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CST: 22/03/2019 06:52:10   

Global Companion Diagnostics Market worth 6 Billion Dollers by 2024

Global Companion Diagnostics Market worth 6 Billion Dollers by 2024

130 Days ago

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According to the new market research report, Global Companion Diagnostics Market- Technologies, Market share and Industry Forecast to 2024 by Occams Business Research and Consulting, the global companion diagnostics market is expected to reach from $2.17 billion in 2016 to $6.51 Billion by 2023, at a CAGR of 20.1% during forecasted period. Technological advancements have brought changes in the ways of disease treatment.

Major impact of companion diagnostic will be on oncology therapy area. Rise in diseases like cancer & HIV, is fueling to the growth of companion diagnostics. Developing countries with huge population like India & China have a huge potential market. However, lack of skilled professionals and awareness is hampering the growth of companion diagnostics in developing countries.

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North America to Dominate the Companion Diagnostics Market

North America is dominating the global companion diagnostics market. Structured regulatory framework, large number of drug development activities, and launch of several companion diagnostic products are the key reasons of the growth of this region. The Asia-Pacific is expected to witness the highest CAGR during the forecast period.

Growing need of tailored therapeutics for the elderly population, increasing number of diagnostic laboratories and hospitals, and growing life-threatening diseases are driving the growth for companion diagnostics market in this region. Rest of the world holds immense potential for the growth as there are untapped opportunities in companion diagnostics market.

Increasing demand for next-generation sequencing is creating opportunity for the market

The development of Next Generation Sequencing (NGS), also known as massively parallel sequencing has provided opportunity to carry out whole genome sequencing to new level to both basic and clinical scientists. Advancement in technology for Next Generation Sequencing (NGS) methods has reduced cost and complexity of operations.

This leads to the production of bench top sequencers and commercial software solutions for implementation in small research and clinical laboratories. This advancement in technology is likely to grow market for companion diagnostics using next generation sequencing.

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The global companion diagnostics market is segmented on the basis of product & services, indication, technology and end user. On the basis of technology market is segmented into in situ hybridization, polymerase chain reaction, immunohistochemistry market, next generation sequencing market and other technologies.

On the basis of technology, the polymerase chain reaction segment held the largest share in 2016. Ease of use and easy availability of kits and reagents in minimal times in comparison of other technologies are leading the segment.

On the basis of indication, companion diagnostic market is classified into neurology, oncology, infectious diseases, and other indications (which consist of cardiovascular, inflammatory, and inherited diseases). In 2016, the oncology is the fastest growing segment and is dominating the market. This is primarily attributing to growing incidence of cancer, enhanced focus on cancer research, are key factor for the growth.

The growth in global companion diagnostics market is also influenced by the presence of major players such Qiagen n.v. (Netherland), Thermo Fisher Scientific Inc. (US), Myriad Genetics, Inc. (US), Sysmex Corporation (Japan), Genomic Health, Inc. (US) and other. Collaborations and partnership etc. are some crucial strategies adopted by the major players to gain competitive advantage.

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