The global companion diagnostics market is forecasted to register a CAGR of 13.29% over the estimated years 2022 to 2030. The market’s growth is accredited to the rising number of cancer cases and mortalities, the increasing number of adverse drug reaction cases, and the growing popularity of precision medicines.
Companion diagnostics provide crucial data for patient classification, facilitating the effective and secure usage of related biological or pharmaceutical treatments. Moreover, companion diagnostics also help medical personnel evaluate the benefits as well as risks of therapeutic treatments.
Drugs have been manufactured by pharmaceutical companies through the use of a ’one size fits all’ approach. However, more than 50% of patients do not respond to some drugs, including cancer therapies. In this regard, personalized medicine is used. In the field of personalized medicine, decisions associated with an individual’s disease’s prevention, diagnosis, and treatment, are primarily guided by their genetic profile. Various molecular biomarkers depicting certain gene variants are also being discovered by virtue of genomic studies.
While the development of diagnostic tests has further encouraged the usage of these biomarkers, presently, it is more convenient to diagnose an illness with such testing methods. Therefore, the surging popularity of precision medicines plays a vital role in fueling the global companion diagnostics market growth.
The global companion diagnostics market growth assessment entails the in-depth study of North America, Europe, Asia-Pacific, and Rest of World. North America is set to capture the highest market share during the forecast period. The region’s notable growth is reinforced by the rising focus on democratizing precision medicine for various therapeutic applications and the surging prevalence of chronic diseases, such as diabetes as well as cardiovascular conditions.
As the global companion diagnostics market is highly emerging and poses escalating lucrative opportunities, the need for companion diagnostics observes robust growth. Furthermore, developing markets have recently acquired the attention of eminent players due to the significant potential present therein.
Some of the top players operating in the market are Arup Laboratories, Biomerieux, Abbott Laboratories, 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 cater 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