Companion Diagnostics Market Overview
The companion diagnostics market is projected to grow at a CAGR of 20.29% during the forecast period. As per the companion diagnostics market research report, the global market for companion diagnostics is projected to grow swiftly by US$8.08 Billion by 2027. According to analysts, increasing prevalence of chronic diseases as well as expanding regulatory framework will drive the market growth during the forecast period. The companion diagnostics market research report offers a comprehensive analysis of the global companion diagnostics market and its end users, indication, products services, and technology segments. The high costs of companion diagnostics along with budget limitations are the elements that could influence the companion diagnostics market advancement throughout the forecast period. The companion diagnostics market research report by expert analysts is developed to assist organizations in the companion diagnostics market.
Companion diagnostics is an area of healthcare that deals with figuring out how effectively a particular therapy is working for a particular patient. This involves identifying patients who will benefit the most from a particular therapeutic product, identifying risks that may render a particular treatment unusable for certain patients, as well as monitoring the progression of a condition post-treatment to gauge the efficacy of the therapy. The field of Companion Diagnostics Market Size has boomed since the genetics revolution, as more in-depth information about a patient’s tendency to react to certain chemicals has been made available by genetic studies. Increasing availability of detailed information about a patient’s genetic makeup has allowed for the development of effective tests to cross-check various therapeutic products against the genetic tendencies exhibited by the patient. This has led to steady growth of the companion diagnostics market over the last few years.
Economic advantages of oncology companion diagnostics assays and their potential to cut down clinical trial timelines have raised their adoption rate among the pharmaceutical companies. Companion diagnostics help elevate the effectiveness of the treatment with respect to different disorders and diseases as they offer the clinician with seamless clinical foundation for diagnosis as well as treatment. It also facilitates smoother handling of patient resources and the availability of insurance policies by bringing down unnecessary need for high priced chemotherapy drugs.
Companion Diagnostics Market Segmentation
- The global companion diagnostics market is segmented on the basis of technology, application, end use, and region.
- By technology, the global companion diagnostics market is segmented into polymerase chain reaction (PCR), in-situ hybridization, and immunohistochemistry. Of these, the PCR segment holds a dominant 53% share in the global companion diagnostics market and is likely to remain the leading revenue generator over the forecast period.
- By application, the global companion diagnostics market is segmented into cancer, infectious diseases, cardiovascular diseases, central nervous system disorders, and others.
- By end use, the market is segmented into pharma and biotech companies, clinical laboratories, contract research organizations, and others.
Companion Diagnostics Market Regional Analysis
Geographically, North America has been witnessed to hold the largest market share for companion diagnostics and is expected to flourish in the future. There have been cases of therapeutic side effects like Avandia and Vioxx, which has forced people to look for alternatives and raise their awareness about the benefits of personalized medicines.
Europe holds the second-largest market share and is expected to show a significant growth rate due to increasing government initiatives for improving high disposable income and healthcare infrastructure and due to large consumer base. Besides, Asia Pacific is anticipated to be the fastest growing market in the global scenario and grow at a fast pace in the forecast period.
Companion Diagnostics Market Players
- Hoffmann-La Roche Ltd (Switzerland)
- Thermo Fisher Scientific Inc. (US)
- Agilent Technologies Inc. (US)
- QIAGEN (Germany)
- Abbott (US)
- bioMérieux SA (France)
- Leica Biosystems Nussloch GmbH (Germany)
- Illumina Inc. (US)
- Myriad Genetics Inc. (US)
- ArcherDX Inc. (US)
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