Companion Diagnostics Market Size is estimated to grow at a CAGR of 20.0% during the forecast period

 

Over the forecast period of 2022–2030, the global companion diagnostics market is expected to develop at a CAGR of 20.0%.

A companion diagnostic is an in vitro medical tool that is used in conjunction with a therapeutic medication to assess the efficacy and suitability of the medication for individual patients. In order to give safe and effective medical treatment, it makes use of a combination of tests and therapies to provide vital information on related medicinal pharmaceuticals or biological products. In-depth knowledge of disease biology and the mechanism of action (MOA) is also provided by these diagnostics, which helps medical practitioners assess the dangers or adverse effects of a therapeutic product on particular human bodies.

 

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GROWTH DRIVERS:

The global companion diagnostics market is primarily driven by factors like the growing number of clinical trials, the growing development of new biomarkers for various diseases, the blossoming cases of adverse drug reactions related to drugs due to lack of efficacy, the rapidly increasing number of technological advancements in healthcare, and the ever-expanding application areas of companion diagnostics due to a variety of advantages offered by them. It is also driven by the growing significance of companion diagnostics in drug development.

Additionally, a number of other factors, including the growing importance and demand for personalized medicine, the number of unmet needs for cancer treatment, the aging population's growing critical healthcare needs, improvements in regulatory guidelines, the increasing emphasis on the co-development of drugs and diagnostic technologies, the rapid growth of genomics and proteomics research, and the growing number of government-based initiatives and spending, are anticipated to further support the growth of the global companion diagnostics market over the course of the forecast period.

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

o   Breast Cancer

o   Lung Cancer

o   Colorectal Cancer

o   Melanoma

o   Gastric Cancer

o   Infectious Diseases

o   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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