Companion Diagnostics Market Overview
Market Research Future (MRFR) expects the global companion diagnostics market to exhibit a robust 20.29% CAGR during the forecast period to reach a valuation of more than USD 12 billion, according to the latest research report from the market research expert. The report provides a comprehensive overview of the global companion diagnostics market to readers looking to assess the growth prospects of the market and figure out which strategies are likely to work in the market in the coming years. Major drivers and restraints affecting the global companion diagnostics market are profiled in the report to help readers understand the major factors motivating the market in the coming years. Key competitive insights into the companion diagnostics market’s workings are also provided in the report on the back of a detailed analysis of the historical performance of companies in the global 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 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.
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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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