Companion Diagnostics Market

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. The primary drivers of growth in this market include significant drug development efforts, well-established regulatory frameworks in the region, a sizable population undergoing advanced medical testing, and policy initiatives aimed at delivering effective care to cancer patients.

Key Players:

• F. Hoffmann-La Roche Ltd (Switzerland),
• Agilent Technologies, Inc. (US),
• QIAGEN (Netherlands),
• Thermo Fisher Scientific Inc. (US),
• Abbott (US), and many more....

The major players in this market adopting different growth strategies to maintain their global dominance.

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F. Hoffmann-La Roche Ltd (Switzerland):

As of 2023, F. Hoffmann-La Roche Ltd. (Switzerland) emerged as the top player in the companion diagnostics market. The company's prominent position in this market stems from its robust global sales and distribution network, which allows effective product marketing across various countries. Furthermore, F. Hoffmann-La Roche Ltd. dedicates a substantial portion of its revenue to research and development, enabling the introduction of new products to the market. Roche employs strategies of inorganic growth to boost its market dominance. In February 2024, the company entered into a collaboration agreement with PathAI (US) to expand digital pathology capabilities for companion diagnostics.

Agilent Technologies, Inc. (US):

During 2023, Agilent Technologies, Inc. (US) secured the second position in the companion diagnostics market. The company’s growth in the market is a result of its robust global sales and distribution network, which allows for effective marketing of its products in numerous countries. Agilent Technologies dedicates a considerable portion of its revenue to research and development, which empowers the company to innovate and introduce new products to the market. In November 2023, the company received FDA Approval for PD-L1 IHC 22C3 pharmDx in Gastric or Gastroesophageal Junction (GEJ) Adenocarcinoma.

QIAGEN (Netherlands):

In the year 2023, QIAGEN (Netherlands) emerged as a predominant player in the companion diagnostics market. Qiagen's strong foothold in this market can be credited to its focus on enhancing its research and development capabilities to introduce unique products and bolster its position in the companion diagnostics market. For instance, the company expanded the scope of companion diagnostic (CDx) claims for the therascreen KRAS RGQ PCR Kit (therascreen KRAS Kit). The company also maintains a robust distribution network across North America, Europe, and Asia.

Global Manufacturers in the Companion Diagnostics Industry:

• Dako (an Agilent Technologies Company) (Denmark),
• Foundation Medicine, Inc. (United States),
• Sysmex Corporation (Japan),
• Myriad Genetics, Inc. (United States),
• NanoString Technologies, Inc. (United States), and many more....

Let's further discuss about some of the key manufacturers operating in the global industry

Dako (an Agilent Technologies Company) (Denmark):

Dako, a subsidiary of Agilent Technologies, specializes in companion diagnostics for cancer immunotherapy and targeted therapy. Their portfolio includes immunohistochemistry (IHC) assays, in situ hybridization (ISH) assays, and flow cytometry panels for detecting biomarkers and guiding treatment decisions in oncology.

Foundation Medicine, Inc. (United States):

Foundation Medicine, Inc., a member of the Roche Group, offers comprehensive genomic profiling tests for cancer patients. Their portfolio includes next-generation sequencing (NGS) assays, liquid biopsy tests, and tissue-based genomic assays for identifying actionable genomic alterations and guiding targeted therapy selection.

Sysmex Corporation (Japan):

Sysmex Corporation develops companion diagnostic assays for oncology and infectious diseases, leveraging its expertise in hematology and molecular diagnostics. Their portfolio includes polymerase chain reaction (PCR) assays, flow cytometry panels, and digital pathology solutions for identifying predictive biomarkers and monitoring treatment response.

Myriad Genetics, Inc. (United States):

Myriad Genetics, Inc. offers companion diagnostic tests for hereditary cancer risk assessment and personalized therapy selection. Their portfolio includes molecular diagnostic assays, gene expression profiling tests, and multigene panel tests for identifying genetic mutations and guiding treatment decisions in oncology.

NanoString Technologies, Inc. (United States):

NanoString Technologies, Inc. develops companion diagnostic assays for cancer research and precision medicine. Their portfolio includes nCounter® gene expression panels, DNA/RNA profiling assays, and digital spatial profiling (DSP) platforms for characterizing tumor biology and predicting treatment response in oncology.

Related Reports:

Companion Diagnostics Market By Product (Assays, Kits, Reagents, System, Software & Services), Technology (PCR, NGS, ISH, IHC), Indication (Breast, Lung, Colorectal Cancer, CVD, Infectious, Neurology), Sample Type (Tissue, Blood) - Global Forecast to 2029

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