Companion Diagnostics Market With Future Prospects, Key Player Swot Analysis And Forecast To 2031

 

Market Overview

The global companion diagnostics market was valued at USD 5.9 billion in 2021 and it is anticipated to grow at a CAGR of 11.8% during the forecast period to reach up to USD 18.0 billion by 2031.

Companion diagnostics is a medical device used along with therapeutic drugs to analyze the effect & applicability of drugs on a specific human body. Companion diagnostics are developed along with drugs for selecting or excluding groups of patients based on the characteristics of which they respond to the therapy. This device helps the healthcare professional to analyze whether a particular treatment is beneficial to the patient.

View Detailed Report Description: https://www.globalinsightservices.com/reports/companion-diagnostics-market/

Market Dynamics

The key factor such as the growing requirement for targeted medicine is boosting the growth of the market. With advances in genetic sequencing and genomics, it is now extensively believed that drugs can show varying outcomes in different individuals. A better understanding of the genetic characteristics or biomarkers of an individual can promote the practice of administering ‘the right drug, at the right time, at the right dose, for the right person. Pharmaceutical and biopharmaceutical companies are regularly attempting to implement patient-selection diagnostic frameworks in the earlier stages of drug development to provide targeted therapies to the right candidate. This further boosted the growth of the companion diagnostics market.

Similarly, the increasing demand for next-generation sequencing is also refueling the market during the forecast period. NGS-based companion diagnostic target to unlock molecular information from each patient’s tumor genome to guide treatment decisions for cancer therapies. Next-generation sequencing detects multiple biomarkers for multiple drug therapies in a shorter time frame as compared to other sequencing techniques. The use of NGS panels for biomarker measurement in one test has the potential to help in the treatment of various types of cancers. The various technological advancements in NGS also provide market players with an immediate competitive edge over players providing other technologies such as PCR, ICH, and ISH. Owing to that, major market players are focusing on developing companion diagnostic products based on NGS.

The key factor hindering the market growth is the lack of awareness of companion diagnostics testing. It is important to build awareness amongst patients, clinicians, and the public regarding the importance of clinical trials. To increase awareness among clinicians, providing special access to the reputable, evidence-based latest information on these new cancer medicines can be helpful. To improve public awareness, increasing access to a common and trusted source of truth is essential. Several publishing houses coupled with industry players provide monthly journals and information leaflets. Stakeholders have also focused on awareness initiatives to ensure patients and providers can access and understand the benefits of companion diagnostics.

Get Free Sample Copy of This Report: https://www.globalinsightservices.com/request-sample/GIS10261

The key players of the companion diagnostics market are F. Hoffmann-La Roche Ltd. (Switzerland), Agilent Technologies, Inc. (US), Qiagen N.V. (Germany), Thermo Fisher Scientific, Inc. (US), Abbott Laboratories, Inc. (US), Almac Group (UK), Danaher Corporation (US), Illumina Inc. (US), bioMérieux SA (France), Myriad Genetics, Inc. (US), Sysmex Corporation (Japan), Abnova Corporation (Taiwan), Guardant Health, Inc. (US), ICON Plc (Ireland), BioGenex Laboratories, Inc. (US), Invivoscribe Technologies (US), ArcherDX, Inc. (US), NG Biotech (France), Q² Solutions (US), Amoy Diagnostics Co., Ltd. (China), Abacus Diagnostica Oy (Finland), Asuragen Inc. (US), SAGA Diagnostics (Sweden), Meso Scale Diagnostics, LLC. (US), and Creative Biolabs (US).

About Global Insight Services:

Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.

Contact Us:

Global Insight Services LLC

16192, Coastal Highway, Lewes DE 19958

E-mail: info@globalinsightservices.com

Phone: +1–833–761–1700

Comments

Post a Comment

Popular posts from this blog

Global Shrimp Market Business Segmentation By Revenue And Structure Forecast 2027

Image
Market Overview Shrimps are classified as decapod crustaceans that play important roles in the food chain and are an important food source for larger animals ranging from fish to whales. Humans consume the muscular tails of several shrimp that are widely caught and farmed for consumption. Around 20% 0f the species are commercially significant that include Whiteleg, giant tiger prawn, akiami paste shrimp, southern rough shrimp, and others. Based on their categorization of presentation, grading, colour, and uniformity, most shrimp are sold frozen and marketed for high levels of omega-3 fatty acids and low levels of mercury along with proteins, vitamin A and B6, B12, C and E, thiamin, riboflavin, niacin, phosphorous, copper, choline, iodine, and astaxanthin. Furthermore, it has anti-inflammatory, anti-ageing, and anti-cancer properties. Chitosan from shrimp shells has a range of application in pharmaceuticals, agrochemicals, cosmetics, and in water treatments. Pigments such as carotenoids
Read more

PET Preforms Market Growth Factors, Business Developments, Segmentation and Technologies 2018-2026

Image
Market Overvciew Polyethylene terephthalate  (PET) preforms are the unfinished products made by injection molding of polyethylene terephthalate, which is the most common thermoplastic polyester.  PET is strong, stiff, hard, and dimensionally stable material. It is resistant to water, gas, and all the chemicals except alkalis. PET is colorless and highly transparent. Food and beverages industries are continuously replacing glass and other metals bottle with PET bottles. PET products have various properties such as light weight, long shelf life, and are easy to handle, owing to these advantages PET products are widely used in packaged food and beverages industries. PET products are widely used in healthcare and cosmetics industries, due to the innovations in packaging industry. Increasing demand for pack weight reduction, the rise in consumption of carbonated soft drink, and new product developments are some of the major drivers for the growth of PET preform market. Stringent government
Read more

Bioethanol Market Industry Analysis, Share, Growth, Sales, Trends, Supply, Forecast 2026

Image
Market Overview Bioethanolis renewable and eco-friendly fuel majorly produced by fermentation of sugar. Energy crops are major source of sugar, which are used for production of bioethanol. The process involved in production of bioethanol include fermentation, distillation, rectification, and dehydration. The emissions due to burning of ethanol are less volatile as compared to those produced by combustion of gasoline, which is propelling demand for manufacturing of bioethanol, in turn fueling growth of the market. However, large amount of carbon dioxide is released during manufacturing of bioethanol, which is harmful to environment, this in turn is expected to hamper growth of the market over the forecast period. Increasing demand for ecofriendly vehicles and the renewable nature of bioethanol are major factors driving growth of the bioethanol market. However, high cost associated with production of bioethanol and maintenance of manufacturing unit is restraining growth of the market. Re
Read more