Companion Diagnostic Market – Overview
Companion diagnostics is a diagnostic test which is used for determining the effect of drug molecule on specific patients. The test is even used for determining the requisite treatment for potential patients. The diagnostic test is one of the most exciting fields in the medical development landscape. The potential benefit of implementing companion diagnostic treatment upon patients is safer treatment with improved clinical outcomes. This form of diagnosis offers a highly innovative and cost-effective approach to patient treatment. The market is growing at a rapid pace due to the potential significance it could bring to the table.
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The global companion diagnostic market is estimated to grow with a strikingly impressive rate of 15.4% during the assessment period of 2017 to 2023. In its latest published report, Market Research Future (MRFR) minutely analyses and identifies the various factors driving the market growth. The factors identified as the contributory drivers of the market are the growing need for monitoring the safety and efficiency of drugs, increasing costs related to drug discovery and development, ameliorating demand for specific treatment methodologies of rare and chronic disorders, and advancing technologies in companion diagnostic devices. Moreover, the proliferating demand for diagnostic devices which boast the capability of detecting tumors in the initial stage of cancer is also driving the market’s growth.
On the flip side, lack of skilled professionals and technicians with such devices and lack of awareness in developing economies can pull down the growth percentage of the globular companion diagnostic market.
The key players in the companion diagnostic market are F. Hoffmann-La Roche AG. (Germany), ARUP Laboratories (U.S.), Myriad Genetics Inc. (U.S.), Agilent Technologies (U.S.), Abbott (U.S.), QIAGEN N.V. (Germany), and Thermo Fisher Scientific Inc. (U.S.).
December 2018 marked the teaming up of Roche and Merck to develop a pan-cancer companion diagnostic in order to detect patients with solid tumors, who are eligible of undergoing an anti-PD-1 therapy or immunotherapy.
The segmentation of the global companion diagnostic market is segmented on the basis of technology, end-user, and application.
By technology, the market comprises of In-situ hybridization, Polymerase chain reaction (PCR), and immunohistochemistry.
By end-user, the market includes clinical laboratories, pharmaceutical & biotech companies, CRO, and others.
By application, the market includes CNS diseases, cardiovascular diseases, cancer, infectious diseases, and others.
Geographical segmentation of the companion diagnostic market includes the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
Americas is the market leader of companion diagnostics in the global geographical segmentation. North America stands as the superior contributor in this region over Latin America owing to a number of impactful reasons. The expensive usage of advanced diagnostic services and an imperative need to come up with a solution for cancer diagnosis and treatment is driving the market growth of companion diagnostic devices.
With the second-largest regional market after Americas, Europe contributes majorly to the global companion diagnostic market growth. Factors such as the rising demand for efficiency in the healthcare sector and a strengthening healthcare system are massively contributing to the region’s growth. Germany holds the largest market position in Europe primarily because of the residing market players in the nation.
Continuous developments and increasing healthcare expenditure in developing economies like China and India have placed the Asia-Pacific region as the market with the fastest-growing potential. Wide-spread prevalence of lifestyle-based diseases like obesity, diabetes, and cancer to drive the market growth of this region. The Middle East & Africa region is anticipated to grow in a slow and steady manner due to low healthcare expenditure and demand related to primary healthcare services.
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