The Global Companion Diagnostics Market is growing rapidly and expected to grow at a CAGR of 6.1% during the forecast period.
The major participants of this market are
- Abbott (U.S.),
- Agilent Technologies (U.S.),
- ARUP Laboratories (U.S.),
- Hoffmann-La Roche AG. (Germany),
- Myriad Genetics Inc. (U.S.),
- QIAGEN N.V. (Germany),
- Thermo Fisher Scientific Inc. (U.S.)
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.
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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. To control the rising cost of the drug discovery and development for the deadly and chronic diseases, the need for companion diagnostics is increasing; and with the increasing demand for the companion diagnostic tools and techniques, the global market for the companion diagnostics is growing.
Among all the regions in the world, the U.S. has been the first choice for a suitable deployment of companion diagnostic solutions due to the availability of established healthcare system and technological advancement. Moreover, a number of CDx initiatives, research & development programs, product launch and diagnostic tools have emerged and lot many are still in the pipeline. The U.S. has gained significant pharmaceutical developments along with FDA approvals; patents and licensing that enable it to position itself in the global companion diagnostic market.
Globally, Americas is the largest market for companion diagnostics. In Americas, North America is the major contributor to the companion diagnostics market owing to an expensive use of advanced diagnostics devices, and alarming need for cancer diagnosis and treatment. According to the American Cancer Society, 1,688,780 new cases are expected to be diagnosed in 2017 in the U.S. It also stated that cancer is the second most common cause of death in the U.S. Furthermore, nearly 41 out 100 men and 38 out of 100 women are expected to develop cancer in their lifetime.
Europe is the second largest market after Americas. Factors attributing to the growth of this market in Europe are rising demand for efficiency in healthcare and strengthening healthcare system. Germany is the largest market in Europe due to the presence of major market players in this regions and growing demand for technological advancement. Furthermore, the prevalence of cancer is also found to be increasing among European population.
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Asia Pacific market is expected to be the fastest growing market for companion diagnostics due to continuous development in countries such as India and China, and increasing healthcare expenditure in these countries. Rising prevalence of lifestyle disease such as diabetes, obesity and cancers also boost the market growth in Asia Pacific.
1 Report Prologue
2 Market Introduction
2.2 Scope of Study
2.3 Research Objective
2.4 Assumptions & Limitations
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
4 Market Dynamics
LIST OF FIGURES
Figure 1 Global Companion Diagnostics Market Share, By Technology, 2016 (%)
Figure 2 Global Companion Diagnostics Market Share, By Application, 2016 (%)
Figure 3 Global Companion Diagnostics Market Share, By End User, 2016 (%)
Figure 4 Global Companion Diagnostics Market Share, By Region, 2016 (%)
Figure 5 Market Structure of Global Companion Diagnostics Market
Figure 6 Research Process of MRFR
Figure 7 Drivers, Restraints & Opportunities
Figure 8 Porters Five Forces Model
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