Companion Diagnostics Market 2031: Share and Forecast
The Companion Diagnostics Market is expected to register a CAGR of 12.5% from 2024 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The Companion Diagnostics Market report covers analysis by Technology Type ( Immunohistochemistry, Polymerase Chain Reaction [PCR], Next Generation Sequencing [NGS], In Situ Hybridization, Others ); Indication ( Oncology, Neurology, Others ). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Companion Diagnostics Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Companion Diagnostics Market Segmentation
Technology Type- Immunohistochemistry
- Polymerase Chain Reaction
- Next Generation Sequencing
- In Situ Hybridization
- Oncology
- Neurology
Strategic Insights
Companion Diagnostics Market Growth Drivers- Growth of Companion Diagnostics with Personalized Medicine: The increasing popularity of companion diagnostics aligns with the shift toward genetically-based therapies, driving market expansion through partnerships between pharmaceutical companies and diagnostic makers for targeted treatments.
- Cancer Diagnosis and Treatment Driving Growth: The focus on cancer diagnosis and treatment is fueling market growth, with PEST analysis highlighting favorable regulatory environments and competitive analysis emphasizing oncology's key role in expanding global market share.
- Advancements in Biomarker Identification and Genomic Testing: Progress in biomarker identification and genomic testing is boosting market growth, with increasing R&D investments in innovative diagnostic tools to enhance accuracy and efficacy.
- Next-Generation Sequencing Revolutionizing Diagnostics: Next-generation sequencing is transforming companion diagnostics with high-throughput analysis, driving significant growth as precision medicine becomes more prevalent.
- Competition and Partnerships for Growth: Players are competing to form partnerships that expand their assay portfolios and expedite regulatory approvals, supporting market growth.
- Favorable Regulatory Frameworks Driving Adoption: Favorable regulatory environments in developed markets are accelerating the adoption of companion diagnostics, with opportunities for faster approvals but threats from stringent compliance standards. Key players are adapting strategies to align with evolving global regulations.
- Oncology Transitioning to Precision Medicine: The oncology field is shifting towards precision medicine, focusing on understanding tumor biology and matching therapeutic agents, creating significant growth opportunities through innovation in biomarkers and targeted therapies.
- Favorable Regulatory Frameworks in North America and Europe: The favorable regulatory environments in North America and Europe are supporting the development and commercialization of companion diagnostic solutions, driving industry growth.
- Strategic Partnerships for Growth: Strategic partnerships between drug and diagnostic companies present significant growth opportunities, with accelerated product development and expanded geographic market opportunities advancing these collaborations.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Companion Diagnostics Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Companion Diagnostics Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Some of the customization options available based on request are additional 3-5 company profiles and country-specific analysis of 3-5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Key companies of this market are: Abbott Laboratories Molecular, Inc., Agilent (Dako Denmark A/S), ARUP Laboratories, BioMerieux SA, Danaher Corporation (Leica Microsystems), Foundation Medicine, Inc., Myriad Genetics, Inc., Qiagen N.V., Roche (Ventana Medical Systems, Inc.).
Key future trends in this market are targeted cancer therapy advancements, regulatory support for growth opportunities, and collaborations across the industry landscape.
The Companion Diagnostics Market is estimated to witness a CAGR of 12.5% from 2023 to 2031.
The major factors driving the market are: Personalized medicine adoption, Advancements in biomarker discovery, Increasing cancer diagnostics
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Companion Diagnostics Market - By Technology Type
1.3.2 Companion Diagnostics Market - By Indication
1.3.3 Companion Diagnostics Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. COMPANION DIAGNOSTICS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. COMPANION DIAGNOSTICS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. COMPANION DIAGNOSTICS MARKET - GLOBAL MARKET ANALYSIS
6.1. COMPANION DIAGNOSTICS - GLOBAL MARKET OVERVIEW
6.2. COMPANION DIAGNOSTICS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. COMPANION DIAGNOSTICS MARKET - REVENUE AND FORECASTS TO 2028 - TECHNOLOGY TYPE
7.1. OVERVIEW
7.2. TECHNOLOGY TYPE MARKET FORECASTS AND ANALYSIS
7.3. IMMUNOHISTOCHEMISTRY
7.3.1. Overview
7.3.2. Immunohistochemistry Market Forecast and Analysis
7.4. POLYMERASE CHAIN REACTION [PCR]
7.4.1. Overview
7.4.2. Polymerase Chain Reaction [PCR] Market Forecast and Analysis
7.5. NEXT GENERATION SEQUENCING [NGS]
7.5.1. Overview
7.5.2. Next Generation Sequencing [NGS] Market Forecast and Analysis
7.6. IN SITU HYBRIDIZATION
7.6.1. Overview
7.6.2. In Situ Hybridization Market Forecast and Analysis
7.7. OTHERS
7.7.1. Overview
7.7.2. Others Market Forecast and Analysis
8. COMPANION DIAGNOSTICS MARKET - REVENUE AND FORECASTS TO 2028 - INDICATION
8.1. OVERVIEW
8.2. INDICATION MARKET FORECASTS AND ANALYSIS
8.3. ONCOLOGY
8.3.1. Overview
8.3.2. Oncology Market Forecast and Analysis
8.4. NEUROLOGY
8.4.1. Overview
8.4.2. Neurology Market Forecast and Analysis
8.5. OTHERS
8.5.1. Overview
8.5.2. Others Market Forecast and Analysis
9. COMPANION DIAGNOSTICS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Companion Diagnostics Market Overview
9.1.2 North America Companion Diagnostics Market Forecasts and Analysis
9.1.3 North America Companion Diagnostics Market Forecasts and Analysis - By Technology Type
9.1.4 North America Companion Diagnostics Market Forecasts and Analysis - By Indication
9.1.5 North America Companion Diagnostics Market Forecasts and Analysis - By Countries
9.1.5.1 United States Companion Diagnostics Market
9.1.5.1.1 United States Companion Diagnostics Market by Technology Type
9.1.5.1.2 United States Companion Diagnostics Market by Indication
9.1.5.2 Canada Companion Diagnostics Market
9.1.5.2.1 Canada Companion Diagnostics Market by Technology Type
9.1.5.2.2 Canada Companion Diagnostics Market by Indication
9.1.5.3 Mexico Companion Diagnostics Market
9.1.5.3.1 Mexico Companion Diagnostics Market by Technology Type
9.1.5.3.2 Mexico Companion Diagnostics Market by Indication
9.2. EUROPE
9.2.1 Europe Companion Diagnostics Market Overview
9.2.2 Europe Companion Diagnostics Market Forecasts and Analysis
9.2.3 Europe Companion Diagnostics Market Forecasts and Analysis - By Technology Type
9.2.4 Europe Companion Diagnostics Market Forecasts and Analysis - By Indication
9.2.5 Europe Companion Diagnostics Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Companion Diagnostics Market
9.2.5.1.1 Germany Companion Diagnostics Market by Technology Type
9.2.5.1.2 Germany Companion Diagnostics Market by Indication
9.2.5.2 France Companion Diagnostics Market
9.2.5.2.1 France Companion Diagnostics Market by Technology Type
9.2.5.2.2 France Companion Diagnostics Market by Indication
9.2.5.3 Italy Companion Diagnostics Market
9.2.5.3.1 Italy Companion Diagnostics Market by Technology Type
9.2.5.3.2 Italy Companion Diagnostics Market by Indication
9.2.5.4 Spain Companion Diagnostics Market
9.2.5.4.1 Spain Companion Diagnostics Market by Technology Type
9.2.5.4.2 Spain Companion Diagnostics Market by Indication
9.2.5.5 United Kingdom Companion Diagnostics Market
9.2.5.5.1 United Kingdom Companion Diagnostics Market by Technology Type
9.2.5.5.2 United Kingdom Companion Diagnostics Market by Indication
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Companion Diagnostics Market Overview
9.3.2 Asia-Pacific Companion Diagnostics Market Forecasts and Analysis
9.3.3 Asia-Pacific Companion Diagnostics Market Forecasts and Analysis - By Technology Type
9.3.4 Asia-Pacific Companion Diagnostics Market Forecasts and Analysis - By Indication
9.3.5 Asia-Pacific Companion Diagnostics Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Companion Diagnostics Market
9.3.5.1.1 Australia Companion Diagnostics Market by Technology Type
9.3.5.1.2 Australia Companion Diagnostics Market by Indication
9.3.5.2 China Companion Diagnostics Market
9.3.5.2.1 China Companion Diagnostics Market by Technology Type
9.3.5.2.2 China Companion Diagnostics Market by Indication
9.3.5.3 India Companion Diagnostics Market
9.3.5.3.1 India Companion Diagnostics Market by Technology Type
9.3.5.3.2 India Companion Diagnostics Market by Indication
9.3.5.4 Japan Companion Diagnostics Market
9.3.5.4.1 Japan Companion Diagnostics Market by Technology Type
9.3.5.4.2 Japan Companion Diagnostics Market by Indication
9.3.5.5 South Korea Companion Diagnostics Market
9.3.5.5.1 South Korea Companion Diagnostics Market by Technology Type
9.3.5.5.2 South Korea Companion Diagnostics Market by Indication
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Companion Diagnostics Market Overview
9.4.2 Middle East and Africa Companion Diagnostics Market Forecasts and Analysis
9.4.3 Middle East and Africa Companion Diagnostics Market Forecasts and Analysis - By Technology Type
9.4.4 Middle East and Africa Companion Diagnostics Market Forecasts and Analysis - By Indication
9.4.5 Middle East and Africa Companion Diagnostics Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Companion Diagnostics Market
9.4.5.1.1 South Africa Companion Diagnostics Market by Technology Type
9.4.5.1.2 South Africa Companion Diagnostics Market by Indication
9.4.5.2 Saudi Arabia Companion Diagnostics Market
9.4.5.2.1 Saudi Arabia Companion Diagnostics Market by Technology Type
9.4.5.2.2 Saudi Arabia Companion Diagnostics Market by Indication
9.4.5.3 U.A.E Companion Diagnostics Market
9.4.5.3.1 U.A.E Companion Diagnostics Market by Technology Type
9.4.5.3.2 U.A.E Companion Diagnostics Market by Indication
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Companion Diagnostics Market Overview
9.5.2 South and Central America Companion Diagnostics Market Forecasts and Analysis
9.5.3 South and Central America Companion Diagnostics Market Forecasts and Analysis - By Technology Type
9.5.4 South and Central America Companion Diagnostics Market Forecasts and Analysis - By Indication
9.5.5 South and Central America Companion Diagnostics Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Companion Diagnostics Market
9.5.5.1.1 Brazil Companion Diagnostics Market by Technology Type
9.5.5.1.2 Brazil Companion Diagnostics Market by Indication
9.5.5.2 Argentina Companion Diagnostics Market
9.5.5.2.1 Argentina Companion Diagnostics Market by Technology Type
9.5.5.2.2 Argentina Companion Diagnostics Market by Indication
10. IMPACT OF COVID-19 PANDEMIC ON GLOBAL COMPANION DIAGNOSTICS MARKET
10.1 North America
10.2 Europe
10.3 Asia-Pacific
10.4 Rest of the World
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. COMPANION DIAGNOSTICS MARKET, KEY COMPANY PROFILES
12.1. ABBOTT LABORATORIES MOLECULAR, INC.
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. AGILENT (DAKO DENMARK A/S)
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. ARUP LABORATORIES
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Products and Services
12.3.4. Financial Overview
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. BIOMERIEUX SA
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. DANAHER CORPORATION (LEICA MICROSYSTEMS)
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Products and Services
12.5.4. Financial Overview
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. FOUNDATION MEDICINE, INC.
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Products and Services
12.6.4. Financial Overview
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. MYRIAD GENETICS, INC.
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Products and Services
12.7.4. Financial Overview
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. QIAGEN N.V.
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. ROCHE (VENTANA MEDICAL SYSTEMS, INC.)
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. THERMO FISHER SCIENTIFIC (LIFE TECHNOLOGIES CORPORATION)
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
1. Abbott Laboratories Molecular, Inc.
2. Agilent (Dako Denmark A/S)
3. ARUP Laboratories
4. BioMerieux SA
5. Danaher Corporation (Leica Microsystems)
6. Foundation Medicine, Inc.
7. Myriad Genetics, Inc.
8. Qiagen N.V.
9. Roche (Ventana Medical Systems, Inc.)
10. Thermo Fisher Scientific (Life Technologies Corporation)
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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