Companion Diagnostic Market is expected to reach USD 6.51 Billion by 2022 from USD 2.61 Billion in 2017, at a CAGR of 20.1%.
According to the new market research report "Companion Diagnostics Market by Technology (PCR, IHC, NGS, ISH), Indication (Breast cancer, NSCLC, Colorectal cancer, Neurological disorders, Infectious Diseases), End User (Pharmaceutical & Biopharmaceutical Companies, Reference Lab) - Global Forecast to 2022", published by MarketsandMarkets™.
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The growth of the market can be attributed to increasing lung cancer cases, growing number of genetic testing, rising need for personalized medicines, and regulatory guidelines that support the companion diagnostics market. However, uncertainty in the reimbursement scenario in different countries is expected to hinder market growth.
On the basis of technology, the companion diagnostics market is broadly segmented into polymerase chain reaction (PCR), in situ hybridization (ISH), immunohistochemistry (IHC), next-generation sequencing (NGS), and other technologies. In 2016, the polymerase chain reaction (PCR) segment accounted for the largest share of this market and the next-generation sequencing (NGS) segment is expected to register the highest CAGR during the forecast period.
The large share of the PCR segment is attributed to its ease of use and to the fact that it does not require many samples for biomarker identification.
Based on the indication, the global companion diagnostics market is divided into oncology, infectious diseases, neurology, and other indications. The oncology segment is expected to account for the largest share of the global companion diagnostics market by indication.
It is also the fastest growing segment owing to the increasing cases of cancer cases across the globe and the rising number of clinical trials targeting cancer biomarkers for lung, breast, and prostate cancers.
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On the basis of products & services, the market is segmented into assay kits, reagents, and software & services. The assay kits & reagents segment is accounted for largest share of this market in 2016.
The large share of this segment can primarily be attributed to its wide range of applications in varied technology platforms. Companion diagnostic assays help eliminate the risk of severe side effects of non-targeted therapies on patients.
By end user, the market is segmented into pharmaceutical & biopharmaceutical companies, reference laboratories, and other end users. The pharmaceutical and biopharmaceutical companies segment is accounted for the largest share of this market in 2016.
This end-user segment is also expected to register the highest CAGR during the forecast period. This is due to the wide use of companion diagnostic kits among pharmaceutical and biopharmaceutical companies, due to their benefits such as high efficiency (the kits enable the selection of the most suitable candidates for clinical trials) and cost reduction.
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North America accounted for the largest share of the market in 2016, followed by Europe. The large share of the North American market is attributed to the increasing technological advancements aimed at developing companion diagnostic tests for new indications such as neurology, infectious diseases, and so on.
The Asia-Pacific region is expected to register the highest CAGR over the next five years. The need for tailored therapeutics for the region's growing geriatric population; increasing number of hospitals and diagnostics laboratories; and growing prevalence of life-threatening diseases such as cancer and neurology diseases among others are driving the growth of the companion diagnostics market.
The key players in the global companion diagnostics market include Roche Diagnostics (Switzerland), Agilent Technologies, Inc. (U.S.), QIAGEN N.V. (Netherlands), and Abbott Laboratories Inc.
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