Global Companion Diagnostics Market to Reach $15.13 Billion by 2028 at a CAGR of 12.9%

DUBLIN, Nov. 18, 2022 /PRNewswire/ -- The "Global Companion Diagnostics Market, By Product and Service, By Technology & By Region- Forecast and Analysis 2022-28" report has been added to  ResearchAndMarkets.com's offering.

Global Companion Diagnostics Market was valued at USD 4.18 billion in 2021 and it is expected to reach a value of USD 15.13 billion by 2028, at a CAGR of 12.90% over the forecast period (2022-2028).

The rise in various cancer variations among people is the primary driver of the market expansion. As more clinical trials are conducted and there is a significant need for next-generation sequencing, the market for companion diagnostics will continue to increase. Additionally, the market is experiencing significant expansion due to research and development activities in the field of diagnostic testing and the rise in demand for individualised medications and treatments.

Segments covered in this report

The Global Companion Diagnostics Market is segmented into Product and Service and Technology. Based on the product and service, the market is sub-segmented into assay kits & reagents, software & services. Based on the technology, the market is divided into polymerase chain reaction (PCR), in situ hybridization (ISH). Based on the region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.

Drivers

The market is expanding due to an increase in R&D activities and diagnostic centres using the most up-to-date technology with both private and public entities. Along with rising spending and investments, the health care sector is also growing, which supports it. The companion diagnostic is highly sought after since it gives patients with life-threatening disorders better treatment alternatives.

Restraints

The high initial cost required in the setup process and development of existing diagnostics system is likely to hamper the growth of the global companion diagnostics market during the forecast period. Hence, a large global population is related to low-medium sized economies and are not aware about the latest products and technologies available in the market, which might hamper the global market growth.

Market Trends

The market may expand significantly as a result of the rising consumer preference for focused therapy and personalized medicine. Pharmaceutical and biopharmaceutical industry participants have made effort to provide patient selection for diagnosis at the beginning stage of drug development. This is done so that the appropriate candidate can receive targeted therapy. One trend that will accelerate market expansion is this one.

Companies Mentioned

• F. Hoffmann-La Roche AG
• Agilent Technologies, Inc.
• Abbott Laboratories, Inc.
• QIAGEN N.V.
• Danaher Corporation
• Almac Group
• Thermo Fisher Scientific Inc.
• BioMerieux SA
• Myriad Genetics, Inc.

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SOURCE Research and Markets