Companion Diagnostics Market Size Will Grow at a CAGR of 20.29% By 2027

Companion Diagnostics Market: Information by Products & Services (Assays, Kits & Reagents, Software & Services), Technology (Polymerase Chain Reaction (PCR), Next-Generation Sequencing (NGS), In Situ Hybridization (ISH) and Immunohistochemistry (IHC)), Indication (Cancer, Neurological Diseases, Infectious Diseases, Cardiovascular Diseases), End-User (Pharmaceutical & Biopharmaceutical Companies, Contract Research Organizations and Laboratories) and Region (Americas, Europe, Asia-Pacific, Middle East & Africa) - Forecast till 2027

Companion Diagnostics Market Overview:

The global report with details on the Companion Diagnostics Market declares that the market has the chance of achieving a CAGR of 20.29% to surpass a valuation of USD 8,081.50 Million by during the forecast period covering 2019 to 2027. Market Research Future (MRFR) discussed several factors that can impact the companion diagnostics market with growth in the coming days.

A companion diagnostics market overview reveals factors that are the rapidly increasing demand for proper knowledge of genetic structure to develop drugs, the impact of COVID-19, better funding for companion diagnostics clinical trials, rising need for oncology companion diagnostics, and others are going to ensure substantial companion diagnostic market growth. This growth will increase with the inclusion of the personalized drug in various segments.

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Companion Diagnostics Market Segmentation:

The global companion diagnostics market, as per the study conducted by MRFR experts, had been segmented in the report on the basis of products & services, technology, indication, and end users. This segmentation has the potential to reveal insights that can help in taking the necessary steps in the future.

By products & services, the global companion diagnostics market has been segmented into kits, & reagents, assays, and software & services.

By technology, the global report on the companion diagnostics market has been segmented into next-generation sequencing (NGS), polymerase chain reaction (PCR), immunohistochemistry, in-situ hybridization, and other technologies.

By indication, the global study conducted on the companion diagnostics market includes neurological diseases, cancer, cardiovascular diseases, infectious diseases, and others.

By end-user, the companion diagnostics market comprises contract research organizations, laboratories, pharmaceutical & biopharmaceutical companies, and others.

Companion Diagnostics Market Regional Outlook:

The Americas has a dominating companion diagnostics market stance as countries like the US and Canada are spending substantially to improve its companion diagnostics market position. This is possible for their research funding, better infrastructure, and investment made by the government and private bodies. In Europe, this growth will witness substantial support from governments.

Companion Diagnostics Market Competitive Analysis:

Thermo Fisher Scientific Inc. (US), F. Hoffmann-La Roche Ltd (Switzerland), Abbott (US), Agilent Technologies, Inc. (US), QIAGEN (Germany), Leica Biosystems Nussloch GmbH (Germany), bioMérieux SA (France), Myriad Genetics, Inc. (US), ArcherDX, Inc. (US), Illumina, Inc. (US), NG Biotech (France), Foundation Medicine, Inc. (US), Abnova Corporation (Taiwan), ICON plc (Ireland), Invivoscribe, Inc. (US), and Guardant Health (US) are some of the major companies that impact the companion diagnostic market share. MRFR takes note of the recent changes in the market to understand how the companies are impacting the companion diagnostic companion diagnostics market growth.

Companion Diagnostics Industry Trends:

Thermo Fisher Scientific inked a deal regarding companion diagnostic (CDx) agreement with Chugai Pharmaceutical Co., Ltd. The latter is known for being a member of the Roche Group, and declared that they have applied to the Ministry of Health, Labour and Welfare (MHLW) for permission to expand the application of the Oncomine Dx Target Test in Japan. The CDx will be used to take a closer look at various methods and identify ROS1-positive non-small cell lung cancer (NSCLC) in patients who may have a better chance with entrectinib (Rozlytrek) treatment.

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Guardant Health, Inc. (Nasdaq: GH) declared an initiation into a strategic collaboration with Janssen Biotech, Inc. (Janssen) that would pursue regulatory approval and commercialization of their product Guardant360® CDx that could be used as a companion diagnostic for amivantamab. The latter is known for being an investigational EGFR-MET bispecific antibody used in the treatment of non-small cell lung cancer (NSCLC). This agreement would cover regions like the United States, Canada, Japan, and Europe.

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