In this report, the companion diagnostics market is segmented on the basis of product & service, technology, indication, end-user, and region
The companion diagnostics market is projected to reach USD 7,299.4 million by 2024 from USD 3,515.8 million in 2019, at a CAGR of 15.7% during the forecast period.
The growth of the companion diagnostics market is primarily tied to the advantages of companion diagnostics, the growing need for targeted therapy, the growing importance of personalized medicine, the increasing global incidence of cancer, and the growing application areas of companion diagnostics.
The increasing demand for next-generation sequencing, the growing significance of companion diagnostics in drug development, and the increasing number of clinical trials are also expected to present growth opportunities for players in the market.
On the other hand, the high cost of companion diagnostic tests and the uncertain reimbursement scenario in different regions may limit the adoption of these tests, which will have a negative impact on market growth. The shortage of trained professionals may also challenge market growth to a certain extent in the coming years.
Some of the major players in the companion diagnostics market include F. Hoffmann-La Roche AG (Switzerland), Agilent Technologies, Inc. (US), QIAGEN N.V. (Netherlands), Abbott Laboratories, Inc. (US), Almac Group (UK), Danaher Corporation (US), Illumina, Inc. (US), bioMerieux SA (France), Myriad Genetics, Inc., (US), Sysmex Corporation (Japan), Thermo Fisher Scientific Inc. (US), Abnova Corporation (Taiwan), and GUARDANT HEALTH, INC. (US).
Reasons to Buy the Report
This report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one, or any combination of the below mentioned five strategies for strengthening their market presence.
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the global companion diagnostics market.
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and service launches in the global companion diagnostics market.
Market Development: Comprehensive information on the lucrative emerging regions.
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the global companion diagnostics market.
Competitive Assessment: In-depth assessment of product offered, market shares, growth strategies, and revenue analysis of leading players in the global companion diagnostics market.
Key Topics Covered 1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Companion Diagnostics: Market Overview 4.2 Asia Pacific: Companion Diagnostics Market, By End User (2018) 4.3 Regional Mix: Companion Diagnostics Market 4.4 Companion Diagnostics Market: Developing vs. Developed Countries 4.5 Geographical Snapshot of the Companion Diagnostics Market
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 18.104.22.168 Advantages of Companion Diagnostics 22.214.171.124 Growing Need for Targeted Therapy 126.96.36.199 Growing Importance of Personalized Medicine 188.8.131.52 Increasing Global Incidence of Cancer 184.108.40.206 Growing Application Areas of Companion Diagnostics 5.2.2 Restraints 220.127.116.11 High Cost of Companion Diagnostic Tests 18.104.22.168 Uncertain Reimbursement Scenario in Different Regions 5.2.3 Opportunities 22.214.171.124 Increasing Demand for Next-Generation Sequencing 126.96.36.199 Growing Significance of Companion Diagnostics in Drug Development 188.8.131.52 Increasing Number of Clinical Trials 5.2.4 Challenges 184.108.40.206 Shortage of Trained Professionals
6 Industry Insights 6.1 Introduction 6.2 Industry Trends 6.2.1 Growing Focus on Liquid Biopsy in Companion Diagnostics 6.2.2 Increasing Collaborations 6.3 Regulatory Analysis 6.3.1 North America 220.127.116.11 US 18.104.22.168 Canada 6.3.2 Europe 6.3.3 APAC 22.214.171.124 Australia 126.96.36.199 Japan 188.8.131.52 China 184.108.40.206 India 6.3.4 Brazil 6.4 Product Pipeline Analysis
7 Companion Diagnostics Market, By Product & Service 7.1 Introduction 7.2 Assays, Kits, & Reagents 7.2.1 With the Growing Need for Personalized Medicine, the Volume of Companion Diagnostic Tests Performed in Laboratories is Increasing, Which Supports the Adoption of Assays & Kits 7.3 Software & Services 7.3.1 the Need for Effective Data Management Software Within Laboratories is Increasing, Contributing to the Growth of the Companion Diagnostic Software & Services Market
8 Companion Diagnostics Market, By Technology 8.1 Introduction 8.2 Polymerase Chain Reaction (PCR) 8.2.1 Growing Applications of PCR Technologies in the Field of Personalized Medicine and Companion Diagnostics Drive the Growth of This Segment 8.3 Next-Generation Sequencing (NGS) 8.3.1 the NGS Segment is Expected to Grow at the Highest CAGR During the Forecast Period 8.4 in Situ Hybridization (ISH) 8.4.1 Increasing Adoption of ISH is Mainly Due to Advancements in Hybridization and Its Demand in Small-Tumor Diagnostics 8.5 Immunohistochemistry (IHC) 8.5.1 Increasing Demand for User-Friendly and Cost-Effective Technologies in Companion Diagnostics to Drive the Growth of This Segment 8.6 Other Technologies
9 Companion Diagnostics Market, By Indication 9.1 Introduction 9.2 Cancer 9.2.1 Breast Cancer 220.127.116.11 Breast Cancer is the Most Common Cancer Among Women - A Key Factor Contributing to the Large Share of This Market Segment 9.2.2 Lung Cancer 18.104.22.168 Growing Demand for Therapeutic Drugs and Their High Efficacy in the Treatment of Lung Cancer Increase the Adoption of Companion Diagnostics in This Segment 9.2.3 Colorectal Cancer 22.214.171.124 Growing Need for Molecular Profiling of Primary Tumors in Colorectal Cancer to Drive Growth in This Market Segment 9.2.4 Melanoma 9.2.5 Gastric Cancer 126.96.36.199 Increasing Focus of Market Players on the Development of Tests and Kits for Gastric Cancer Indications to Drive Market Growth 9.3 Neurological Diseases 9.3.1 Growing Number of Diagnostic Technologies for the Treatment of Neurological Diseases to Boost the Adoption of Companion Diagnostics in This Segment 9.4 Infectious Diseases 9.4.1 Growing Focus of Companion Diagnostic Players on Orphan Indications to Propel the Growth of This Segment During the Forecast Period 9.5 Cardiovascular Diseases 9.5.1 Growing Demand for Targeted Therapies Due to High Incidence and Mortality Rate of Cardiovascular Diseases to Drive Growth in This Segment 9.6 Other Indications
10 Companion Diagnostics Market, By End User 10.1 Introduction 10.2 Pharmaceutical & Biopharmaceutical Companies 10.2.1 Wide Usage of Companion Diagnostics in Pharmaceutical & Biopharmaceutical Companies Owing to Their Growing Prominence in Drug Development to Drive Market Growth 10.3 Reference Laboratories 10.3.1 Growing Incidence of Diseases Such as Cancer and the Rising Demand for Targeted Therapies to Drive the Growth of This End-User Segment 10.4 Contract Research Organizations 10.4.1 CROs Offer a Complete Range of Companion Diagnostic Services Ranging From Companion Diagnostic Development to Targeted Therapy-Related Clinical Trials 10.5 Other End Users
11 Companion Diagnostics Market, By Region 11.1 Introduction 11.2 North America 11.2.1 US 188.8.131.52 US is the Largest Market for Companion Diagnostics in North America 11.2.2 Canada 184.108.40.206 Government Initiatives to Promote Companion Diagnostics in Various Indications are Expected to Drive Market Growth in Canada 11.3 Europe 11.3.1 Germany 220.127.116.11 Germany is a Major Market for Pharmaceutical and Biotechnology Products in Europe 11.3.2 UK 18.104.22.168 Growth in the Country's Life Science Industry and Increasing Research are Key Factors Driving Market Growth in the UK 11.3.3 Switzerland 22.214.171.124 Switzerland Boasts a Strong Research-Oriented Pharma Industry 11.3.4 France 126.96.36.199 Increasing Government Funding for Genomics and Personalized Therapeutics R&D is Driving Market Growth 11.3.5 Italy 188.8.131.52 Growing Disease Prevalence has Contributed to the Demand for Better, More Powerful Therapeutics in Italy 11.3.6 Spain 184.108.40.206 Medical Institutes in Spain are Increasingly Focusing on Cancer Biomarker Research 11.3.7 Rest of Europe 11.4 Asia Pacific 11.4.1 Japan 220.127.116.11 Japan Holds the Largest Share of the Market in APAC 11.4.2 China 18.104.22.168 China is One of the Most Prominent Research Markets, Worldwide 11.4.3 India 22.214.171.124 Indian Government has Focused on Tackling the Problem of a Growing Cancer Incidence 11.4.4 Australia 126.96.36.199 Rising Burden of Geriatric Population has Resulted in Initiatives to Enhance Healthcare Access and Infrastructure 11.4.5 Rest of Asia Pacific 11.5 Latin America 11.5.1 Brazil 188.8.131.52 Brazil Dominates the Latin American Companion Diagnostics Market 11.5.2 Mexico 184.108.40.206 Mexico is Emerging as a Prominent Medical Tourism Hub 11.5.3 Rest of Latin America 11.6 Middle East and Africa 11.6.1 Rising Cancer Incidence Rate has Attracted Stakeholder Attention to Regional Markets in MEA
13 Company Profiles 13.1 F. Hoffmann-La Roche AG 13.1.1 Business Overview 13.1.2 Products Offered 13.1.3 Recent Developments 13.2 Agilent Technologies Inc. 13.3 QIAGEN N.V. 13.4 Abbott Laboratories Inc. 13.5 Almac Group 13.6 Danaher Corporation 13.7 Illumina Inc. 13.8 bioMerieux S.A. 13.9 Myriad Genetics Inc. 13.10 Sysmex Corporation 13.11 Thermo Fisher Scientific Inc. 13.12 Abnova Corporation 13.13 Guardant Health Inc.