MarketResearchFuture.com adds “companion Diagnostic Market -2017 Global Analysis, Growth, Trends and Opportunities Research Report Forecasting to 2023” reports to its database.
The report titled “Companion Diagnostic Market -Forecast to 2023″ is a direct appreciation by Market Research Future of the market potential of the Companion Diagnostic Market. The report intends to provide accurate and meaningful insights, both quantitative as well as qualitative. It can be said with high confidence level, that this report will satisfy the need for comprehensive insights needed to compete and beat other players in today’s winner takes all market! Globally, the market for companion diagnostics market is expected to grow at the rate of about 15.4% from 2017 to 2023.
Market Synopsis of Companion Diagnostics Market:
Companion diagnostics are the diagnostic tests used as adjuvants for the primary tests in diagnostics. “Companion diagnostics market will transform the entire diagnostics industry as can be exemplified by the example of liquid biopsy”, Asserts MRFR Unleashing Industry Forecast.
Market dynamics of Companion Diagnostics Market:
The market for the companion diagnostics will be led by technological developments and the rising demand. Other factors driving the market are increasing drug discovery research and development, rising clinical tests to access the efficacy and safety of the drugs, rising screening especially in rare and chronic disorders, technological advancements in the companion diagnostics devices and others. Among the diseases, increase in the demand for early detection of cancer is expected to boost the market growth. Early detection has historically been the holy grail of cancer research and companion diagnostics serve the exact purpose.
The market restraints are lack of awareness especially in the developing nations, high cost, lack of skilled professionals and others. Scarcity of skilled professionals coupled with poor infrastructure development is expected to be the greatest constrain on the market.
Technological developments represents the greatest opportunity for the market as the companion diagnostics market thrives on increasing accuracy, high sensitivity and selectivity of the tests. Thus aligned developments in adjoining industries such as analytics will drive the market. The growing demand for personalized medicine and early detection and accurate diagnosis of disease is the greatest unmet need of the market. Genomic research and the growing biotech industry is expected to make the greatest demand for the market.
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Key Players for Companion Diagnostics Market:
Some of the key players in this market are: 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.).
Segmentation for Companion Diagnostics Market:
The global companion diagnostics market has been segmented on the basis of technology which comprises of Polymerase chain reaction (PCR), In-situ hybridization, and immunohistochemistry. On the basis of application, market is segmented into cancer, infectious diseases, cardiovascular diseases, CNS diseases, and others. On the basis of end user, market is segmented into pharmaceutical & biotech companies, clinical laboratories, CRO, and other.
PCR based companion diagnostics holds the largest share of 53% of the market. Cancer segment is expected to be the fastest growing segment of the companion diagnostics market.
Regional Analysis for Companion Diagnostics Market:
Globally, Americas is the largest market for companion diagnostics. In Americas, North America is the major contributor to the companion diagnostics market owing to an expensive use of advanced diagnostics devices, and alarming need for cancer diagnosis and treatment. According to the American Cancer Society, 1,688,780 new cases are expected to be diagnosed in 2017 in the U.S. It also stated that cancer is the second most common cause of death in the U.S. Furthermore, nearly 41 out 100 men and 38 out of 100 women are expected to develop cancer in their lifetime. America holds the largest market share of companion diagnostics market in 2016 and is anticipated to reach USD 5093.2 million by the end of forecast period
Europe is the second largest market after Americas. Factors attributing to the growth of this market in Europe are rising demand for efficiency in healthcare and strengthening healthcare system. Germany is the largest market in Europe due to the presence of major market players in this regions and growing demand for technological advancement. Furthermore, the prevalence of cancer is also found to be increasing among European population.
Asia Pacific market is expected to be the fastest growing market for companion diagnostics due to continuous development in countries such as India and China, and increasing healthcare expenditure in these countries. Rising prevalence of lifestyle disease such as diabetes, obesity and cancers also boost the market growth in Asia Pacific. Asia Pacific the fastest growing region and expected to grow at the rate of 16% during the forecast period
Middle East & Africa are expected to have a limited but steady growth owing to low healthcare expenditure and demand for primary healthcare services in this region.
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