The India companion diagnostics market is expected to progress with a CAGR of 14.28% during the forecast period. While the base year considered for the market study is 2021, the forecasting years are from 2022 to 2028. The market growth of the country is fueled by the rise in middle-class healthcare facilities as well as the rapidly developing genomics industry.
As per the estimations by the Regulatory Affairs Professionals Society (RAPS), the precision medicine method accounted for approximately 69% of drug development between 2016 to 2021. This factor is essential in propelling the expansion of the companion diagnostics market. While companion diagnostics provide crucial data for patient classification, they also assist medical personnel in the evaluation of the advantages as well as risks of any therapeutic treatments for a patient.
In India, the international mandate for conducting biomarker-based (ER/PR and HER2neu) tests in all breast cancers, as well as their recurrence, has notably impacted the country’s clinical diagnostics market growth. As a result, the availability of reimbursement for approved biomarker-based tests, principally for targeted therapies, is set to further boost the demand and adoption of companion diagnostics in India. Furthermore, regional players operating in the country, including Affigenix and SciGenom Labs, are continually working towards surging the applications of companion diagnostics in cancer and other conditions, like diabetes. Hence, these factors are set to reinforce the market growth in India over the forecast period.
Leading firms operating in the market are Q2 Solutions, Medipoint, Siemens, etc.
Our report offerings include:
- Explore key findings of the overall market
- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
- Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
- Market Segmentation caters to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
- Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
- Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
- Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments