Companion Diagnostic Market to Grow at CAGR of 11.13% through 2026
Advantages offered by companion
diagnostics and growing significance of companion diagnostics in drug
development is expected to drive the growth of the global companion diagnostic
market.
According
to TechSci Research report, “Global Companion
Diagnostic Market, By Products and Services (Kits and Reagents, Assays,
Software and Services), By Technology (Polymerase Chain
Reaction (PCR), Next-Generation sequencing (NGS), In-Situ Hybridization,
Immunohistochemistry and Others), By Disease Indication (Oncology, Neurology,
Cardiology, Infectious Diseases and Others), By End-User (Pharmaceutical &
Biotechnology Companies, Research Laboratories, Contract research organization
and others), By Application (In-Vitro diagnostics, Drug Discovery and Others),
By Region, Competition, Forecast & Opportunities, 2026”, global
companion diagnostic market is expected to reach USD38.79 billion by 2026 and
to grow with a double digit CAGR of 11.13% over the forecast period. Rising application areas of companion
diagnostics is one of the major factors contributing to the growth
of global companion diagnostic market over the course of next five years.
Moreover, growing awareness about the advantages of companion diagnostics coupled
with rising importance of personalized medicines worldwide is further expected
to propel the demand for global companion diagnostic until 2026. Moreover, rising
requirement for next-generation sequencing is anticipated to positively
influence the growth of companion diagnostic market across the globe. Additionally,
mounting importance of companion diagnostics in drug development coupled with discovery
of new biomarkers for various medical conditions are some other factors fueling
the growth of global companion diagnostic market during the next five years.
Furthermore, high cost of companion diagnostic tests might hamper the growth of
global companion diagnostic market in the years to come.
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Global
companion diagnostic market is segmented based on products and services, technology,
disease indication, end-user, application,
company and region. Considering the technology, the market is
fragmented into Polymerase Chain Reaction (PCR), Next-Generation sequencing
(NGS), In-Situ Hybridization, Immunohistochemistry and Others. The Next
Generation Sequencing (NGS) is anticipated to register rapid growth during the
forecast period because when compared to immunochemistry and other techniques,
this technology predominantly is more reliable, sensitive, reproducible and accurate.
Next-generation sequencing (NGS) is a technology used for determining the
sequence of DNA or RNA to study genetic variation associated with diseases or
other biological phenomena. This technique is also known as high throughput
sequencing. Various steps involved in the Next Generation Sequencing
experimental analysis include library construction, clonal amplification,
sequence library and data analysis. Low cost, high accuracy and speed and
precise results, even from low sample input, are the main advantages of next
generation sequencing. Next generation sequencing market has transformed the
genomics and molecular diagnostics landscape. It has wide applications in the
area of oncology and biomarker discovery, agriculture and animal research,
diagnostics, reproductive health and personalized medicine, etc. which is
further projected to boost the growth of this segment over the course of next
five years.
Thermo
Fisher Scientific Inc., Illumina Inc., Bayer AG, Quest Diagnostics Inc.,
Danaher Corporation, Qiagen NV, Seimens Healthineers AG, F. Hoffmann-La Roche
AG, Agilent Technologies Inc., Abbott
Laboratories Inc., DiaSorin SpA (Luminex Corporation), Icon Plc (MolecularMD
Corporation), Myriad Genetics Inc., Biogenex Laboratories Inc., bioMérieux SA are
among others are the leading players operating in the global companion
diagnostic market. The market players are adopting several growth strategies to
enhance their share in companion diagnostic market.
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“Asia-Pacific is forecast to dominate the global companion diagnostic
market until 2026 on account of high incidences of cancer in the region.
Moreover, ever-increasing proteomics & genomics research in developing
countries such as China, India, and Japan are anticipated to contribute to the
growth of the companion diagnostic market. Furthermore, growing funding for research
along with rising investments by pharmaceutical and biotechnology companies is further
expected to boost the regional growth of companion diagnostic market over the
course of next five years.”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Global Companion Diagnostic Market, By Products and
Services (Kits and Reagents, Assays, Software and Services), By Technology (Polymerase
Chain Reaction (PCR), Next-Generation sequencing (NGS), In-Situ Hybridization,
Immunohistochemistry and Others), By Disease Indication (Oncology, Neurology,
Cardiology, Infectious Diseases and Others), By End-User (Pharmaceutical &
Biotechnology Companies, Research Laboratories, Contract research organization
and others), By Application (In-Vitro diagnostics, Drug Discovery and Others),
By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of global companion
diagnostic market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in the global companion
diagnostic market.
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