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Companion Diagnostics Market Research on Industry CAGR Of 11.90% During the Review Timeframe

Companion Diagnostics Market: Primary Boosters and Deterrents

The rising significance of oncology companion diagnostics in the world of next-generation omics has been crucial for the global market, in terms of growth. FDA has given approval for around ten combinations as well as single-agent regimens that have applications in a specific CDx assay. FDA gave green signal to two companion diagnostics with sotorasib that help detect KRAS G12C mutation in a patient. One is Guardant Health’s Guardant360 CDx and the second one is Qiagen’s Therascreen KRAS RGQ PCR kit. Qiagen’s PCR test helps detect tumor tissue, while Guardant’s next-generation sequencing test identifies mutations in the plasma samples.

The Companion Diagnostics Market research report expects the industry size to reach USD 5,471.68 million by 2030 at 11.90% CAGR during the forecast period 2022-2030.

Economic advantages of oncology companion diagnostics assays and their potential to cut down clinical trial timelines have raised their adoption rate among the pharmaceutical companies. Companion diagnostics help elevate the effectiveness of the treatment with respect to different disorders and diseases as they offer the clinician with seamless clinical foundation for diagnosis as well as treatment. It also facilitates smoother handling of patient resources and the availability of insurance policies by bringing down unnecessary need for high priced chemotherapy drugs.

Most of the vendors are focused on making strategical moves including new launches, business expansions and product advancements to meet with the rising demand for personalized medicine. Veracyte Inc. acquired HalioDx in to accelerate its business growth and elevate its position in the cancer diagnostics field. HalioDx is a renowned developer of companion diagnostic tests with high expertise in clinical trials and research activities.

Segmental Analysis

Products & Services, technology, indication, and end user are the top segments covered in the MRFR report.

Companion diagnostics market, with respect to product & service, can be considered for assays, kits & reagents, as well as software & services. The assays, kits, & reagents category took the lead.

The major technologies discussed in the MRFR study are next-generation sequencing (NGS) and polymerase chain reaction (PCR).

Indication-wise, the companion diagnostics for oncology industry caters to melanoma, lung cancer, breast cancer, gastric cancer, colorectal cancer, and others.

Top end users covered are laboratories, contract research organizations, pharmaceutical & biopharmaceutical companies, and others.

Regional Outlook

Companion diagnostics market is regionally split into the Americas, APAC/Asia Pacific, MEA/Middle East & Africa and Europe.

The American market, with the highest share, is in the lead, because of the escalating cases of various chronic disorders. The high healthcare spending along with the thriving pharmaceutical sector present in the region also act in favor of the business. The alarming pace at which cancer cases is rising in the region has pushed the need for effective oncology companion diagnostics in the region.

Second in the lead is the European market, which has been growing relentlessly backed by the strong presence of several pharma companies. The surge in research & development activities to introduced more effective targeted drug therapy to treat cancer and the soaring demand for personalized medicine could also amplify the market growth in the years ahead.

The Asia Pacific market can procure the fastest growth rate in the years to come, backed significantly by the rapidly emerging economies like India and China. Improving healthcare infrastructure and the escalating number of people opting for early diagnosis in view of mounting awareness levels coupled with the growth in the prevalence of cancer also benefit the APAC market. Growth in research funding by biotechnology and pharmaceutical companies combined with mounting awareness regarding personalized therapies should be favorable for the APAC market between 2022 and 2030.

Affluent Firms

Qiagen, Illumina, Inc., BioMérieux SA, Amoy Dx, Archer Dx, Thermo Fisher Scientific Inc., Agilent Technologies Inc., Abbott, Foundation Medicine, F. Hoffmann-La Roche Ltd, are the top leaing companies profiled in the MRFR’s Driving Companion Diagnostics Market report.

About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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