Northbrook, IL 60062 -- (SBWIRE) -- 04/04/2022 -- According to the new market research report "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", published by MarketsandMarkets™, is projected to reach USD 9.9 billion by 2026 from USD 5.5 billion in 2021, at a CAGR of 12.6%.

Driver: Growing need for targeted medicines;

With advances in genetic sequencing and genomics, it is now widely believed that drugs can show varying outcomes in different individuals. A better understanding of the genetic characteristics or biomarkers of an individual can promote the practice of administering 'the right drug, at the right time, at the right dose, for the right person'. Pharmaceutical and biopharmaceutical companies are continuously attempting to implement patient-selection diagnostic frameworks in the earlier stages of drug development to provide targeted therapies to the right candidate. This further supports the growth of the companion diagnostics market.

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The policy programs to provide effective care to patients with cancer, high drug development activity, structured regulatory framework in the region, and large patient pool undergoing advanced medical testing. Emerging economies such as China, Japan, and India are providing lucrative opportunities for the players operating in the companion diagnostics market.

The assays, kits & reagents segment accounted for the largest share of the companion diagnostics market, by product & service segment, in 2020

The companion diagnostics market is segmented into assays, kits & reagents, and software & services. The assays, kits & reagents accounted for the largest share of the companion diagnostics market in 2020, mainly due to the availability of a wide range of products and increasing use of assays and kits in different therapeutic areas.

PCR segment to register the highest growth rate during the forecast period

The companion diagnostics market is segmented into polymerase chain reaction (PCR), next-generation sequencing (NGS), in situ hybridization (ISH), immunohistochemistry (IHC), and other technologies. In 2020, the PCR segment accounted for the largest share of the companion diagnostics market. Factors such as the ease of use and widespread availability of PCR kits & reagents in companion diagnostic testing, and growing applications of PCR in the high-throughput detection of mutants with a limited or low allele frequency of genes.

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Cancer segment to register the highest growth rate during the forecast period

The companion diagnostics market is segmented into cancer, cardiovascular diseases (CVDs), neurological diseases, infectious diseases, and other indications (inflammatory and inherited diseases, among others). In 2020, the cancer segment accounted for the largest share of the companion diagnostics market. Factors such as growing role of companion diagnostics in the personalized medicine treatment for cancer, and increasing utility of biomarkers in the diagnosis of cancer.

The pharmaceutical & biotechnology companies segment accounted for the largest share of the companion diagnostics market, by end user segment, in 2020

Based on end user, the companion diagnostics market is segmented into pharmaceutical & biotechnology companies, reference laboratories, CROs, and other end users (including physician & hospital laboratories, and academic medical centers). In 2020, pharmaceutical & biotechnology companies accounted for a larger share of the companion diagnostics market. The growing use of companion diagnostics owing to their increasing prominence in drug development, and the increasing importance of companion diagnostic biomarkers.

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The global companion diagnostics market is segmented into five major regions-North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the companion diagnostics market. The North American companion diagnostics market growth 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 major players operating in this market are 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).