The global companion diagnostics market is expected to reach USD 6.51 billion by 2022 from USD 2.17 billion in 2016, growing at a CAGR of 20.1 percent from 2016 to 2022, predicts MarketsandMarkets. The increasing lung cancer cases, growing number of genetic testing, rising need for personalized medicines, and regulatory guidelines that support the companion diagnostics market are key factors driving the growth of this market.
In 2016, the polymerase chain reaction (PCR) segment accounted for the largest share of this market and the next-generation sequencing (NGS) segment is expected to register the highest CAGR during 2017–2022. The large share of the PCR segment is attributed to its ease of use and to the fact that it does not require many samples for biomarker identification. The assay kits and reagents segment accounted for largest share of this market in 2016, owing to its wide range of applications in varied technology platforms.
Based on end-users, the pharmaceutical and biopharmaceutical companies segment accounted for the largest share in 2016. This segment is also expected to register the highest CAGR over the next five years. This is attributed to the wide use of companion diagnostic kits among these companies, due to their benefits such as high efficiency (the kits enable the selection of the most suitable candidates for clinical trials) and cost reduction.
North America accounted for the largest share of the market in 2016, followed by Europe. The large share of the North American market is attributed to the increasing technological advancements aimed at developing companion diagnostic tests for new indications such as neurology, infectious diseases, and so on. The Asia-Pacific region is expected to register the highest CAGR over the next five years.