According to the research report titled ‘Companion Diagnostics Market Size By Product (Instruments, Consumables, Services), By Disease Indication, By Technology (Immunohistochemistry, In Situ Hybridization, Polymerase Chain Reaction, Genetic Sequencing), By End-use (Hospitals, Diagnostic Laboratories), Industry Analysis Report, Regional Outlook , Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report, global companion diagnostics market is projected to accumulate USD 6.5 billion by the year 2025.
 

Increasing prevalence of different types of cancers like skin, breast, colorectal, and lung among others worldwide, coupled with cognizance for early diagnosis, and demand for targeted therapies are propelling the growth of global companion diagnostics market. Also, rising cases of adverse drug reactions, and consequent inclination for personalized therapy is another factor bolstering the demand for companion diagnostics.
 

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However, high costs of companion diagnostics is a major challenge for industry players, and might arrest the return inflow over the ensuing years.  
 

Based on product terrain, consumables segment of global companion diagnostics market is expected to expand with 19% CAGR over the forecast duration, on account of availability of innovative kits and reagents, along with trend of bulk purchase of consumables.
 

On the basis of disease indication, breast cancer segment held 30% market revenue share in 2018. Soaring prevalence of breast cancer, in tandem with ability of companion diagnostics to offer effective treatment as per individualist need and response to drugs will stimulate the segmental share.
 

Speaking of technology ambit, the marketplace is classified into immunohistochemistry, polymerase chain reaction, in-situ hybridization, and genetic sequencing. As stated in the report, polymerase chain reaction is expected to grow by 18% during the forecast period, owing to widespread preference and accessibility of this technique.
 

Moving on to end user spectrum, worldwide companion diagnostics industry space is fragmented into hospitals, and diagnostic laboratories. Among these, hospitals generated revenues worth USD 800 million for the market in 2018, due to availability of healthcare experts and innovative infrastructure in these facilities, coupled with increasing government support for reducing the costs associated with chronic diseases.
 

As per regional framework, North America companion diagnostic market is anticipated to record 18% CAGR through 2015, owing to advancing research & development, and increasing prevalence of chronic diseases. Moreover, availability of developed healthcare facilities, along with rising awareness concerning the advantages of targeted therapies among the patients are generating lucrative prospects for the business scenario.
 

Established firms in worldwide companion diagnostics market sphere are Ventana Medical Systems Inc., Thermo Fisher Scientific, F. Hoffmann-La Roche AG, Johnson & Johnson, Qiagen, Myriad Genetic Laboratories Inc., ICON Specialty Labs (formerly MolecularMD), Illumina Inc., Foundation Medicine Inc., bioMérieux SA, Agilent Technologies Inc., and Abbott Laboratories.