Companion Diagnostics Market is Estimated to Grasp $6,452 Million by 2026 with a CAGR of 18.3% Says Allied Market Research

0
49

Companion Diagnostics Market

The global companion diagnostics market was valued at $1,678 million in 2018, and is expected to reach $6,452 million by 2026, growing at a CAGR of 18.3% from 2019 to 2026.

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.

Download Report Sample @ https://www.alliedmarketresearch.com/request-sample/3735

Companion diagnostic is an in-vitro diagnostic process that provides information about the therapeutic response of a patient for a specific treatment. This test improves the therapeutic efficiency of drugs and decreases overall healthcare cost during treatment. Companion diagnostic is a form of personalized medicine that includes drug-testing, therapies, clinical trials, and research. These further determine therapeutic benefits of the product to patients to outweigh any potential serious side effects or risks.

The companion diagnostics market is an emerging market and is anticipated to experience significant growth during the forecast period owing to increase in R&D of targeted therapies, rise in demand for personalized medicine with increase in awareness in emerging economies, discovery of new biomarkers for various conditions, and higher number of unmet needs for the treatment of cancer are majorly driving the companion diagnostics market growth.

Based on indication, the global companion diagnostics market is segmented into oncology, neurology, and others. At present, the oncology segment is the major revenue generating segment and is estimated to experience significant growth during the forecast period. Some key factors such as higher prevalence of cancer, rise in number of R&D activities for cancer, higher number of unmet need for treatment of cancer, surge in number of FDA approved companion diagnostics, and increase in awareness among the patients about personalized medicine are majorly driving the growth of the oncology segment.

Based on technology, the polymerase chain reaction (PCR) segment dominates the global market, and is anticipated to continue this trend during the forecast period. Some key factors driving the market growth are cost effectiveness, high sensitivity, and specificity and can be used for simple automated platforms. However, the next generation sequencing (NGS) segment is expected to experience rapid growth as it is an advanced technique as compared to the PCR with less turnaround times.

Have any Query? Ask our Research Experts @ https://www.alliedmarketresearch.com/purchase-enquiry/3735

North America accounted for approximately one-half of the global market share in 2018, and is expected to remain dominant throughout the forecast period. This was attributed to the higher usage of companion diagnostics, large presence of key players, increase in number of target population with high number of trained medical professionals. While, Asia-Pacific is expected to experience the highest growth rate during the forecast period majorly due to increase in demand for personalized medicine, development in the healthcare infrastructure, and rise in prevalence of different forms of cancer with higher number of unmet needs.

Leading industry players:

Abbott Laboratories Molecular, Inc., Agilent (Dako Denmark A/S), ARUP Laboratories, Inc., BioMerieux SA, Danaher Corporation (Leica Microsystems), Foundation Medicine, Inc., Myriad Genetics, Inc., Qiagen N.V., Roche (Ventana Medical Systems, Inc.), and Thermo Fisher Scientific (Life Technologies Corporation).

About Us:

Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022, +1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com