By 2026, the companion diagnostics market is expected to be worth USD 8. 4 billion.
A companion
diagnostic is an in vitro medical device that provides information necessary
for the safe and effective administration of a corresponding drug or biological
product. This diagnostic test assists a physician in determining whether a
particular therapeutic product is beneficial to patients and can outweigh any
potentially serious side effects or risks.
The global
companion diagnostics market was worth $1,678 million in 2018 and is expected
to be worth $6,452 million by 2026, expanding at an 18.3 percent CAGR from 2019
to 2026.
The
companion diagnostics market is expected to grow significantly during the
forecast period, owing to a surge in R&D of targeted therapies, a rise in
demand for personalized medicine with increased awareness in emerging economies,
the discovery of new biomarkers for various conditions, and a higher number of
unmet needs for cancer treatment.
The benefits
of companion diagnostics, the growing need for targeted therapy, the growing
importance of personalized medicine, the rising global incidence of cancer, and
the ever-expanding application areas of companion diagnostics are driving the
global companion diagnostics industry's growth. The rising demand for
next-generation sequencing, as well as the growing importance of companion diagnostics
Diagnostics for companion Market
Dynamics Factors-
With
advancements in genetic sequencing and genomics, it is now widely assumed that
drugs can work differently in different people. A better understanding of an
individual's genetic characteristics or biomarkers can promote the practice of
giving "the right drug, at the right time, at the right dose, for the
right person." Pharmaceutical
and biopharmaceutical companies are constantly attempting to implement
patient-selection diagnostic frameworks in the early stages of drug development
to provide targeted therapies to the appropriate candidates. This
contributes to the expansion of the companion diagnostics market.
Diagnostics for companion Market Opportunities Factors-
NGS-based
companion diagnostic tests seek to extract molecular information from each
patient's tumor genome to guide cancer treatment decisions. When
compared to other sequencing techniques, next-generation sequencing detects
multiple biomarkers for multiple drug therapies in a shorter time frame.
The use of NGS panels to
measure biomarkers in a single test have the potential to aid in the treatment
of many different types of cancer.
Diagnostics for companion Market Challenges Factors-
Companion
diagnostic testing is a complex and technical process that necessitates the use
of well-trained personnel. It is critical to understand companion diagnostic
technologies to carry out tests effectively. CDx assays are sensitive
to sample quantity and purity, and minor deviations can result in erroneous and
variable results. Furthermore,
different types of assays, kits, tests, and software & services are used in
companion diagnostics, which raises the production cost. As a result, all
laboratories and setups must be well-versed in these technologies.
Market Powerhouses-
A few
globally established players dominate the companion diagnostics market,
including Roche Diagnostics, Agilent Technologies, Qiagen, Thermo Fisher, and
Abbott Laboratories.
The Diagnostics for companion Market is segmented in this research
report based on technology, Indications, and region.
By
Technology—
- Polymerase Chain Reaction (PCR)
- In Situ Hybridization (ISH)
- Next-Generation Sequencing (NGS)
- Immunohistochemistry (IHC)
- Others (Multiplex Assay and Cellular Imaging Technologies)
By Indications-
- Cardiovascular
- Neurological Diseases
- Cancer
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Melanoma
- Gastric Cancer
North America
- US
- Canada
- Germany
- UK
- Switzerland
- France
- Italy
- Spain
- Rest of Europe
- China
- Japan
- India
- Australia
- Rest of Asia Pacific
- Brazil
- Mexico
- Rest of Latin America
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