The growth of the companion diagnostics market is tied primarily to the advantages of companion diagnostics, the growing need for targeted therapy, the increasing importance of personalized medicine, the rising global incidence of cancer, and the ever-increasing application areas of companion diagnostics. The increasing demand for next-generation sequencing, the growing significance of companion diagnostics in drug development, and the rising number of clinical trials are also expected to present growth opportunities for players in the market, which also expected to support market growth in the coming years.
What the Market Looks Like?
Predicted to grow at a CAGR of 15.7% during the forecast period, the global Companion Diagnostics market is estimated to reach USD 7.3 billion by 2024 by the end of 2024. In 2019, North America held the largest market share, followed by Europe.
The assays, kits, & reagents segment is expected to account for the largest share of the companion diagnostics market in 2019. This is attributed to the availability of a wide range of assays, kits, & reagents in companion diagnostics, increasing the use of assays & kits in different therapeutic areas, and the growing demand for assays & kits in basic research and commercial applications which drives the growth of this segment.
The extractables/leachables testing services segment is expected to dominate the companion diagnostics market in 2019. The large share of this segment can be attributed to the ease of use and widespread availability of PCR kits & reagents in companion diagnostic testing, growing applications of PCR in the high-throughput detection of mutants with a limited or low allele frequency of genes, and high turnaround time of PCR as compared to other technologies.
Pharmaceutical & biopharmaceutical companies are expected to account for the largest share of the companion diagnostics market in 2019. The large share of this segment can majorly be attributed to the extensive usage of companion diagnostics in these industries owing to their growing prominence in drug development and the increasing importance of companion diagnostic biomarkers. The increasing demand for personalized medicine as well as the high demand for targeted therapies for various diseases and disorders are also expected to drive the demand and uptake of companion diagnostics among pharmaceutical & biopharmaceutical companies.
Among all technology segments, the demand for companion diagnostics is estimated to grow at the highest rate among NGS technology. This can majorly be attributed to the factors such as technological advancements and the high demand for NGS-based tests, better sensitivity and specificity than traditional sequencing technologies and faster identification of genetic diseases in a specific population or tissue type which drives the market growth on this segment.
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What Drives the Market?
The growth of the global market for Companion Diagnostics is primarily influenced by the following factors:
Advantages of Companion Diagnostics
Growing Need for Targeted therapy
Growing Importance of Personalized Medicine
Increasing Global Incidence of Cancer
Growing Application Areas of Companion Diagnostics
Geographical growth scenario of Companion Diagnostics Market
Geographically, North America is expected to account for the largest share of the companion diagnostics market in 2019, closely followed by Europe. Factors such as the highly developed healthcare system in the US & Canada, the presence of a large number of leading companion diagnostics vendors & national clinical laboratories in this region, and the easy accessibility to technologically advanced devices and instruments & presence of a large number of global players in this region are driving the growth of the companion diagnostics market in North America.
Leading market players and strategies adopted
The prominent players in the Companion Diagnostics market include F. Hoffmann-La Roche AG (Switzerland), Agilent Technologies, Inc. (US), QIAGEN N.V. (Germany), Abbott Laboratories, Inc. (US), Almac Group (UK), Danaher Corporation (US), Illumina, Inc. (US), bioMérieux SA (France), Myriad Genetics, Inc., (US), Sysmex Corporation (Japan), Thermo Fisher Scientific Inc. (US), Abnova Corporation (Taiwan), and Guardant Health, Inc. (US). These companies adopted strategies like new product launches, acquisitions, collaborations, expansions, and other developments in order to achieve sustained growth and expand their global presence as well.