Companion Diagnostics Market to Maintain Healthy CAGR In Coming Years by 2016-2026

The global companion diagnostics market was valued at USD 1.8 billion in 2018 and is expected to reach USD 7.1 billion in 2026, growing at a CAGR of 18.5% during the forecast period.

The global companion diagnostics market is expected to grow at a significant growth during the forecast period. The factors that are contributing to the growth of the market are growing inclination towards personalized medicine across the globe. The personalized medicine is defined as a point of care in the treatment that is customized as per an individual patient. There have been several types of research going on presently to develop personal medicine based on the patients. Several factors should be considered before providing personal medicine to a patient. Primarily, doctors must detect the type of cancer or the symptoms of cancer that can be developed in a patient. The companion diagnostics of cancer is important for the surgeon or the doctor to find the best suited therapy that can treat the person. For developing of personalized medicine, several genetic tests need to be taken in account as these tests will eventually reveal the various conditions of the patients such as detection of the individual developing a specific type of cancer.

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The increasing adoption of personalized medicines for cancer is augmenting the growth of the companion diagnostics market. Personalized medicine has the potential to modify therapy with the best response and highest safety margin to ensure better patient care. By enabling these medicines, each patient to receive earlier diagnoses, risk assessments, and optimal treatments. The personalized medicine holds promise for improving health care while lowering costs which is expected to be a positive indicator for market growth. As per to the Personalized Medicine Coalition (PMC), around 42% of all compounds and around 73% of oncology compounds in the pipeline have the potential to be included in personalized medicines.

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Key Findings:

Based on products, the assays, kits & reagents segment is accounted for the largest share in the market, in 2018
Based on indication, the cancer products segment is expected to grow at the highest CAGR of around 22% during the forecast period
Based on end-user, the pharmaceutical & biopharmaceutical segment is accounted for the largest share in the market and held for around 41% of the total market, in 2018
North America accounted for around 34% share of the global companion diagnostics market in 2018
Asia-Pacific is projected to grow at the highest CAGR of around 24% during the forecast period
Recent News:

In May 2019, QIAGEN N.V. announced the launch of first FDA-approved companion diagnostic for PIK3CA biomarkers to enhance precision medicine in breast cancer.
In April 2019, Agilent Technologies Inc. got the US FDA approval for its Companion Diagnostic in NSCLC. The FDA approved its PD-L1 IHC 22C3 pharmDx assay.

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This release was published on openPR.