Companion Diagnostics Market Estimated to be growing at a CAGR of 22.34% by 2023 Booming with Topmost key Players like Abbott Molecular, Roche, Leica Biosystems, bioMérieux, Qiagen Ltd, Myriad Genetics, Ventana Medical Systems, Thermo Fisher Scientific

Companion Diagnostics Market Overview:

Companion diagnostics are classified by rising requirement for improved personalized patient treatment that contributes healthcare suppliers and their patients an assurance about the treatment outcome in a positive way, differing from traditional treatment procedure.

Companion diagnostic is used to control patient personal molecular profile which supports in identifying which therapy will work for the patient. This diagnostic procedure needs a biopsied tissue to contact the appearance of biomarker protein or mutant. Companion diagnostics are also used in drug development procedure by defining Companion biomarker that assists foresee likely response of toxicity.

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Main factors boosting the market growth are rising adoption of companion diagnostic tests, encouragement from regulatory bodies and emerging advanced and innovative technologies such as next-generation sequencing (NGS). To seizure this market, pharmaceutical companies are encouraged to enter into the global market through strategic achievements and alliances with NGS platform diagnostic firms. Companion diagnostic market development is hampered due to the lack of skilled professionals and lack of awareness.

Companion Diagnostics Market Forecast Report (2018-2023):

Companion Diagnostics Market worth was USD 3.13 million in 2018 and estimated to be growing at a CAGR of 22.34%, to reach USD 8.58 million by 2023

Companion Diagnostics Market Segmentation:

The global clinical nutrition market is classified based on indication into Oncology (Colorectal Cancer, Breast Cancer, Lung Cancer, Melanoma, and Gastric Cancer), Central Nervous System Disorders, Cardiovascular Diseases, Inflammation and Virology Diseases. Further, Oncology is subclassified as Colorectal Cancer, Breast Cancer, Lung Cancer, Melanoma, and Gastric Cancer. Oncology being the highest revenue creating section as most of the companion diagnostics has been developed to detect one or the other cancer biomarkers. On the basis of technology, the market is divided into Immunohistochemistry and molecular diagnostics. Molecular diagnostics is classified into in-situ hybridization, real-time PCR and gene sequencing.

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Geographical Analysis:

Based on geography the market is divided under various regions namely, North America, Latin America, Europe, Asia-Pacific and Middle-East & Africa. Due to technological advancement and high investment in research & development, North America is leading the companion diagnostic market. While Europe and Asia-Pacific are approximated to grow at a significant growth rate.

Key Developments:

1. January 2018: The Myriad Genetics received FDA approval for BRACAnalysis CDx as Companion Diagnostic for Lynparza (olaparib).
2. January 2018: A new companion diagnostics agreement between Biocartis Group and Amgen was signed for the growth of Idylla CDx biomarker tests, used in the treatment of certain solid tumours.
3. December 2017: The HTG Molecular Diagnostics signed master collaboration with Merck KGaA, complementing the companion diagnostics agreement for the biomarker research program.

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Major Players:

Some of the key participating global players in companion diagnostics market global market are Abbott Molecular Inc., Roche Molecular Systems Inc., Leica Biosystems Nussloch GmbH, bioMérieux Inc., Dako Inc., Qiagen Ltd., ARUP Laboratories, Myriad Genetics Inc., Biogenex Laboratories Inc., Ventana Medical Systems Inc., Thermo Fisher Scientific Inc. and others.

The scope of the report:

1. Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the untapped regions.
2. Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
3. Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
4. Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
5. Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
6. A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
7. Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
8. An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions

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