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According to the estimates by IMARC Group, the global companion diagnostics market is expected to grow at a CAGR of 19.5% during 2021-2026.
The increasing prevalence of cancer has propelled the demand for in-vitro diagnostics and targeted therapies, thereby representing one of the key drivers for the global companion diagnostics market.
The rising investments in extensive R&D activities for the introduction of novel companion diagnostic products represent one of the key trends in the global companion diagnostics market.
Sudden outbreak of the COVID-19 pandemic has catalyzed the adoption of companion diagnostics for analyzing the efficacy of COVID-19 drugs among patients undergoing oncology therapies.
On the basis of the product and service, the market has been classified into assays, kits and reagents, and software and services. Among these, assays, kits and reagents hold the largest market share.
On the basis of the technology, the market has been classified into Immunohistochemistry (IHC), Polymerase Chain Reaction (PCR), In-situ Hybridization (ISH), Real-Time PCR (RT-PCR), gene sequencing, and others. At present, Polymerase Chain Reaction (PCR) exhibits a clear dominance in the market.
On the basis of the indication, the market has been classified into cancer (lung cancer, breast cancer, colorectal cancer, gastric cancer, melanoma, and others), neurological diseases, infectious diseases, cardiovascular diseases, and others. Currently, cancer accounts for the majority of the total market share.
On the basis of the end user, the market has been bifurcated into pharmaceutical and biopharmaceutical companies, reference laboratories, contract research organizations, and others. Among these, pharmaceutical and biopharmaceutical companies hold the major market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
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