Increase in demand for personalized medicine across the regions with increase in popularity of companion diagnostics major drive the market growth. Furthermore, increase in number of R&D activities, rise in prevalence of cancer with higher number of unmet needs for treatment of cancer are expected to boost the requirement of companion diagnostics in the coming years.
According to the report by Allied Market Research, the global companion diagnostics market size was $1.67 billion in 2018, and is estimated to reach $6.45 billion by 2026, registering a CAGR of 18.3% during the forecast period, 2019–2026. The research offers a comprehensive analysis on the major segments including the changing market trends, drivers and opportunities, key winning policies, and competitive scenario.
The rise in prominence of personalized medicine, surge in cases of adverse drug reactions, and advancements in technologies for diagnostic techniques are the factors that drive the market growth. Whereas, unfavorable reimbursement policies in various countries restricts the market growth to certain extent. Moreover, surge in incidences of cancer across the globe and significant rise in healthcare expenditure provide lucrative opportunities to the market.
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On the basis of technique type, the polymerase chain reaction (PCR) segment held the highest position, accounting for nearly half of the total market share in 2018, and is estimated to maintain its dominant position throughout the forecast period. This is due to the factors involving high sensitivity, cost effectiveness, and specificity along with its usage for simple automated platforms. On the other hand, the next-generation sequencing (NGS) segment is projected to register the highest CAGR of 19.7% from 2019–2026.
Based on indication, the oncology segment contributed the major share during 2018, accounting for more than 90% of the total market share. The segment is expected to continue its leading position during the forecast period. Moreover, it is estimated to grow at the highest CAGR of 18.5% from 2019-2026.
On the basis of region, North America contributed to the highest share accounting for more than two-fifths of the total share in 2018, and is expected to continue its position by 2026. This is owing to high demand for advanced diagnostic techniques, increase in availability of trained medical professionals, and surge in number of research activities for developing new therapeutics. On the other hand, Asia-Pacific is projected to register the highest CAGR of 20.4% from 2019 to 2026.
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Leading market players analyzed in the report include Roche (Ventana Medical Systems, Inc.), ARUP Laboratories, Abbott Laboratories Molecular, Inc., Agilent (Dako Denmark A/S), Danaher Corporation (Leica Microsystems), BioMerieux SA, Myriad Genetics, Foundation Medicine, Qiagen N.V, and Thermo Fisher Scientific (Life Technologies Corporation).
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