Companion Diagnostic Market is expected to grow at a CAGR of 11.9% during the forecasted period | Evolve Business Intelligence

As per the study initiated by Evolve Business Intelligence, the global Companion Diagnostic Market size accounted for USD 2.6 Billion in 2022, growing at a CAGR of 11.9% from 2023 to 2033. A Companion Diagnostic (CDx) is a medical device or test that provides information essential for the safe and effective use of a corresponding therapeutic product. The main purpose of a Companion Diagnostic is to identify specific biomarkers or molecular characteristics in patients, which can help healthcare providers make more informed decisions about the most suitable treatment for an individual.

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The Companion Diagnostic Market has gained prominence as personalized medicine becomes more prevalent, and healthcare providers seek to tailor treatments to individual patients based on their unique biological characteristics. The CDx market plays a crucial role in advancing precision medicine, improving treatment outcomes, and reducing adverse effects by ensuring that patients receive the most appropriate therapies for their specific conditions.

Key Players
Some of the major Companion Diagnostic Market players holding high market shares include Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc., Agilent Technologies Inc., QIAGEN N.V. and Abbott Laboratories Inc. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Leica Biosystems Nussloch GmbH, Illumina Inc., Myriad Genetics Inc. and ArcherDX, Inc.

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Segmental Analysis
Based on Product, the Companion Diagnostic Market is segmented into assays, kits, & reagents. The assays, kits, & reagents segment accounted for the largest market share. Assays, kits, & reagents are required for generating many DNA molecules using primers and preparing libraries from the newly developed DNA molecules. The reagents & test kits unit vary with the number of reactions to be carried out. Camptosar (irinotecan) and Invader UGT1A1 are common examples of molecular assay used in IVD testing.

Based on Application, the Companion Diagnostic Market is segmented into polymerase chain reaction (PCR), next-generation sequencing (NGS), in situ hybridization (ISH), immunohistochemistry (IHC). Polymerase chain reaction (PCR) is a technique used to make multiple copies of a specific genetic material (DNA/RNA) quickly. Polymerase chain reaction (PCR) plays an important role in companion diagnostic tests. This technique helps in screening the suitable treatment for the patient according to its genetic makeup and also helps to reduce the chances of the adverse effects and improves medical outcomes.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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