Companion Diagnostics Market by Product (Assays, Kits, Software & Services), Technology (PCR, NGS, ISH, IHC), Indication (Breast, Blood, Lung, Colorectal Cancer, Neurology Diseases), End User (Pharma Companies, CROs), Region - Global Forecast to 2026

Companion Diagnostics Market by Product (Assays, Kits, Software & Services), Technology (PCR, NGS, ISH, IHC), Indication (Breast, Blood, Lung, Colorectal Cancer, Neurology Diseases), End User (Pharma Companies, CROs), Region - Global Forecast to 2026

The global companion diagnostics market is projected to reach USD 9.9 billion by 2026 from USD 5.5 billion in 2021, at a CAGR of 12.6% during the forecast period. Market growth is driven by factors such as the growing significance of companion diagnostics in drug development and rising incidence of cancer and growing adoption of targeted therapies.

""The assays, kits & reagents segment accounted for the highest growth rate in the companion diagnostics market, by product & service, during the forecast period.""

Based on product & service, the companion diagnostics market is segmented into assays, kits & reagents, and software & services. In 2020, assays, kits & reagents accounted for the largest share of the companion diagnostics market due to the availability of a wide range of products, increasing use of assays and kits in different therapeutic areas, and the growing demand for assays and kits in basic research and commercial applications.

"" Pharmaceutical & biotechnology companies segment accounted for the highest CAGR.""

Based on end user, the companion diagnostics market is segmented into pharmaceutical & biotechnology companies, reference laboratories, CROs, and other end users. In 2020, pharmaceutical & biotechnology companies were the largest end users of companion diagnostics. This can primarily be attributed to the growing use of companion diagnostics owing to their increasing prominence in drug development and the increasing importance of companion diagnostic biomarkers. The rising demand for personalized medicine, as well as the high need for targeted therapies for various diseases and disorders, are also expected to drive the demand and uptake of companion diagnostics among pharmaceutical & biotechnology companies.

""North America is the largest regional market for companion diagnostics market.""

The global companion diagnostics market has been segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest regional market for companion diagnostics. The large share of North America in this market can be attributed to the presence of many leading companion diagnostics vendors & national clinical laboratories, the easy accessibility to technologically advanced devices and instruments, and the highly developed healthcare system in the US and Canada.

The primary interviews conducted for this report can be categorized as follows:
By Company Type: Tier 1 - 40%, Tier 2 - 30%, and Tier 3 - 30%
By Designation: C-level - 27%, D-level - 18%, and Others - 55%
By Region: North America - 51%, Europe - 21%, Asia Pacific - 18%, Latin America – 6% , and the Middle East & Africa – 4%

Lists of Companies Profiled in the Report:

F. Hoffmann-La Roche Ltd. (Switzerland), Agilent Technologies, Inc. (US), Qiagen N.V. (Germany), Thermo Fisher Scientific, Inc. (US), Abbott Laboratories, Inc. (US), Almac Group (UK), Danaher Corporation (US), Illumina Inc. (US), bioMérieux SA (France), Myriad Genetics, Inc. (US), Sysmex Corporation (Japan), Abnova Corporation (Taiwan), Guardant Health, Inc. (US), ICON Plc (Ireland), BioGenex Laboratories, Inc. (US), Invivoscribe Technologies (US), ArcherDX, Inc. (US), NG Biotech (France), Q² Solutions (US), Amoy Diagnostics Co., Ltd. (China), Abacus Diagnostica Oy (Finland), Asuragen Inc. (US), SAGA Diagnostics (Sweden), Meso Scale Diagnostics, LLC. (US), and Creative Biolabs (US).

Research Coverage:

This report provides a detailed picture of the companion diagnostics market. It aims at estimating the size and future growth potential of the market across different segments, such as product & service, technology, indication, end user, and region. The report also includes an in-depth competitive analysis of the key market players, along with their company profiles, recent developments, and key market strategies.

Key Benefits of Buying the Report:

The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall companion diagnostics 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, opportunities, and challenges.