Companion Diagnostics Market: Growth Strategies Adopted by Leading Players Like F. Hoffmann-La Roche AG (Switzerland), Agilent Technologies, Inc. (US)

Illinois, United States, 2021-Feb-01 — /EPR Network/ —

This report aims to provide detailed insights into the global companion diagnostic market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.

Key Players in Companion Diagnostic Market:

F. Hoffmann-La Roche AG (Switzerland), Agilent Technologies, Inc. (US), QIAGEN N.V. (Germany), Abbott Laboratories, Inc. (US), Almac Group (UK), Danaher Corporation (US), Illumina, Inc. (US), bioMérieux SA (France), Myriad Genetics, Inc., (US), Sysmex Corporation (Japan), Thermo Fisher Scientific Inc. (US), Abnova Corporation (Taiwan), Guardant Health, Inc. (US), Icon Plc (Ireland), and Biogenex Laboratories, Inc. (US) are the leading players operating in the global companion diagnostics market.

Growth Strategies Companies are Focused are:

These companies are focusing on increasing their presence in high-growth markets through organic and inorganic growth strategies such as capacity expansions, product launches & approvals, agreements, partnerships, and collaborations & acquisitions.

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F. Hoffmann-La Roche AG is one of the leading players in the global companion diagnostics market. The company’s leading position in this market is attributed to its extensive geographic presence across North America, Europe, Middle East & Africa, and Asia Pacific. The company offers a comprehensive portfolio of companion diagnostic products for pharmaceutical companies and research institutes and has facilities in Switzerland, Germany, Austria, Denmark, France, the Netherlands, Russia, the UK, Brazil, China, India, Japan, Singapore, Thailand, Egypt, Nigeria, and South Africa. It focuses on product launches to increase its presence in the companion diagnostics product portfolio and strengthen its position in the market.

Agilent Technologies accounted for the second-largest share of the companion diagnostics market in 2019. The company offers robust companion diagnostic assays & kits where the products are based majorly on immunohistochemistry (IHC) and in-situ hybridization (ISH) technologies. Agilent provides companion diagnostic products to pharmaceutical companies, reference laboratories, hospitals, and other medical academic centers through its strong distribution network across the globe. The company’s business strategy includes product launches and approvals for new therapeutic areas. For instance, in April 2019, Agilent received an expanded FDA approval for its companion diagnostic assay, PD-L1 IHC 22C3 pharmDx, in non-small cell lung cancer (NSCLC) for first-line treatment with KEYTRUDA, a targeted anti-PD-1 therapy manufactured by Merck and Co. However, the company could also focus on other strategies such as service launches, partnerships, and agreements to further strengthen its position in the market.

Key Factors Driving Market Growth:

The growth of the Companion Diagnostics Market is tied primarily to the advantages of companion diagnostics, the growing need for targeted therapy, the increasing importance of personalized medicine, the rising global incidence of cancer, and the ever-increasing application areas of companion diagnostics. The increasing demand for next-generation sequencing, the growing significance of companion diagnostics in drug development, and the rising number of clinical trials are also expected to present growth opportunities for players in the market, which also expected to support market growth in the coming years.

Expected Revenue Growth:

The Companion Diagnostics Industry is expected to reach USD 6.8 billion by 2025 from USD 3.7 billion in 2020, at a CAGR of 12.9% during the forecast period of 2020 to 2025.

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Regional Growth Analysis:

The companion diagnostics market in the APAC is estimated to grow at the highest CAGR during the forecast period. The high incidence of cancer, increasing proteomics & genomics research, growing research funding, rising investments by pharmaceutical and biotechnology companies, and growing awareness about personalized therapeutics in several APAC countries are expected to drive the growth of the APAC market.