Worldwide Companion Diagnostic Market 2019 Research Report implements an exhaustive study on Market Research Future. This Report Cover Key Market Driver, market size, growth rate, opportunities, market Dynamics and Overall Analysis.
The Global Companion Diagnostic Market is poised to grow at a favorable 15.4% CAGR over the assessment period (2017-2023). A companion diagnostic simply put, is a medical device, basically in vitro devices that offers information which is crucial for the effective and safe utilization of biological products or corresponding drugs. This test aids health care experts in determining whether the benefits of a specific therapeutic products for patients will outweigh prospective serious risks or side effects if any.
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This device is so named as this test or assay is specifically developed to be used as a companion to specific drugs. Along with helping to identify the accurate patient population, it may also aid to prevent adverse reactions from drugs by enabling physicians in identifying patients that are at risk to develop major side effects from specific medicines. Companion diagnostics also offers doctors the chance of adjusting drug therapy to attain improved clinical results.
There are plentiful factors that is boosting the growth of the companion diagnostic market. These factors as per the Market Research Future (MRFR) report include increasing emphasis on diagnostic technologies, co-development of drug and personalized medicine, rising incidences of adverse drug reactions associated to drugs on account of lack of efficacy, increase in different treatment procedures, advancements in technology in the healthcare industry, increasing incidence of chronic disease, increase in aging population, and awareness among patient and doctor regarding the drug toxicity. The additional factors include increasing need for assessment of the drugs safety and efficacy, desperate requirement for specific medicines for chronic and rare disorders, and growing need for such devices for early tumor detection in cancer. On the contrary, cost associated to latest technology, logistic issues and dearth of skilled professionals are factors that may obstruct the growth of the companion diagnostic market over the assessment period.
Global Companion Diagnostic Market: Key Players
Leading players profiled in the companion diagnostic market include:
- Thermo Fisher Scientific
- QIAGEN N.V.
- Myriad Genetics
- Hoffmann-La Roche AG.
- ARUP Laboratories
- Agilent Technologies
- Abbott
April 2019 – LabCorp has lately joined Qiagen Program for accelerating companion diagnostic commercialization. This program will allow molecular diagnostic labs to initiate preparing commercial launch of in vitro diagnostic tests and new drugs created by Qiagen post receiving an approval from FDA. The tests will comprise of companion diagnostics that is based on the next-generation sequencing. Companion diagnostics for various forms of cancers including bladder, colorectal, breast, lung and pan-tumor disease is presently in the company’s “Day One” laboratory readiness pipeline.
Global Companion Diagnostic Market: Market Segmentation:
MRFR report provides an extensive segmental analysis of the companion diagnostic market on the basis of technology, application and end user.
Based on technology, it is segmented into immunohistochemistry, in-situ hybridization and polymerase chain reaction (PCR). Of these, polymerase chain reaction will have the largest share in the market over the assessment period.
Based on application, the companion diagnostic market is segmented into CNS diseases, cardiovascular diseases, infectious diseases, cancer and others.
Based on end-user, it is segmented into CRO, clinical laboratories, pharmaceutical and biotech companies and others. Of these, pharmaceutical & biotech companies will lead the market over the assessment period.
Global Companion Diagnostic Market: Regional Analysis:
By region, the Companion Diagnostic Market covers growth opportunities and latest trends across Americas, Europe, Asia Pacific and Middle East and Africa. Americas are divided into North America and South America. North America includes Canada and the US and currently they are the key contributors in this region. South America includes Panama, Columbia, Peru, Brazil and others that contribute a small share. The companion diagnostic market in the European region will have the second major share. Spain, Italy, UK, France and Germany are the key contributors in this region. The companion diagnostic solutions indeed are boosting the healthcare workforce’s efficiency. The other growth factors include the increasing use of electronic healthcare records, drugs prescribed especially for a disease and also use of precise diagnostic tools. The companion diagnostic market in the APAC region is predicted to grow at the fastest pace owing to constant developments taking place in China and India. Both these countries are involved in R&D of companion diagnostic tools for improved medical outcomes, informing and educating people about awareness and crucial genetic disease treatment. The companion diagnostic market in the Middle East and Africa is in its early stage and currently its growth is limited yet steady.
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