Companion Diagnostics Market Overview
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.
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.
The global companion diagnostics market is expected to grow at a CAGR of 15.4% during forecasted period 2017-2023.
Global Companion diagnostics Market – Regional:
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. These countries are increasingly involved in the research and development of the companion diagnostic market tools for the better medical outcomes, educating people regarding awareness, and also for treatment of crucial genetic diseases.On the other hand, there are some concerning factors such as lack of infrastructure with proper amenities for medical diagnosis and treatment, few healthcare workers, physicians, and health practitioners over large population may decelerate the growth of the companion diagnostic market to an extent.
The Middle East & Africa companion diagnostic market is in early stage. The efforts are being taken to spread the awareness about the importance of the Companion Diagnostic tools in these regions. However, at present, the growth in the Middle East & Africa companion diagnostic market is limited but steady.
Companion Diagnostics Market Players
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.). and others are some of the prominent players at the forefront of competition in the global companion diagnostics market and are profiled in MRFR Analysis.
among others are some key companies in the global Companion Diagnostics that are listed by MRFR for market research.
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