Companion Diagnostics Market Outlook
Prevalence of an infectious disease is a burden for the citizen’s economic and healthy growth across the globe. Emerging and re-emerging bacteria, microbes, and viruses are still a challenge in controlling infectious disease. The production of effective medical equipment for treatment, prevention, and diagnostics of infectious disease is a mandate. Such circumstances encourage the development in the companion diagnostic development market, and as per the IndustryARC market research report, the companion diagnostic market size stood at $2,950 million as of 2018. And the market value is estimated to increase at a compound annual growth rate (CAGR) of 14.5% through the forecast period of 2019 to 2025.
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Companion Diagnostics Market: Leading Segments
The North American region occupied the largest companion diagnostic demands in 2018 with 41% of the total demand share. North America shares the highest market share due to its Hepatitis A plague that affects the high number of individuals. According to the Department of Housing and Urban Development, around 553,000 people were homeless in the United States as of 2018, and the disease was found to be more prevalent in the homeless communities of the society. North America is one of the developed regions and has numerous medical policies to support its citizens. With such a prevalence of infectious disease and policies to safeguard the health of people, the diagnostic companion market is projected to increase at a considerable rate.
Hospitals, among other end-user industries, is the most lucrative application segment of the companion diagnostics market. The hospital industry is increasing at a CAGR of 12.5% during the aforementioned forecast period. The globally increasing diseases and requirement of healthcare units at short checkpoints are driving the growth of hospitals, which is subsequently deriving profits to the adjacent companion diagnostics market.
Companion Diagnostics Market Demand Analysis
Companion diagnostic (CDx) is a diagnostic test used as a companion to a therapeutic drug to determine its applicability to an individual person. It involves multiple monitoring methods including immunohistochemistry (IHC), Polymerase Chain Reaction (PCR), in-situ hybridization (ISH), real-time PCR (RT-PCR), and gene sequencing. All these methods are significantly improving healthcare diagnostics. Also, these processes are tremendously optimizing the precision in medication for the patients. The companion diagnostics uses technologies such as molecular biology technique, drug and diagnostic technology, and oncology therapy for the treatment of colorectal cancer, breast cancer, and other chronic diseases. According to the World Health Organization, the global cancer burden was 18.1 million in 2018 and the death toll surpassed 9 million in the same year. Growing cancer treatment initiatives are one of the largest growth factors for the growth in the global companion diagnostics market.
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Companion Diagnostics Market Trends
Companion Diagnostics Market Key Companies
Some of the key players influencing the global market are- Abbott Laboratories, Agilent Technologies, biomerieux, Bio-Genex Laboratories, Danaher Corporation, GE Healthcare, Myriad Genetics, Inc., QIAGEN N.V., R-Biopharm AG, and Roche Diagnostics.
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B. Companion Diagnostics in Oncology Market
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The Companion Diagnostics Market is Prepared with the Main Agenda to Cover the following 20 points:
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