Companion Diagnostics Market is anticipated to expand at a CAGR of 20.0% Forecast Period

 

During the forecast period of 2022–2030, the global companion diagnostics market is anticipated to expand at a CAGR of 20.0%.

An in vitro medical device known as a companion diagnostic is used in conjunction with a therapeutic drug to evaluate the impact and applicability of the medicine on patients. In order to give safe and efficient medical treatment, it makes use of a variety of tests and therapies to provide vital information regarding comparable medicinal medications or biological products. These diagnostics also give medical practitioners a thorough understanding of disease biology and the mechanism of action (MOA), which helps them assess any dangers or side effects that a therapeutic product might have on particular human bodies.

 

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GROWTH DRIVERS:

Companion diagnostics are increasingly important in drug development due to a number of benefits they provide. Other factors include the growing demand for in-vitro diagnostics and targeted therapies, the rising demand for next-generation sequencing, the rising number of clinical trials, the growing development of new biomarkers for various diseases, and the rising cases of adverse drug reactions related to companion diagnostics.

Additionally, during the past few decades, the incidence of various cancer cases has increased globally at an unprecedented rate. A recent study predicts that by the end of 2030, there will be about 22.0 million new instances of cancer worldwide (along with roughly 13.0 million cancer deaths). In order to improve the predictability of the oncology drug development process, companion diagnostics are widely used. As a result, it is anticipated that the rising incidence of cancer would encourage the adoption of companion diagnostics for the quick development of cancer therapy medications. The global companion diagnostics market is being stimulated by the concurrent rise in the number of FDA-approved cancer diagnostic tests.

However, it is anticipated that throughout the projection period, factors such as a lack of qualified specialists, high costs for companion diagnostics, and the existence of strict government laws for product approvals will limit the market's growth to some extent.

COMPANION DIAGNOSTICS MARKET SEGMENTATION:

By Product & Services:

·         Assay Kits & Reagents

·         Software & Services

 

By Technology:

·         Polymerase Chain Reaction (PCR)

·         In Situ Hybridization (ISH)

·         Next-Generation Sequencing (NGS)

·         Immunohistochemistry (IHC)

·         Others

 

By Indication:

·               Cardiovascular

·               Neurological Diseases

·               Cancer

·         Breast Cancer

·         Lung Cancer

·         Colorectal Cancer

·         Melanoma

·         Gastric Cancer

·         Infectious Diseases

·         Others

 

By End User:

·         Pharmaceutical & Biopharmaceutical Companies

·         Reference Laboratories

·         Contract Research Organizations

·         Others

 

By Region:

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East & Africa

 

KEY COMPANIES IN COMPANION DIAGNOSTICS MARKET:

·         Hoffmann-La Roche AG

·         Agilent Technologies Inc.

·         Biogenex Laboratories Inc.

·         Abbott Laboratories Molecular Inc.

·         ARUP Laboratories Inc.

·         BioMerieux SA

·         Danaher Corporation

·         Foundation Medicine Inc.

·         Almac Group

·         Sysmex Corporation

·         Thermo Fisher Scientific Inc.

·         Abnova Corporation

·         Guardant Health Inc.

·         Icon Plc

·         Myriad Genetics Inc.

·         Qiagen N.V.

 

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xResearch is a market research and consulting organization that uses unique data, expert analysis, and new technologies to create trusted intelligence on industries. Our research is focused on delivering an informed and impartial view on essential market data of industry, and it is primarily driven by an in-depth study covering the following parameters: Market Sizing and Forecasting, Market Segmentation, Competitive Analysis, Strategic Assessment and Business Modelling.

                                                                             

                                                                             

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