Dublin, May 09, 2024 (GLOBE NEWSWIRE) -- The "Global Companion Diagnostics Market By Product (Assays, Kits, Reagents, System, Software & Services), Technology (PCR, NGS, ISH, IHC), Indication (Breast, Lung, Colorectal Cancer, CVD, Infectious, Neurology), Sample Type (Tissue, Blood) & Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global companion diagnostics market is projected to reach USD 13.6 billion by 2029 from USD 7.5 billion in 2024, at a CAGR of 12.6% during the forecast period.
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall companion diagnostics market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market's pulse and provide them with information on the key market drivers, restraints, challenges, and opportunities.
Factors such as the increasing importance of companion diagnostics in drug development, rising cancer incidence, and the growing adoption of targeted therapies are driving market growth.
The Asia Pacific region is expected to record the highest CAGR during the forecast period. This growth is attributed to factors such as increased healthcare expenditure, rising pharmaceutical research funding, government initiatives to raise awareness about early disease detection, expansion of private-sector hospitals into rural areas in various APAC countries, and the presence of high-growth markets in the region.
The key players in this market are F. Hoffmann-La Roche Ltd. (Switzerland), Agilent Technologies, Inc. (US), Qiagen N.V. (Netherlands), Thermo Fisher Scientific, Inc. (US), Abbott Laboratories, Inc. (US), Almac Group (UK), Danaher Corporation (US), Illumina Inc. (US), bioMerieux SA (France), Myriad Genetics, Inc. (US), Sysmex Corporation (Japan), Abnova Corporation (Taiwan), Guardent Health, Inc. (US), ICON Plc (Ireland), and BioGenex Laboratories, Inc. (US).
The assays, reagents & kits segment expected to achieve the highest growth rate in the companion diagnostics market, by product & service, during the forecast period
The companion diagnostics market is categorized into assays, kits & reagents, instruments/systems and software & services based on product & service. In 2023, the assays, kits & reagents segment held the largest share of the market. This can be attributed to factors such as the wide range of available products, the rising utilization of assays and kits across various therapeutic fields, and the increasing demand for these products in both basic research and commercial applications.
Pharmaceutical & biotechnology companies segment projected to account for the highest CAGR during the forecast period
Based on end user, the companion diagnostics market is segmented into pharmaceutical & biotechnology companies, reference laboratories, CROs, and other end users. In 2023, pharmaceutical & biotechnology companies stood out as the primary users of companion diagnostics within the market. This notable position is primarily attributed to the increasing adoption of companion diagnostics in drug development and the growing significance of companion diagnostic biomarkers.
Furthermore, the rising interest in personalized medicine, along with the pressing need for targeted therapies across various diseases and disorders, is forecast to boost the demand and integration of companion diagnostics among pharmaceutical & biotechnology companies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 349 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $7.5 Billion |
| Forecasted Market Value (USD) by 2029 | $13.6 Billion |
| Compound Annual Growth Rate | 12.6% |
| Regions Covered | Global |
Premium Insights
- Growing Incidence of Cancer to Drive Market Growth
- Assays, Kits, and Reagents to Dominate Market in 2029
- Polymerase Chain Reaction Segment to Lead Market During Forecast Period
- Cancer Segment to Dominate Market During Forecast Period
- Tissue Samples Segment to Dominate Market During Forecast Period
- Pharmaceutical & Biotechnology Companies Segment to Lead Market in 2029
- Asia-Pacific to Register Highest Growth Rate in Companion Diagnostics Market During Forecast Period
Market Dynamics
Drivers
- Ability of Cdx Tests to Reduce Healthcare Costs and Increase Efficiency
- Growing Focus on Targeted Therapy
- Rising Demand for Personalized Medicine
- Increasing Incidence of Cancer and Subsequent Adoption of Cdx-based Oncology Medicine
- Growing Application Areas for Companion Diagnostics
Restraints
- Significant Capital Investment and Low Cost-Benefit Ratio
- High Cost of Companion Diagnostic Tests
- Unfavorable Reimbursements
- High Cost of Immunotherapy Treatment
Opportunities
- Increasing Demand for Next-Generation Sequencing
- Growing Significance of Companion Diagnostics in Drug Development
- Advancements in Genomics Research and Rising Clinical Trials
Challenges
- Shortage of Healthcare Professionals
- Limited Awareness in Emerging Markets
Technology Analysis
- Key Technologies
- Polymerase Chain Reaction (Pcr)
- Next-Generation Sequencing (Ngs)
- Complimentary Technologies
- in Situ Hybridization (Ish)
- Adjacent Technologies
- Immunohistochemistry (Ihc)
Company Profiles
Key Players
- F. Hoffmann-La Roche Ltd.
- Agilent Technologies, Inc.
- Qiagen
- Thermo Fisher Scientific Inc.
- Abbott
- Danaher
- Guardant Health
- Illumina, Inc.
- Biomerieux
- Icon PLC
- Myriad Genetics, Inc.
- Sysmex Corporation
Other Players
- Almac Group
- Arup Laboratories
- Abnova Corporation
- Biogenex
- Invivoscribe, Inc.
- Archerdx, Inc.
- Q Solutions
- Amoy Diagnostics Co. Ltd.
- Uniogen
- Asuragen, Inc.
- Meso Scale Diagnostics, LLC
- Creative Biolabs
- Ng Biotech
For more information about this report visit https://www.researchandmarkets.com/r/akyki2
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