Global Companion Diagnostics Market – Highlights
Global Companion Diagnostics Market is expected to grow at a CAGR of 15.4% during forecasted period 2017-2023. Companion Diagnostics is the as a bio-analytical method designed for the assessment of the patient to check whether patient responds to a specific medical treatment or not. Companion diagnostics are used to determine which patients are benefited from a certain type of medication or which therapies are best suited for the patients with certain medical conditions.
Companion diagnostics involves tests and devices or tools which provide information about the safe and effective use of the specific therapeutic product. It not only provides information about the efficacy of the drugs but also the side effects that are associated with the drug.
To control the rising cost of the drug discovery and development for the deadly and chronic diseases, the need for companion diagnostics is increasing; and with the increasing demand for the companion diagnostic tools and techniques, the global market for the companion diagnostics is growing.
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Among all the regions in the world, the U.S. has been the first choice for a suitable deployment of companion diagnostic solutions due to the availability of established healthcare system and technological advancement.
Moreover, a number of CDx initiatives, research & development programs, product launch and diagnostic tools have emerged and lot many are still in the pipeline. The U.S. has gained significant pharmaceutical developments along with FDA approvals; patents and licensing that enable it to position itself in the global companion diagnostic market.
Some of the key players in this market are: Abbott (U.S.), Agilent Technologies (U.S.), ARUP Laboratories (U.S.), F. Hoffmann-La Roche AG. (Germany), Myriad Genetics Inc. (U.S.), QIAGEN N.V. (Germany), and Thermo Fisher Scientific Inc. (U.S.).
The global companion diagnostics market has been segmented on the basis of technology which comprises of Polymerase chain reaction (PCR), In-situ hybridization, and immunohistochemistry.
On the basis of application, market is segmented into cancer, infectious diseases, cardiovascular diseases, CNS diseases, and others
On the basis of end user, market is segmented into pharmaceutical & biotech companies, clinical laboratories, CRO, and other.
Geographically, the regional market is segmented into America, Europe, Asia Pacific, and the Middle East & Africa.
The North America includes the U.S., and Canada; and presently, they together dominate the global companion diagnostic market. Further, South America comprises of countries such as Brazil, Peru, Columbia, and Panama among others, and they all contribute a very small share in the global companion diagnostic market.
Europe, accounts for the second largest, in the global companion diagnostics market. The European region includes both Western and Eastern European countries which are involved in development of companion diagnostics. The major countries in the Western Europe are Germany, France, UK, Italy, and Spain. These companion diagnostic solutions are increasing the efficiency of the healthcare workforce and systems driven by the increasing adoption of precise diagnostic tools, electronic healthcare records and drugs prescribed particularly for a disease.
Asia-Pacific region is estimated to be the fastest growing market due to continuous developments in developing countries like India and China.
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