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Title Companion Diagnostics Market Analysis of Worldwide Growth, Key Players, Trends and Forecast to 2027
Category Fitness Health --> Health Articles
Meta Keywords Companion Diagnostics Market
Owner Vijay K
Description

As per the research made, the market for the companion diagnostic market size is showing a potential growth at 20.29% of the CAGR with a value of USD 8.08 billion by the forecast timeline of 2027.

The industry of companion diagnostics is likely to grow at a drastic level because of the increase in the targeted therapy research and development which is an upsurge in the customized medicine demand with some amplified recognition in the developing markets and also the new biomarkers advancement for different illness and also the upsurge in the increased number of the unmet cancer care requirements. With the growth in genetic sequencing and genomic, it is now widely considered that medication can create different results in different people.

The companion diagnostic market test as per the next-generation sequencing focuses on unlocking the molecular details from every patient’s tumour genome to offer the advance to the patients on the cancer therapy treatment decisions. 

The NGS's multiple technological developments also offer the market companies an immediate competitive benefit over the players who offer other technologies such as PCR, OCH, and ISH to name some. Even if immunotherapy turned out to be an effective option in the treatment of cancer its high value has restrictive access to the patient. Instead, doctors can decide that blending the medicines is the right choice which can increase the treatment from 5 months to more than 3 years. In such a case, if the cost is high then the period will be long too. Due to this, the companion diagnostics market is also projected as affected by the medicines of the high-value immune-oncology

Due to the social distaining and lockdown controls that were imposed in the countries because of Covid 19, there had been a negative impact on the supply chain of such goods. Over the forecast timeline, the companion diagnostic market is projected to face substantial growth because of the increase in the R and D of the targeted therapies whit an increase in customized medicine with better recognition in the developing markets, the new biomarkers development for different illnesses and also the high number of the unmet cancer care requirements. It is also expected that the increased preference for customized medicine and the expanded cooperation between the co-development and business of the drugs diagnostics shall fuel the market growth of companion diagnostics. The increased global companion diagnostics industrial development is also motivated by the companion diagnostic benefits while the increased demand for tailored treatment along with the increased application fields of the companion diagnostics.

Market Segmentation

As per Products & Services

  • Software & Services
  • Assays, Kits, & Reagents

As per Technology

  • Next-Generation Sequencing (NGS)
  • Immunohistochemistry (IHC)
  • Polymerase Chain Reaction (PCR)
  • In Situ Hybridization (ISH)

As per Indication

  • Neurological Diseases
  • Cardiovascular Diseases
  • Cancer
  • Infectious Diseases

As per End-User

  • Contract Research Organizations
  • Pharmaceutical & Biopharmaceutical Companies
  • Laboratories

Regional Classification

As per the regional analysis that has been made on the market of companion diagnostics, it is found that presently North America is the leading one because of high cancer and other chronic rate illness with increased healthcare spending.

Industry News

Foundation Medicine, Inc. on Feb 2022 made an announcement for Foundation Medicine's tissue development collaboration.

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