Increasing Popularity of Precision Medicines Offers Lucrative Prospects to Global Companion Diagnostics Market

As per Inkwood Research, the Global Companion Diagnostics Market is projected to rise with a CAGR of 13.29% in terms of revenue over the forecast period of 2022-2030.
"Browse 55 market Data Tables and 49 Figures spread over 230 Pages, along with an in-depth TOC on the Global Companion Diagnostics Market Forecast 2022-2030."

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Companion diagnostics provide essential data for patient classification, facilitating the secure and effective use of associated pharmaceutical or biological treatments. Moreover, companion diagnostics also help medical personnel evaluate the risks as well as benefits of any therapeutic treatments for patients.

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Rising Popularity of Precision Medicines Proliferates Global Market Growth
Over the years, drugs have been manufactured by pharmaceutical companies by virtue of a 'one size fits all' approach. However, more than 50% of patients do not respond to several drugs, including cancer therapies. Therefore, personalized medicine is utilized in this situation.
In the field of personalized medicine, decisions associated with an individual's disease diagnosis, prevention, and treatment, are primarily guided by their genetic profile. Furthermore, owing to the use of genetic information, medical care or preventive measures can be personalized as per a patient's specific needs. This factor is anticipated to result in the identification of patients expected to acquire the desired outcome from a particular treatment, thereby minimizing excessive spending on people who will not benefit from the same. As a result, the increasing popularity of precision medicines is set to provide the global companion diagnostics market with significant growth opportunities.

Pharmaceutical and Biopharmaceutical Companies to be the Leading End-User
The pharmaceutical and biopharmaceutical companies segment deals with companion diagnostic devices and kits with diverse applications across these organizations. Pharmaceutical and biopharmaceutical companies utilize companion diagnostic devices for the selection of suitable candidates, particularly for clinical trials as well as for monitoring a drug's efficacy. The segment's growth is mainly fueled by the rise in pharmaceutical research and development spending across the globe, in addition to the application of companion diagnostics within the process of drug development.

North America Captured the Highest Market Share in 2021
The market growth in North America is predominantly accredited to the rising prevalence of chronic conditions, intensifying health consciousness, the growth in neurodegenerative ailments, such as Alzheimer's disease, and the rollout of healthcare plans by the government. However, the region's companion diagnostics market may be adversely affected by legal, ethical, as well as social issues linked to protecting the genetic information of patients.
The global companion diagnostics market is emerging and is likely to acquire lucrative opportunities over the upcoming years. Hence, the demand for companion diagnostics is set to record substantial growth. In addition, developing markets have also garnered the attention of major players on account of the tremendous potential present therein.
Leading corporations operating in the global market include Biomerieux, Abbott Laboratories, Arup Laboratories, etc.

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Related Reports:
GLOBAL VETERINARY DIAGNOSTICS MARKET
GLOBAL CANCER BIOMARKER MARKET
GLOBAL PRECISION MEDICINE MARKET

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