Global Companion Diagnostics Market – Overview
In the realm of personalized medicine, the Companion Diagnostics Market plays a crucial role in tailoring treatment plans to individual patients' needs. Companion diagnostics, particularly in the field of oncology, offer targeted approaches to therapy by identifying biomarkers or genetic mutations that can guide treatment decisions. Companion diagnostics in oncology enable healthcare providers to match patients with the most effective therapies, optimizing treatment outcomes and minimizing adverse effects. This precision medicine approach is revolutionizing cancer care, allowing for more precise and personalized treatments based on patients' unique genetic profiles. As companion diagnostic development continues to advance, with ongoing research into new biomarkers and technologies, the Companion Diagnostics Market is poised for significant growth, offering novel solutions to improve patient care and outcomes in oncology and beyond.
Acknowledging the huge prominence, the market is garnering currently; Market Research Future (MRFR) in its recently published study report asserts that the Companion Diagnostics Market Size was estimated to be worth USD 2.6 billion in 2022 and is anticipated to increase from USD 2.90 billion in 2023 to USD 5.71 billion by 2030, registering a compound annual growth rate (CAGR) of 11.90% over the course of the forecast period (2023 - 2030).
Global Companion Diagnostics Market – Segmentations
The MRFR analysis is segmented into four key dynamics for the convenience of understanding.
By Types : Comprises Monitoring Tests, and Theragnostic Tests among others.
By End Users : Hospital, Research Laboratories, and Medical Institutes among others.
By Applications : Cardiovascular, Cancer Diseases, and Central Nervous Systems among others.
By Regions : North America, Europe, APAC and the Rest-of-the-World.
The Companion Diagnostics Market data has been segmented, based on technology, by polymerase chain reaction (PCR), next-generation sequencing (NGS), in situ hybridization (ISH), immunohistochemistry (IHC), and others.
Global Companion Diagnostics Market – Geographical Analysis
North America market dominates the global companion diagnostics market with a significant market share. The market is further estimated to create a huge revenue pocket growing at a strong CAGR throughout the forecast period (2022-2030).
The European and Asia Pacific region accounts for the second and third largest market, respectively. Among the various factors driving the market growth in the developed regions such as North America and Europe include high per capita healthcare expenses, substantial funding support from the public and private sector for R&D activities, and a well-proliferated healthcare sector.
Whereas the companion diagnostics market in the Asia Pacific region is driven by the vast patient pool, unmet clinical needs, and the low-cost treatment procedures. The APAC companion diagnostics market is expected to emerge as a promising market over the projected period.
Global Companion Diagnostics Market – Competitive Landscape
The companion diagnostics market appears to be fiercely competitive as well as fragmented due to the presence of many large and small-scale players accounting for a substantial market share. Market players try to gain a competitive advantage through strategic initiatives like partnership, acquisition, expansion, collaboration, and product & technology launch. They invest heavily in the R&D to develop a technology that is completely on a different level compared to their competition.
Key Players:
Fervent leading companion diagnostics market players include Agilent Technologies (U.S.), Abbott (U.S.), ARUP Laboratories (U.S.), Myriad Genetics Inc. (U.S.), F. Hoffmann-La Roche AG. (Germany), Thermo Fisher Scientific Inc. (U.S.), and Qiagen N.V. (Germany).
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