Companion Diagnostics Market is estimated to reach USD 17.9 billion in 2029, increasing at 15.1% CAGR during 2022-2029 | Size, Share & Forecast

Companion Diagnostics Market

Companion Diagnostics Market reached USD 5.8 billion in 2021 and is estimated to touch USD 17.9 billion in 2029, growing at a high CAGR of 15.1% during the forecast period.

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The factors driving the growth of Companion Diagnostics Market includes rising prevalence of cancer around the world, growing demand for next generation sequencing and increasing application of companion diagnostics in drug development. According to the report published by World Health Organization (WHO), cancer emerged as the leading cause of deaths, around 10 million people death were reported worldwide in 2020 due to cancer, which is pushing the demand for companion diagnostic devices across the globe. Moreover, growing adoption of advanced technologies by pharmaceutical and biopharmaceutical companies, rise in the number of clinical trials, consumers preference for personalized medicines and increasing investments by leading players on research and development, are some of the additional factors supplementing the Global Companion Diagnostics Market. As per the data available at Statista, the number of registered clinical trials worldwide have increased from 2,119 registered in 2000 to 409,000 as of March 28, 2022, is expected to accelerate the Companion Diagnostics Market size in the coming years.

However, the growth of Companion Diagnostics Market is hindered due to high cost of personalized immunotherapies.

The major players operating in the market are F. Hoffmann-La Roche Ltd., ARUP Laboratories., Abbott, Agilent Technologies, Inc., Illumina, Inc., QIAGEN, Myriad Genetics, Inc., BioMérieux SA, Invivoscribe, Inc., and Thermo Fisher Scientific, Inc., among others.

Based on Offering, the Product segment is predicted to capture the largest market share during the forecast period

Growing emphasis by leading companies on developing advanced cancer diagnostic equipment, is the major factor responsible for the segment's growth.

Based on Disease Type, the NSCLC segment is projected to hold the highest market share over the forecast period

As per the Companion Diagnostics Market Report, rise in the cases of non-small lung cancer and growing focus on developing oncology diagnostic test equipment, is propelling the growth of the segment.

Based on Region, the North American region is anticipated to lead the market during the forecast period

According to the Companion Diagnostics Market Trends, rise in Government's funding to healthcare instructions, increasing demand for next generation sequencing, growing population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in North America.

Key Development

In 2020, Thermo Fisher Scientific Inc. partered with Agios Pharmaceuticals strategic to codevelop a second companion diagnostics platform for oncology.

Market Segmentation

Segmentation by Offering

Solution
Product
Service

Segmentation by Technology

PCR
NGS
IHC
FISH
Others

Segmentation by Disease Type

Breast Cancer
NSCLC
Melanoma
Colorectal
Others

Segmentation by End-Use

Hospitals
Pathology and Diagnostic Labs
Academic Medical Center
Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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