Companion Diagnostics Market Growth Statistics, Business Analysis and Forecast to 2023

Market Overview:

Market Research Future (MRFR) expects the global companion diagnostics market to exhibit a robust 15.4% CAGR over the 2017 to 2023 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 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 Growth over the last few years.

 

The increasing demand for personalized medicine in the coming years is likely to be a major driver for the companion diagnostics market. As the genetics field has grown, physicians and medical researchers have been quick to make use of it to develop ways of treating diseases with highly personalized, customized treatment formulations that best suit the individual patient in question.

 

Companion diagnostics are usually used to regulate patients molecular profile and determine which therapy will actually work for a particular person. A biopsied tissue is required to contact the appearance of mutant or biomarker protein.  They are also used in developing drug that helps to foresee the response of toxicity. According to a new report by Market Research Future (MRFR), the global market for companion diagnostics is sure to show a significant growth rate.

 

These tests are performed to detect what dosage shall be prescribed to a patient based on clinical diagnosis. Companion diagnostics is used to identify if someone cannot be cured and ascertain who would benefit from treatment. It offers patients and healthcare providers an assurance regarding the treatment result.

 

Competitive Analysis:

  • Thermo Fisher Scientific Inc
  • Qiagen NV
  • Myriad Genetics Inc
  • Hoffman-La Roche AG
  • ARUP Laboratories
  • Agilent Technologies
  • Abbott Laboratories

 

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.

 

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.