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(Medical-NewsWire.com, November 08, 2019 ) Market Overview
• The global Companion Diagnostics Market was valued at USD xx million in 2019. The research at DMI yielded diverse opinions about the market with the global Companion Diagnostics market forecast valuation pegged at USD xx million by 2026.
Market Growth
• The market is driven by several factors such as increased incidences of cancer, growing need for targeted therapies and favorable regulatory laws. The high cost of the drug development and lack of skilled professionals are the restraining factors that can affect the further growth of the market.
• North America has the highest global market share due to the increasing technological advancements aimed at developing companion diagnostic tests for new indications such as neurology and infectious diseases.
Market Segmentation
• The global Companion Diagnostics market is segmented by Technology into Polymerase Chain Reaction, Next-Generation Sequencing, In-situ Hybridization, Immunohistochemistry, and Others. T
• he polymerase chain reaction (PCR) segment accounted for the largest chunk of global companion diagnostics market share in 2016 due to the ease of use as it does not require too many samples for biomarker identification. The next-generation sequencing (NGS) segment is projected to grow during the forecast period.
• Based on Indications, the market is segmented into Oncology (Colorectal Cancer, Leukemia, Breast Cancer, Lung Cancer, Others), Neurology, and Others.
• The oncology segment occupies the largest part of the global companion diagnostics market share and is also the fastest growing segment due to increasing cases of cancer cases globally and rising number of clinical trials targeting cancer biomarkers for lung, breast, and prostate cancers.
• Based on End User, the market is segmented into Pharmaceutical and Biopharmaceutical Companies, Research Laboratories, and Others. In 2016, the pharmaceutical and biopharmaceutical companies segment was the largest in terms of global companion devices market share and is estimated to grow during the forecast period due to increasing use of companion diagnostic kits among pharmaceutical and biopharmaceutical companies.
• This increased use can be attributed to their benefits such as high efficiency (these kits enable the selection of the most suitable candidates for clinical trials) and cost reduction.
Geographical Analysis
• Geographically, the market is segmented into
• North America,
• South America,
• Europe,
• Asia Pacific
• and RoW.
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