The global market for companion diagnostic is growing rapidly and expected to reach USD 12,647.5 million by the end of 2023. Companion diagnostics market is growing rapidly and is expected to grow at the CAGR of 15.4% by the end of 2023
The global companion diagnostics market has been evaluated as steadily growing market and expected that the market will reach high growth figures. Companion Diagnostics is the as a bio-analytical method designed for the assessment of the patient to check whether patient responds to a specific medical treatment or not. Companion diagnostics are used to determine which patients are benefited from a certain type of medication or which therapies are best suited for the patients with certain medical conditions. Companion diagnostics involves tests and devices or tools which provide information about the safe and effective use of the specific therapeutic product. It not only provides information about the efficacy of the drugs but also the side effects that are associated with the drug. Drug discovery and development is a lengthy and tedious process involving trial and error methods for which, lot of resources and money is consumed. Current escalating costs of drug discovery, development and drug launch continue to concern the pharmaceutical sector. Companion diagnostic tools play a pivotal role in the shortening the process of the drug discovery. Companion diagnostics have been crucial in the drug discovery and drug development for the various cancers. Moreover, Companion diagnostic tools can be used to determine the efficacy of the drug and its side effects for a particular patient which is extremely important from the medical point of view.
Global Companion diagnostics Market Players:
• Abbott Laboratories,
• Agilent Technologies,
• ARUP Laboratories,
• F. Hoffmann-La Roche AG.,
• Myriad Genetics Inc,
• Qiagen N.V.,
• Thermo Fisher Scientific Inc.
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Commenting on the report, an analyst from Market Research Future (MRFR)’s team said: The market for companion diagnostics is growing rapidly and expected to continue its growth in near future. Companion diagnostics is a part of the in-vitro diagnostics and involves the methods and techniques that are used for the detection of the viability and safety of the drug components for the specific patients. Some of the factors that have been influential in the growth of the companion diagnostics market are increasing costs of the drug discovery and development, rising need for the assessment of the efficacy and safety of the drugs, desperate need for the specific medication for rare and chronic disorders, and technological advancements in the companion diagnostics devices. On the other hand, there are some factors such as inaccuracy of the currently available tests, lack of awareness about the companion diagnostic techniques and poor healthcare infrastructure in the developing countries. Stringent regulatory norms by the government for the safety of the patients also has some impact on the growth of the market. The market is expected to show large opportunities in the coming future with the advancement of technology in developing countries and new products with increased accuracy. The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
Taste the market data and market information presented through more than 50 market data tables and figures spread in 110 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Companion Diagnostic Market Research Report- Global Forecast To 2023”
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Table of Content
1 Report Prologue
2 Market Introduction
2.2 Scope Of Study
2.3 Research Objective
2.4 Assumptions & Limitations
2.5 Market Structure
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
4 Market Dynamics
4.2.1 High Cost Of Drug Discovery And Drug Development
4.2.2 Rising Need For The Assessment Of The Efficacy And Safety Of The Drugs
4.2.3 Desperate Need Of The Specific Medication For The Chronic And Rare Diseases
4.3.1 Inaccuracy Of The Tests
4.4.1 Development Of The Companion Diagnostic Tools For Rare Disorders
5 Market Factor Analysis
Key questions answered in this report
• What will the market size be in 2023 and what will the growth rate be?
• What are the key market trends?
• What is driving this market?
• What are the challenges to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities and threats faced by the key vendors?
• What are the strengths and weaknesses of the key vendors?
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