Companion Diagnostics Market Overview

Market Research Future (MRFR) expects the global companion diagnostics market to exhibit a robust 20.29% CAGR over the forecast period to reach a valuation of more than USD 12 billion, according to the latest research report from the market research expert. The report provides a comprehensive overview of the global companion diagnostics market to readers looking to assess the growth prospects of the market and figure out which strategies are likely to work in the market in the coming years. Major drivers and restraints affecting the global companion diagnostics market are profiled in the report to help readers understand the major factors motivating the market in the coming years. Key competitive insights into the companion diagnostics markets workings are also provided in the report on the back of a detailed analysis of the historical performance of companies in the global market.

Companion Diagnostic refers to as therapeutic devices that are used to diagnosis the response of treatment in the patients as well as in vitro gadgets. These devices provide essential information that is required for the effective and safe use of corresponding medicine or biological product. The outcome as in the diagnostic report helps a health care professional to determine if the benefits of a particular therapeutic product will compensate with some potentially serious side effects or risks. Similarly, companion diagnostics is also used in the drug development process by determining companion biomarker that helps predict potential response of toxicity. During the past few years, with the advancements in biotechnology, companion diagnostics have evolved dramatically.  Additionally, the growing prevalence of chronic diseases such as cancer and HIV has helped companion diagnostics to garner huge prominence. This, as a result, has escalated the Companion Diagnostics Market Trends on the global platform.

Companion diagnostics is an area of healthcare that deals with figuring out how effectively a particular therapy is working for a particular patient. This involves identifying patients who will benefit the most from a particular therapeutic product, identifying risks that may render a particular treatment unusable for certain patients, as well as monitoring the progression of a condition post-treatment to gauge the efficacy of the therapy. The field of companion diagnostics has boomed since the genetics revolution, as more in-depth information about a patients tendency to react to certain chemicals has been made available by genetic studies. Increasing availability of detailed information about a patients genetic makeup has allowed for the development of effective tests to cross-check various therapeutic products against the genetic tendencies exhibited by the patient. This has led to steady growth of the companion diagnostics market over the last few years.

Companion Diagnostics Market Segmentation

• The global companion diagnostics market is segmented on the basis of technology, application, end use, and region.
• By technology, the global companion diagnostics market is segmented into polymerase chain reaction (PCR), in-situ hybridization, and immunohistochemistry. Of these, the PCR segment holds a dominant 53% share in the global companion diagnostics market and is likely to remain the leading revenue generator over the forecast period.
• By application, the global companion diagnostics market is segmented into cancer, infectious diseases, cardiovascular diseases, central nervous system disorders, and others.
• By end use, the market is segmented into pharma and biotech companies, clinical laboratories, contract research organizations, and others.

Companion Diagnostics Market Regional Analysis

North America market dominates the global companion diagnostics market with a significant market share. The market is further estimated to create a huge revenue pocket growing at a strong CAGR throughout the forecast period (2017-2023).

The European and Asia Pacific region accounts for the second and third largest market, respectively.  Among the various factors driving the market growth in the developed regions such as North America and Europe include high per capita healthcare expenses, substantial funding support from the public and private sector for R&D activities, and a well-proliferated healthcare sector.

Whereas the companion diagnostics market in the Asia Pacific region is driven by the vast patient pool, unmet clinical needs, and the low-cost treatment procedures.  The APAC companion diagnostics market is expected to emerge as a promising market over the projected period.

Companion Diagnostics Market Players

• Hoffmann-La Roche Ltd (Switzerland)
• Thermo Fisher Scientific Inc. (US)
• Agilent Technologies Inc. (US)
• QIAGEN (Germany)
• Abbott (US)
• bioMérieux SA (France)
• Leica Biosystems Nussloch GmbH (Germany)
• Illumina Inc. (US)
• Myriad Genetics Inc. (US)
• ArcherDX Inc. (US)

Browse Detailed TOC with COVID-19 Impact Analysis at: https://www.marketresearchfuture.com/reports/companion-diagnostic-market-3077  

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