Increase in demand for personalized medicine across the regions with increase in popularity of companion diagnostics major drive the market growth.
Increase in demand for personalized medicine across the regions with increase in popularity of companion diagnostics major drive the market growth.
The global companion diagnostics market garnered $1.67 billion in 2018 and is estimated to reach $6.45 billion by 2026, growing at a CAGR of 18.3% from 2019 to 2026.
Ascend in unmistakable quality of customized medication, flood in instances of antagonistic medication responses, and progressions in innovations for demonstrative methods drive the development on the lookout. Nonetheless, negative repayment arrangements in different nations thwart the market development. Then again, flood in occurrences of disease across the globe and a huge ascent in medical care consumption set out new open doors in the business.
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Covid-19 scenario:
- The Covid-19 pandemic and followed by lockdown has affected several manufacturing industries.
- The prolonged lockdown resulted in a disrupted supply chain and increased the prices of raw materials.
- However, as the world has been recovering from the pandemic, the market is estimated to get back on track.
The companion diagnostics market is an emerging market and is anticipated to experience significant growth during the forecast period owing to increase in R&D of targeted therapies, rise in demand for personalized medicine with increase in awareness in emerging economies, discovery of new biomarkers for various conditions, and higher number of unmet needs for the treatment of cancer are majorly driving the companion diagnostics market growth.
Based on technology, the polymerase chain reaction (PCR) segment dominates the global market, and is anticipated to continue this trend during the forecast period. Some key factors driving the market growth are cost effectiveness, high sensitivity, and specificity and can be used for simple automated platforms.
Based on indication, the oncology segment held the major market share in 2018, accounting for more than 90% of the total market. This segment is also anticipated to register the highest market share throughout the forecast period. Moreover, it is expected to grow at the highest CAGR of 18.5% from 2019 to 2026. This is due to increase in incidence of breast cancer and growing R&D activities for targeted drugs. The research also analyzes neurology and other segments.
North America contributed the largest share in terms of revenue, accounting for more than two-fifths of the total share in 2018, and is estimated to continue its lead status by 2026. This is due to high demand for advanced diagnostic techniques, increase in availability of trained medical professionals, and surge in number of research activities for developing new therapeutics. Asia-Pacific is estimated to grow at the highest CAGR of 20.4% from 2019 to 2026, owing to its high population base, increase in incidence of cancer, surge in awareness about companion diagnostics, and rise in demand for advanced medical diagnostics systems.
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The Major Key Players Are:
Abbott Laboratories Molecular, Inc., Agilent (Dako Denmark A/S), ARUP Laboratories, Inc., BioMerieux SA, Danaher Corporation (Leica Microsystems), Foundation Medicine, Inc., Myriad Genetics, Inc., Qiagen N.V., Roche (Ventana Medical Systems, Inc.), and Thermo Fisher Scientific (Life Technologies Corporation).
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