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(MoneyNewsWire.Net, March 07, 2018 ) The global Companion Diagnostics market is projected to reach USD 6.51 Billion by 2022 from USD 2.61 Billion in 2017, at a CAGR of 20.1%. The growth of market is majorly driven by the factors such as improvements in regulatory guidelines, growing need for targeted therapies, rising cancer incidence across the globe, and increasing collaborations and partnerships for companion diagnostics test development.
Browse Market Data Tables and In-Depth TOC of the Companion Diagnostics Market to 2022 @ https://www.researchcosmos.com/reports/global-companion-diagnostics-market-analysis-and-forecast-to-2022-growth-opportunity-ass/1422818
The report analyzes the companion diagnostics market by product & service, technology, indication, end user, and region. On the basis of product & service, the assay kits & reagents segment accounted for the largest share in 2016, owing to its wide range of applications in platforms such as PCR, NGS, IHC, and ISH. Based on technology, the polymerase chain reaction segment accounted for the largest share in 2016. The large share of this segment can be attributed to the advantages of PCR such as its ease of use and easy availability of kits & reagents with a quick turnaround time as compared to other technologies. Based on indication, the global market is further categorized into oncology, infectious diseases, neurology, and other indications (including cardiovascular, inflammatory, and inherited diseases). In 2016, the oncology segment accounted for the largest share and is also the fastest growing segment of the market; this is primarily attributed to the growing incidence of cancer that enhanced the focus on cancer research and also broadened the role of companion diagnostics in this field. On the basis of end user, the pharmaceutical and biopharmaceutical companies segment accounted for the largest share of the market in 2016. This end-user segment is also expected to register the highest CAGR during the forecast period. The largest share and growth of this market can be attributed to increasing and significant application of companion diagnostics in the drug development process.
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Geographically, the global Companion Diagnostics market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. In 2016, North America dominated the market, and this is primarily attributed to the presence of a structured regulatory framework in the region, large number of drug development activities, and the development and launch of several companion diagnostic products in recent years. The Asia-Pacific region is expected to witness the highest CAGR during the forecast period, owing to the growing need of tailored therapeutics for the elderly population; increasing number of hospitals and diagnostic laboratories; and growing prevalence of life-threatening diseases are driving the growth of the market in this regional segment.
However, uncertain reimbursement scenarios in different countries such as the U.S., U.K., Japan, and Australia are expected to limit market growth. In 2016, F. Hoffmann-La Roche AG (Switzerland), Agilent Technologies, Inc. (U.S.), and QIAGEN N.V. (Netherland) dominated the global companion diagnostics market. Some of the other players competing in this market are Thermo Fisher Scientific Inc. (U.S.), Abbott Laboratories, Inc. (U.S.), Myriad Genetics, Inc. (U.S.), Danaher Corporation (U.S.), Almac Group (U.S.), and Sysmex Corporation (Japan).
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