Companion Diagnostics Market Overview
Market Research Future (MRFR) expects the companion diagnostics market size to potentially procure a healthy growth rate of 20.29% and can touch USD 8,081.50 Million by the year 2027, adds MRFR. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the companion diagnostics market post the coronavirus disease outbreak.
Companion diagnostics continue to note escalating use post the COVID-19 outbreak, and has been charting a new path in the pandemic. Companion diagnostics clinical trials have come to the forefront in the pharmaceutical industry, despite the lockdown, as it helps boost the chances of clinical success. This testing kit has been seeing high demand for identifying those infected with SARS-CoV-2. The novel coronavirus, since gripping the whole world, has remained the main focus for diagnostic test makers, in terms of research and development.
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Although oncology companion diagnostics remain the top priority of the healthcare industry, attempts are being made to these tests for COVID-19. Moreover, cancer research hospitals and treatment centers worldwide are now getting involved in the battle against SARS-CoV-2. For instance, by August 2020, the Sidney Kimmel Comprehensive Cancer Center (Johns Hopkins University) is all set to being its second phase of COVID-19 recovery using the bicalutamide or ivermectin endocrine therapy. Other than these developments, many of the diagnostic service vendors are moving their workloads in order to deal with the COVID-19 impact. To cite an example, MiraDx recently set up its lab to provide COVID-19 based test services. The company claims that the lab has been able to analyze more than 9,000 tests accurately.
The companion diagnostics market revenue is further bolstered by the mounting demand for personalized drugs and medicines as awareness in developing countries is rising at a rapid pace. The companion diagnostic market growth is also spiked by the growing cases of different types of cancer and the surge in the unmet requirements for its treatment. Since companion diagnostics bring down the costs and help rule out costly therapies that are not effective, its demand is bound to accelerate in the healthcare over the review period.
Companion Diagnostics Market Segmentation
companion diagnostics market has been considered for products & services, technology, indication, and end users.
The products & services that been studied by MRFR include kits, & reagents, software & services and assays.
The companion diagnostics market categories, with respect to technology, are next-generation sequencing (NGS), polymerase chain reaction (PCR), immunohistochemistry, in-situ hybridization, and more.
Indication-wise, the companion diagnostics market is segmented into the key segments can be neurological diseases, cancer, cardiovascular diseases, infectious diseases, and others.
Some of the main end-users in the global companion diagnostics market are contract research organizations, laboratories, pharmaceutical & biopharmaceutical companies, and others.
Companion Diagnostics Market Regional Insight
Companion diagnostic market share across the globe has been split into Europe, Asia Pacific/APAC, and Middle East/MEA along with the Americas.
The global companion diagnostics market is most likely to be led by the Americas, given the high growth rate of cancer cases as well as many other chronic disorders. The high spending on the healthcare sector especially in Canada and the United States also fosters market growth. The companion diagnostics market share in the region has, however, risen mostly due to the high prevalence of breast cancer. The situation has compelled leading firms to introduce advanced companion diagnostics that quickly and accurately detect breast cancer mutations.
Europe is the second most lucrative market for companion diagnostics, thanks to the extensive pool of renowned companies and the continuous research and development activities going on to build targeted drug therapy with respect to cancer.
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As the fastest advancing companion diagnostics market, APAC mostly benefits from the expansive population, rising knowledge with regard to companion diagnostics and the improving healthcare infrastructure. The companion diagnostics market here also gains impetus backed by the soaring need for advanced therapies along with the growing cases of lung cancer in light of high intake of tobacco and smoking.
Companion Diagnostics Market Leading Vendors
Leica Biosystems Nussloch GmbH (Germany), ArcherDX, Inc. (US), NG Biotech (France), Abbott (US), Foundation Medicine, Inc. (US), F. Hoffmann-La Roche Ltd (Switzerland), Illumina, Inc. (US), Myriad Genetics, Inc. (US), ICON plc (Ireland), bioMérieux SA (France), Guardant Health (US), QIAGEN (Germany), Abnova Corporation (Taiwan), Agilent Technologies, Inc. (US), Invivoscribe, Inc. (US), Thermo Fisher Scientific Inc. (US) are the leading vendors in the global companion diagnostics market.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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