Companion Diagnostics Market Highlights
The global companion diagnostics market is expected to show steady growth owing to the demand for new diagnostics tests and devices for cancer and other life threatening diseases. Furthermore, growing emphasis on early diagnosis and treatment of cancer may lead an increase in the demand for diagnostic services in developing countries.
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On the other hand, there are some hindering factors which are restricting the market growth. Incorrect results from the test can lead to the inadequate treatment being given to the patient leading to the serious complications and adverse effects. The inaccuracy in the test increases the risk factor for the patients and it somehow hinders the growth of the market. Furthermore, high cost of robust diagnostic devices such as PCR machine may restrain the market growth.
According to the American Cancer Society, prostate cancer is the most common cancer among males (19%), followed by lung (14%) and colorectal (9%) cancers and among females, breast (30%), lung (12%), and colorectal (8%) cancers are the most common. Furthermore, the market is expected to grow in Asia Pacific due to an increase in the burden for cancer in this region.
The global market for companion diagnostic is growing rapidly and expected to grow at a CAGR of 6.1% during the forecast period.
Taste the market data and market information presented through more than 87 market data tables and 39 figures spread over 108 numbers of pages of the project report. Avail the in-depth TOC & market synopsis on “Companion Diagnostics Market Research Report –Global Forecast to 2023.
Global Companion diagnostics Market Players:
The major participants of this market are
- Abbott (U.S.)
- Agilent Technologies (U.S.)
- ARUP Laboratories (U.S.)
- F. Hoffmann-La Roche AG. (Germany)
- Myriad Genetics Inc. (U.S.)
- QIAGEN N.V. (Germany)
- Thermo Fisher Scientific Inc. (U.S.).
Companion Diagnostics Market Regional Analysis:
The global companion diagnostics market consists of four regions: the Americas, Europe, Asia Pacific, and the Middle East & Africa
America holds largest market for companion diagnostics market. 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.
Europe is the second largest market after Americas owing to the growth of new technologies for cancer diagnostics in Europe, rising demand for efficiency in healthcare and strengthening healthcare system. Germany is the largest market in Europe followed by U.K.
Asia Pacific market is expected to be the fastest growing market for companion diagnostics due to continuous developments in developing 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.
Middle East & Africa are expected to have a limited but steady growth owing to low healthcare expenditure and demand for primary healthcare services in this region.
Companion Diagnostics Market Segmentation:
The global companion diagnostics market has been segmented on the basis of technology which comprises of Polymerase Chain Reaction (PCR), In-situ hybridization, and immunohistochemistry. On the basis of application, market is segmented into cancer, infectious diseases, cardiovascular diseases, CNS diseases, and others. On the basis of end user, market is segmented into pharmaceutical & biotech companies, clinical laboratories, CRO, and other.
- Pharmaceutical companies
- Research & development organizations
- Clinical laboratories
- Contract research organizations
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