Global Companion Diagnostics Market to Reach Worth USD 14,453.3 Mn by 2023: Increased Popularity of Personalized Medicines is one of the Major Drivers in this Market
According to the latest report published by Credence Research, Inc. “Companion Diagnostics Market – (Technology Type – Polymerase Chain Reaction, Immunohistochemistry, In-situ Hybridization Test, Gene Sequencing and Others; Indication Type – Oncology, Cardiovascular Diseases, Infectious Diseases and Autoimmune Diseases): Growth, Future Prospects and Competitive Analysis, 2016-2023,” the market was valued at USD 3,717.2 Mn in 2015, and is expected to reach USD 14,453.3 Mn by 2023, expanding at a CAGR of 18.5% from 2016 to 2023.
Browse the full report Companion Diagnostics: Market Growth, Future Prospects and Competitive Analysis, 2016-2022 report at http://www.credenceresearch.com/report/companion-diagnostics-market
Companion diagnostic tests are used to identify suitable patients for administering specific drugs and monitoring the prognosis of drug effects on the disease. This concept of combining a drug with a diagnostic test is known as predictive medicine or personalized medicine. A companion diagnostic test has the ability to predict the risks of the disease and monitor its therapeutic response. On the basis of technology the companion diagnostics market has been segmented into polymerase chain reaction, immunohistochemistry, In-situ hybridization test, gene sequencing and others. The others segment includes tests such as monoclonal antibodies test and cellular immune testing. The polymerase chain reaction technique is the largest segment in the global companion diagnostics market.
On the basis of indication the global companion diagnostics market has been segmented as oncology, cardiovascular diseases, virology and autoimmune diseases. The oncology segment has been further segmented on the basis of various cancers such as breast cancer, colorectal cancer, gastric cancer, lung cancer, melanoma and other cancer. The oncology segment held the largest market in the global companion diagnostics by indication and is expected to be the highest grossing segment through the forecast period. The major factors driving the oncology segment include development of majority of companion diagnostics for detection of various cancer biomarkers.
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The geographical segmentation of the global companion diagnostics market comprises North America, Europe, Asia-Pacific, Latin America and Middle East and Africa. In base year 2015, North America accounted for the largest market in the global companion diagnostics. In North America, the US represented the largest market for companion diagnostic tests. Asia Pacific is expected to grow at a highest rate during the forecast period due increased adoption, technological advancements, and demand for personalized medicine.
The increase in the prevalence of cancer and associated disorders, the increase in healthcare expenditure, and the increase in the level of awareness among the population. Thus, the APAC region is expected to adopt companion diagnostics tests at a rapid rate during the forecast period.
The key players operating in the global companion diagnostics market include Abbott Laboratories Inc., Agilent Technologies Inc., bioMerieux SA, Qiagen N.V., Roche Holdings AG, Thermo Fisher Scientific Inc. The other notable players include Ventana Medical Systems, Myriad Genetics, Leica Microsystems and others.
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