The global companion diagnostics market is forecast to grow at a compound annual growth rate (CAGR) of more than 10% during the forecast period from 2021-2030.

The companion diagnostic is a medical device that helps ensure the safe and effective use of a corresponding biological product or drug. Diagnostic tests such as these help doctors determine whether a particular treatment is beneficial to patients and whether any potential risks outweigh its benefits.

Factors Affecting

• Personalized medicines are becoming a reality with the help of evidence-based laboratory analysis and companion diagnostics. A rise in the demand for customized drugs will fuel significant growth for the companion diagnostics market. 
• The use of companion diagnostics in personalized medicine and drug development is making clinical trials more cost-effective. Thus, as the number of clinical trials increases, so will the demand for companion diagnostics.
• The primary use of Companion diagnostics is in cancer treatment, which already has a high treatment cost, and their use increases patients' overall medical expenses. Due to this, the global companion diagnostics market slows down by the high price of diagnostic kits.

Impact Analysis of COVID-19

The major players in the companion diagnostics market with a robust supply management system are Roche Diagnostics, Agilent Technologies, Qiagen, Thermo Fisher, and Abbott Laboratories. They have an equal distribution of production facilities across countries. However, the COVID-19 outbreak and the social distancing restrictions have had a negative impact on the market for companion diagnostics. The nationwide lockdown enacted by the government has hindered supply and reduced availability.

Although the COVID-19 crisis threatens the market, there is also a favorable opportunity, as medical diagnostics companies are increasing their products and services to healthcare professionals. In addition, companion diagnostic testing kits have become increasingly popular to determine the safety and effectiveness of COVID-19 medicines for cancer patients receiving treatment.

Regional Analysis

North America held dominance in the global companion diagnostics industry. In North America, the market is experiencing high growth because of well-established healthcare systems and technological advances. Several Pharma and biotech companies contribute significantly to the rapid growth of companion diagnostics in North America. Moreover, the United States anticipates seeing an increase in the number of cancer patients in the coming years, which will spur the growth of companion diagnostics.

Europe is experiencing rapid expansion due to its highly efficient healthcare workforce and infrastructure. The regional market is also forecast to grow due to increasing awareness regarding the importance of precise diagnostic tools, electronic health records, and drugs prescribed specifically for a disease. Europe also spends a lot of money on healthcare. In addition, the public and private sectors are investing in R&D, and there is a well-developed healthcare sector in the region, which is driving growth.

Leading Competitors

The leading prominent players in the global companion diagnostics market are:

• Abbott Laboratories, Inc. (U.S.)
• Abnova Corporation (Taiwan)
• Agilent Technologies, Inc. (U.S.)
• Almac Group (U.K.)
• Biogenex Laboratories, Inc. (U.S.)
• bioMérieux S.A. (France)
• Danaher Corporation (U.S.)
• F. Hoffmann-La Roche AG (Switzerland)
• Guardant Health, Inc. (U.S.)
• Icon Plc (Ireland)
• Illumina, Inc. (U.S.)
• Myriad Genetics, Inc., (U.S.)
• QIAGEN N.V. (Germany)
• Sysmex Corporation (Japan)
• Thermo Fisher Scientific Inc. (U.S.)
• Other Prominent Players

Scope of the Report

The global companion diagnostics market segmentation includes Product, Technology, Indication, End-User, and Region.

Segmentation based on Product

• Assay kits & Reagents
• Software & Services
• Segmentation based on Technology
• Polymerase Chain Reaction (PCR) 
• In Situ Hybridization (ISH) 
• Next-Generation Sequencing (NGS)
• Immunohistochemistry (IHC) 
• Others (Multiplex Assay and Cellular Imaging Technologies)

Segmentation based on Indication

• Cardiovascular
• Neurological Diseases
• Cancer
  • Breast Cancer 
  • Lung Cancer 
  • Colorectal Cancer 
  • Melanoma 
  • Gastric Cancer 
• Infectious Diseases 
• Others (inflammatory and inherited diseases)

Segmentation based on End-User

• Pharmaceutical & Biopharmaceutical Companies
• Reference Laboratories
• CROs
• Others

Segmentation based on Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America