The global companion diagnostics market is projected to reach USD 13.6 billion by 2029 from USD 7.5 billion in 2024, at a CAGR of 12.6% during the forecast period. Factors such as the increasing importance of companion diagnostics in drug development, rising cancer incidence, and the growing adoption of targeted therapies are driving market growth.

“The assays, reagents & kits segment expected to achieve the highest growth rate in the companion diagnostics market, by product & service, during the forecast period”
The companion diagnostics market is categorized into assays, kits & reagents, instruments/systems and software & services based on product & service. In 2023, the assays, kits & reagents segment held the largest share of the market. This can be attributed to factors such as the wide range of available products, the rising utilization of assays and kits across various therapeutic fields, and the increasing demand for these products in both basic research and commercial applications.

“Pharmaceutical & biotechnology companies segment projected to account for the highest CAGR during the forecast period”
Based on end user, the companion diagnostics market is segmented into pharmaceutical & biotechnology companies, reference laboratories, CROs, and other end users.
In 2023, pharmaceutical & biotechnology companies stood out as the primary users of companion diagnostics within the market. This notable position is primarily attributed to the increasing adoption of companion diagnostics in drug development and the growing significance of companion diagnostic biomarkers. Furthermore, the rising interest in personalized medicine, along with the pressing need for targeted therapies across various diseases and disorders, is forecasted to boost the demand and integration of companion diagnostics among pharmaceutical & biotechnology companies.

“Asia Pacific: The fastest-growing region in companion diagnostics care market”
The global companion diagnostics market is divided into North America, Europe, Asia Pacific, Latin America, Middle East & Africa and the GCC Countries. The Asia Pacific region is expected to record the highest CAGR during the forecast period. This growth is attributed to factors such as increased healthcare expenditure, rising pharmaceutical research funding, government initiatives to raise awareness about early disease detection, expansion of private-sector hospitals into rural areas in various APAC countries, and the presence of high-growth markets in the region.

The primary interviews conducted for this report can be categorized as follows:

  • By Company Type: Tier 1 - 20%, Tier 2 - 45%, and Tier 3 -35%
  • By Designation: C-level - 30%, D-level - 20%, and Others - 50%
  • By Region: North America - 42%, Europe - 31%, Asia Pacific - 20%, and Rest of the World -7%

Research Coverage:
This research report categorizes the companion diagnostics market by products, type, application and region. The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the companion diagnostics market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, key strategies; contracts, partnerships, agreements, new product launches, mergers and acquisitions, and recent developments associated with the companion diagnostics market. Competitive analysis of upcoming startups in the companion diagnostics market ecosystem is covered in this report.

Key Benefits of Buying the Report:
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall companion diagnostics market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market’s pulse and provide them with information on the key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

  • Analysis of key drivers, restraints, opportunities, and challenges influencing the growth of the companion diagnostics market.
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the companion diagnostics market.
  • Market Development: Comprehensive information about lucrative markets – the report analyses the companion diagnostics market across varied regions.
  • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the companion diagnostics market.
  • Competitive Assessment: In-depth assessment of market ranking, growth strategies and product offerings of leading players like F. Hoffmann-La Roche Ltd (Switzerland), Agilent Technologies, Inc. (US), QIAGEN (Netherlands), Thermo Fisher Scientific Inc. (US) and Abbott (US).