Global Companion Diagnostics Market Will Grow at a CAGR of 25% during 2019-2023 | Technavio
LONDON--(BUSINESS WIRE)-- Technavio has announced the release of their research report on the Global Companion Diagnostics Market for the forecast period 2019-2023. This companion diagnostics market analysis report segments the market by end-user (life science, health centers, and others) and geography (the Americas, APAC, and EMEA).
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Technavio has published a new market research report on the global companion diagnostics market from 2019-2023. (Graphic: Business Wire)
Global companion diagnostics market size will grow by over USD 4 billion during 2019-2023, at a CAGR of nearly 25%. In countries such as the US, the incidence of breast cancer is witnessing a steady rise due to factors such as unhealthy diets, lack of physical activity, tobacco use, and excessive alcohol consumption. Some of the most common types of cancer among women are cervical cancer and breast cancer. Treatment includes the use of chemotherapy, hormonal therapy, and radiation. Companion diagnostics allow doctors to select patients who are most likely to respond to a targeted therapy or drug. In the case of breast cancer test, companion diagnostics is aligned to a protein that acts as receptors on breast cells known as Human Epidermal Growth Factor Receptor 2 (HER2).
Increasing usage of personalized medicine
Personalized medicine is a multi-faceted method to patient care that along with improving the capacity to diagnose and treat diseases, also offers the potential to distinguish diseases at an earlier stage, which makes it easier for practitioners to treat effectively. The popularity of personalized medicine can be attributed to its specificity in treating particular disease based on individuals’ genetic characteristics. Personalized medicine also increases the quality of clinical practice owing to its targeted care pathways and reduces the overall cost of healthcare.
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“Significant investments in healthcare research and testing by the US is enabling the companion diagnostics market to grow in the Americas. In countries such as the US and Canada, strong distribution networks and the increasing focus of pharmaceutical companies and medical device manufacturers on drug discovery and device development are also proving to be beneficial for the market. Moreover, in genomics, companion diagnostics has facilitated the analysis of several disease-related gene variants through simultaneous expression of multiple genes,” says an analyst at Technavio.
View snapshot of the report for a more detailed overview of the market and the segmentations covered in this report
This companion diagnostics industry research report provides in-depth analysis of the major drivers, upcoming trends, and challenges that will impact market growth over the forecast period. The report analyzes the competitive landscape and offers details on several companion diagnostics products manufacturers including –
- Agilent Technologies
- F. Hoffmann-La Roche
- Thermo Fisher Scientific
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. Technavio’s report library consists of more than 10,000 reports covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies.
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Source: Technavio Research