Global Companion Diagnostics Market to Grow at a CAGR of 11.4% over the Forecast Period of 2024-2032

The global companion diagnostics market is being driven by the rapid advancement in the field of drug and diagnostic technologies and the growing consumer preference for personalised medicines. The growing incidences of infectious diseases and cancer are supporting the industry further. The polymerase chain reaction or PCR segment, among other technologies, dominated the global industry owing to its cost-effectiveness, and high specificity and sensitivity, further making it useful for simple automated platforms. The North America dominated the industry, within which the United States served as the major contributor to the industry.

The increasing investment in industry-leading capabilities and R&D to accelerate innovation and address emerging healthcare needs is aiding the growth of the global companion diagnostics market further. In March 2021, Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, and QIAGEN N.V. (NYSE: QGEN), a leading global provider of molecular diagnostics and sample preparation technologies, unanimously approved Thermo Fisher’s proposal to acquire QIAGEN for €39 per share in cash, expanding specialty diagnostics portfolio with attractive molecular diagnostics capabilities, including infectious disease testing, and complementing leading life sciences offering with innovative solutions and technologies. Further, the recent outbreak of coronavirus in China, which is spreading quickly across the globe, is leading manufacturers to offer quick solutions. QIAGEN is quickly responding and providing solutions to restrict the spread of the coronavirus and in February 2021, the company announced worldwide shipments of QIAstat-Dx test kits to detect novel coronavirus SARS-CoV-2, as this newly developed QIAstat-Dx Respiratory Panel test kits can quickly differentiate novel coronavirus from 21 other pathogens implicated in serious respiratory syndromes. Such developments are expected to further aid the growth of the global companion diagnostics market over the forecast period.

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Market Breakup by Product and Service, End Use, Technology, Indication, and Region:

• By product and services, the global companion diagnostics industry can be divided into assay kits and reagents and software and services. 

• On the basis of end-use, the industry is categorised into pharmaceutical and biopharmaceutical companies and reference laboratories, among others. 

• On the basis of technology, the industry is divided into polymerase chain reaction, immunohistochemistry, in situ hybridisation, and next-generation sequencing, among others.

• By indication, the industry is segmented into oncology and neurology.

• Region-wise, the global companion diagnostics market can be divided into North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global companion diagnostics market is being driven by the growing health awareness among consumers and the rising preference for personalised medicines. 

• The growing incidences of cancer across the globe are providing further impetus to the industry. 

• Increased R&D activities pertaining to targeted therapies is aiding the industry further. 

• The growing investment in the health care sector by various government and private organisations, particularly in the emerging nations, is providing a further boost to the industry.

Key Offerings of the Report:

• The EMR report gives an overview of the global companion diagnostics market for the periods (2018-2023) and (2024-2032). 

• The report offers historical (2018-2023) and forecast (2024-2032) market information for the product and services, end-use, technology, indication, and regional markets for the global companion diagnostics industry.

• It also provides an assessment of the industry based on the Porter’s Five Forces model, along with giving a SWOT analysis of the market.

The major players in the global companion diagnostics market are F. Hoffmann-La Roche AG, Agilent Technologies, Inc., Qiagen N.V., Thermo Fisher Scientific Inc., Abbott Laboratories, Inc., Biomérieux SA, Danaher Corporation, Illumina, Inc., and Myriad Genetics, Inc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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