Companion Diagnostics Market | Ongoing Trends and Recent Developments | Major Key Players like Roche Diagnostics (Switzerland), Agilent Technologies, Inc. (U.S.), QIAGEN N.V. (Netherlands)

A companion diagnostic assay is an in vitro diagnostic device (IVD) that is used to identify whether a patient with certain diseases could be benefitted by a particular drug through the biomarker assessment. The key factors driving the growth of this market include the increasing lung cancer cases, growing number of genetic testing, rising need for personalized medicines, and regulatory guidelines that support the companion diagnostics market.

What the Market Looks Like?

Predicted to grow at a CAGR of 20.1% during the forecast period, the global companion diagnostics market is estimated to reach USD 6.51 Billion.

On the basis of technology, the companion diagnostics market is broadly segmented into polymerase chain reaction (PCR), in situ hybridization (ISH), immunohistochemistry (IHC), next-generation sequencing (NGS), and other technologies.

On the basis of products & services, the market is segmented into assay kits, reagents, and software & services. The assay kits & reagents segment is accounted for largest share of this market in 2016. The large share of this segment can primarily be attributed to its wide range of applications in varied technology platforms.

By end user, the market is segmented into pharmaceutical & biopharmaceutical companies, reference laboratories, and other end users. The pharmaceutical and biopharmaceutical companies segment is accounted for the largest share of this market in 2016. This end-user segment is also expected to register the highest CAGR during the forecast period.

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What Drives the Market?

The growth of the global market for companion diagnostics is primarily influenced by the following factors:

• Improvements in regulatory guidelines
• Growing need for targeted therapies
• Rising cancer incidence worldwide
• Increasing collaborations and partnerships for companion diagnostics test development

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Geographical growth scenario of Companion Diagnostics Market:

North America accounted for the largest share of the market in 2016, followed by Europe. The large share of the North American market is attributed to the increasing technological advancements aimed at developing companion diagnostic tests for new indications such as neurology, infectious diseases, and so on. The Asia-Pacific region is expected to register the highest CAGR over the next five years. The need for tailored therapeutics for the region’s growing geriatric population; increasing number of hospitals and diagnostics laboratories; and growing prevalence of life-threatening diseases such as cancer and neurology diseases among others are driving the growth of the companion diagnostics market.

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Leading market players and strategies adopted:

The prominent players in the global companion diagnostics market are Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche AG (Switzerland), Agilent Technologies, Inc. (U.S.), QIAGEN N.V. (Netherland), Illumina Inc. (U.S.)

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This release was published on openPR.