What are the Key Factors of Companion Diagnostics Market for Growing Rapidly in Global? Top Key Players – Abbott Laboratories Molecular, Inc

Byprakash nextmsc

Jan 14, 2022
What are the Key Factors of Companion Diagnostics Market for Growing Rapidly in Global? Top Key Players – Abbott Laboratories Molecular, Inc -

The Global Companion Diagnostics Market size was valued at USD 1.96 billion in 2019 and is predicted to reach USD 9.02 billion by 2030, with a CAGR of 14.8% from 2020-2030.

Companion Diagnostic (CDx) is a clinical test co-developed with a therapeutic drug for screening the responders and non-responders to that particular drug. It is done in order to identify a patient group that can or cannot be treated with that corresponding drug. CDx helps practitioners to determine the benefits, side effects, and risks associated with the intake of therapeutic drugs, thereby ensuring patient’s safety.

The increasing preferences for targeted therapies, growing applications of personalized medicines, higher prevalence of chronic diseases, and increasing incidences of allergies in patients due to side effects of medicines; give rise to development of customized CDx, thereby propagating the growth of global Companion Diagnostics market

Additionally, the benefits offered by CDx test such as cost-effectiveness, high sensitivity, fast and accurate results in less time frames; further escalates the growth of Companion Diagnostics market.

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

Market Dynamics and Trends

According to data provided by World Health Organization in 2018; 1 in 6 deaths are caused due to cancer every year. At global level, an estimated 6.8 million people die every year suffering from neurological disorders. CDx holds wide application for indication, in chronic disorders such as oncology, neurology, and others. This scenario further supplements the growth of global Companion Diagnostics market.

However, costly R&D procedures to develop new CDx, and unfavorable reimbursement policies, restricts the growth of global Companion Diagnostics market.

Moreover, upsurge in R&D activities, and increasing number of approvals granted by the U.S Food Drug Administration (FDA), are expected to propagate the growth of global Companion Diagnostics market in coming future.

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Market Segmentations and Scope of the Study:

The global companion diagnostics market share has been analyzed based on technology, type, indication, and geography.

Based on technology, the market is segmented into Immunohistochemistry, Polymerase Chain Reaction (PCR), Next Generation Sequencing (NGS), In Situ Hybridization, and others. Based on indication, the market is divided into Oncology, Neurology, and others. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America is expected to dominate the global companion diagnostics market, throughout the forecast period, accounting for the highest market share. This is attributed to well-established healthcare infrastructures and medical laboratories, increased investments in R&D activities to develop advanced companion diagnostics, as well as growing preferences towards personalized medicinal therapies in this region.

Asia Pacific region is expected to grow substantially in the global companion diagnostics market, with the highest CAGR values, owing to improving healthcare facilities, increased geriatric population prone to cancer & neurological disorders, as well as increasing medical tourism in this region.

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