CHICAGO, Sept. 16, 2019 /PRNewswire/ -- According to the new market research report "Companion Diagnostics Market by Product & Service (Assay, Kit, Software & Service), Technology (PCR, NGS, ISH, IHC), Indication (Breast, Lung & Colorectal Cancer, Cardiovascular Disease), End-User (Pharma Companies, CRO), Region - Global Forecast to 2024", published by MarketsandMarkets™, the Companion Diagnostics Market is projected to reach USD 7.3 billion by 2024 from USD 3.5 billion in 2019, at a CAGR of 15.7% between 2019 and 2024.
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The growth of the Companion Diagnostics Market is tied primarily to the advantages of companion diagnostics, the growing need for targeted therapy, the increasing importance of personalized medicine, the rising global incidence of cancer, and the ever-increasing application areas of companion diagnostics. The increasing demand for next-generation sequencing, the growing significance of companion diagnostics in drug development, and the rising number of clinical trials are also expected to present growth opportunities for players in the market, which also expected to support market growth in the coming years.
Assays, kits, & reagents segment to account for the largest share of the Companion Diagnostics Market, by product & service
The assays, kits, & reagents segment is expected to account for the largest share of the Companion Diagnostics Market in 2019. This is attributed to the availability of a wide range of assays, kits, & reagents in companion diagnostics, increasing the use of assays & kits in different therapeutic areas, and the growing demand for assays & kits in basic research and commercial applications which drives the growth of this segment.
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Next-Generation Sequencing (NGS) to form the fastest-growing end-user segment in the Companion Diagnostics Market
Among all technology segments, the demand for companion diagnostics is estimated to grow at the highest rate among NGS technology. This can majorly be attributed to the factors such as technological advancements and the high demand for NGS-based tests, better sensitivity and specificity than traditional sequencing technologies and faster identification of genetic diseases in a specific population or tissue type which drives the market growth on this segment.
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North America is estimated to be the largest regional market for companion diagnostics
North America is expected to account for the largest share of the Companion Diagnostics Market in 2019, closely followed by Europe. Factors such as the highly developed healthcare system in the US & Canada, the presence of a large number of leading companion diagnostics vendors & national clinical laboratories in this region, and the easy accessibility to technologically advanced devices and instruments & presence of a large number of global players in this region are driving the growth of the Companion Diagnostics Market in North America.
The prominent players operating in the Companion Diagnostics Market are F. Hoffmann-La Roche AG (Switzerland), Agilent Technologies, Inc. (US), QIAGEN N.V. (Germany), Abbott Laboratories, Inc. (US), Almac Group (UK), Danaher Corporation (US), Illumina, Inc. (US), bioMérieux SA (France), Myriad Genetics, Inc., (US), Sysmex Corporation (Japan), Thermo Fisher Scientific Inc. (US), Abnova Corporation (Taiwan), and Guardant Health, Inc. (US).
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