Companion Diagnostics Market to grow at a CAGR of 11.8% during the forecast period to reach up to USD 18.0 billion by 2031

New York, The global companion diagnostics market was valued at USD 5.9 billion in 2021 and it is anticipated to grow at a CAGR of 11.8% during the forecast period to reach up to USD 18.0 billion by 2031.

Global Companion Diagnostics Market report from Global Insight Services is the single authoritative source of intelligence on Companion Diagnostics Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters' and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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Companion diagnostics is a medical device used along with therapeutic drugs to analyze the effect & applicability of drugs on a specific human body. Companion diagnostics are developed along with drugs for selecting or excluding groups of patients based on the characteristics of which they respond to the therapy. This device helps the healthcare professional to analyze whether a particular treatment is beneficial to the patient.

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Market Trends and Drivers
The key factor such as the growing requirement for targeted medicine is boosting the growth of the market. With advances in genetic sequencing and genomics, it is now extensively believed that drugs can show varying outcomes in different individuals. A better understanding of the genetic characteristics or biomarkers of an individual can promote the practice of administering 'the right drug, at the right time, at the right dose, for the right person. Pharmaceutical and biopharmaceutical companies are regularly attempting to implement patient-selection diagnostic frameworks in the earlier stages of drug development to provide targeted therapies to the right candidate. This further boosted the growth of the companion diagnostics market.

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Global Companion Diagnostics Market Segmentation
The report analyses the global companion diagnostics market based on product & services, technology, indication, end user, and region.

Global Companion Diagnostics Market by Products & Services

Based on products & services, it is segmented into assays, kits & reagents, software and services. The assay, kits & reagents accounted for the largest share of the companion diagnostics market in 2021. The factors such as the availability of a wide range of products coupled with the increasing use of assays and kits in different therapeutic areas are boosting the growth of the market.

Global Companion Diagnostics Market by Technology

Based on technology, it is segmented into a polymerase chain reaction, next-generation sequencing, In situ hybridization, immunohistochemistry, and others. The PCR segment is likely to dominate the market during the forecast period. Ease of use coupled with the widespread availability of PCR kits & reagents in companion diagnostic testing and growing applications of PCR in the high-throughput detection of mutants with a limited or low allele frequency of genes are some factors boosting the market growth.

Global Companion Diagnostics Market by Indication

Based on indication, it is segmented into cancer, cardiovascular diseases, neurological diseases, infectious diseases, and others. The cancer segment is likely to dominate the market during the forecast period. Factors such as the growing role of companion diagnostics in the personalized medicine treatment for cancer coupled with the increasing utility of biomarkers in the diagnosis of cancer are boosting the market growth.

Global Companion Diagnostics Market by End User

Based on the end user, it is segmented into pharmaceutical & biopharmaceutical companies, reference laboratories, contract research organizations, and others. The pharmaceutical & biopharmaceutical companies segment is likely to dominate the market during the forecast period. The key factors such as the growing use of companion diagnostics owing to their increasing prominence in drug development coupled with the increasing importance of companion diagnostic biomarkers are boosting the market growth.

Geographical Analysis of Companion Diagnostics Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North American region is likely to dominate the market during the forecast period. The key factors such as the presence of many leading companion diagnostic vendors & national clinical laboratories coupled with the easy accessibility to technologically advanced devices and instruments, and the highly developed healthcare system in the US and Canada.

Major Players in Companion Diagnostics Market

The key players of the companion diagnostics market are F. Hoffmann-La Roche Ltd. (Switzerland), Agilent Technologies, Inc. (US), Qiagen N.V. (Germany), Thermo Fisher Scientific, Inc. (US), Abbott Laboratories, Inc. (US), Almac Group (UK), Danaher Corporation (US), Illumina Inc. (US), bioMérieux SA (France), Myriad Genetics, Inc. (US), Sysmex Corporation (Japan), Abnova Corporation (Taiwan)

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This release was published on openPR.