2021–2029 |
Forecast Period |
2024–2029 |
Forecast Units |
Value (USD Billion) |
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered |
Product & service, technology, indication, cancer type, sample type end user and region |
Geographies Covered |
North America, Europe, Asia Pacific, Latin America, the Middle East & Africa and GCC countries |
Report Highlights |
Updated financial information / product portfolio of players |
Key Market Opportunities |
Increasing importance of companion diagnostics in drug development |
Key Market Drivers |
Increasing significance of personalized medicine |
The assays, reagents & kits segment accounted for the largest share of the companion diagnostics market, by product & service segment, in 2023
Based on product & service, the companion diagnostics market is segmented into assays, kits & reagents, instruments/systems and software & services. The dominance of the assays, kits & reagents segment in 2023 can be attributed primarily to the broad range of available products and the rapidly increasing utilization of assays and kits across various therapeutic areas.
PCR segment expected to register the highest growth rate during the forecast period
Based on technology, the companion diagnostics market is categorized into polymerase chain reaction (PCR), in situ hybridization (ISH), next-generation sequencing (NGS), immunohistochemistry (IHC), and other technologies. In 2023, the PCR segment held the largest portion of the companion diagnostics market. PCR has become essential in companion diagnostics, especially in the interpretive practice by pharmaceutical companies related to oncology drugs, due to its reliability, sensitivity, and ability to obtain quantitative results. Its extensive range of applications and established market presence give it a significant position in the field.
Cancer segment accounted for the largest share of the companion diagnostics market, by indication segment, in 2023
Based on indication, the companion diagnostics market is segmented into cancer, cardiovascular diseases (CVDs), neurological diseases, infectious diseases, and other indications (inflammatory and inherited diseases, among others). In 2023, the cancer segment held the largest share of the companion diagnostics market. This can be attributed to factors such as the expanding role of companion diagnostics in personalized medicine treatments for cancer, as well as the growing importance of biomarkers in cancer diagnosis.
In 2023, the largest share of the companion diagnostics market, based on sample type segment, was held by tissue samples
Based on sample type, the companion diagnostics market is segmented into liquid, blood, and other sample types. In 2023, the tissue sample segment accounted for the largest share of the companion diagnostics market. Tissue samples are often preferred in companion diagnostics for their ability to provide a direct analysis of the tumor, offering a comprehensive view of genetic mutations and biomarkers for more accurate and personalized treatment decisions.
In 2023, the largest share of the companion diagnostics market, based on end user segment, was held by pharmaceutical & biotechnology companies
Based on end user, the companion diagnostics market is segmented into pharmaceutical & biotechnology companies, reference laboratories, CROs, and other end users (including physician & hospital laboratories and academic medical centers). The pharmaceutical & biotechnology companies segment held the largest share of the companion diagnostics market in 2023. This is primarily driven by factors such as the rising utilization of companion diagnostics in drug development and the growing significance of companion diagnostic biomarkers.
North America is the largest regional market for companion diagnostics market
The global companion diagnostics market is divided into six key regions: North America, Europe, Asia Pacific, Latin America, the Middle East & Africa, and GCC countries. In 2023, North America held the largest portion of the companion diagnostics market. The growth of the North American companion diagnostics market can be credited to several factors, including the significant presence of leading companion diagnostics vendors and national clinical laboratories. Additionally, the easy access to technologically advanced devices and instruments, along with the highly developed healthcare systems in the US and Canada, contributed to the market's expansion in this region.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=155571681
Companion Diagnostics Market Dynamics:
Drivers:
- Increasing significance of personalized medicine
Restraints:
- High capital investment and low cost-benefit ratio
Opportunities:
- Increasing importance of companion diagnostics in drug development
Challenge:
- The shortage of adequately trained professionals
Key Market Players of Companion Diagnostics Industry:
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).
The primary interviews conducted for this report can be categorized as follows:
- By Company Type: Tier 1 - 20%, Tier 2 - 45%, and Tier 3 -35%
- By Designation: C-level - 30%, D-level - 20%, and Others - 50%
- By Region: North America - 42%, Europe - 31%, Asia Pacific - 20%, and Rest of the World -7%
Recent Developments of Companion Diagnostics Industry:
- In August 2023, Agilent Technologies, Inc. (US) received European IVDR Certification for Companion Diagnostic Assay.
- In August 2023, QIAGEN (Netherlands). received FDA approval for companion diagnostic to Blueprint Medicines' AYVAKIT (avapritinib) in gastrointestinal stromal tumors.
- In March 2023, F. Hoffmann-La Roche Ltd (Switzerland) received FDA approval of label expansion for VENTANA PD- L1 (SP263) Assay to identify patients with locally advanced and metastatic non-small cell lung cancer eligible for Libtayo.
- In September 2022, Thermo Fisher Scientific Inc. (US) announced FDA Approval of Oncomine Dx Target Test as the First NGS-Based Companion Diagnostic to Aid in Therapy Selection for Patients with RET Mutations/Fusions in Thyroid Cancers.
- In January 2021, F. Hoffmann-La Roche Ltd (Switzerland) launched two digital pathology image analysis algorithms for precision patient diagnosis in breast cancer.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=155571681
Companion Diagnostics Market - Key Benefits of Buying the Report:
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall companion diagnostics market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market's pulse and provide them with information on the key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
- Analysis of key drivers, restraints, opportunities, and challenges influencing the growth of the companion diagnostics market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the companion diagnostics market.
- Market Development: Comprehensive information about lucrative markets – the report analyses the companion diagnostics market across varied regions.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the companion diagnostics market.
- Competitive Assessment: In-depth assessment of market ranking, growth strategies and product offerings of leading players like F. Hoffmann-La Roche Ltd (Switzerland), Agilent Technologies, Inc. (US), QIAGEN (Netherlands), Thermo Fisher Scientific Inc. (US) and Abbott (US).
Related Reports:
Biomarkers Market - Global Forecasts to 2028
Molecular Diagnostics Market - Global Forecasts to 2028
Companion Animal Diagnostics Market - Global Forecasts to 2027
Cancer Biomarkers Market - Global Forecasts to 2026
Cancer Diagnostics Market - Global Forecasts to 2026
About MarketsandMarkets™:
MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insights: https://www.marketsandmarkets.com/ResearchInsight/companion-diagnostics-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/companion-diagnostics.asp
Logo: https://mma.prnewswire.com/media/2297424/MarketsandMarkets_Logo.jpg
SOURCE MarketsandMarkets
![](https://rt.prnewswire.com/rt.gif?NewsItemId=IO80734&Transmission_Id=202404051030PR_NEWS_USPR_____IO80734&DateId=20240405)
Share this article