The Global Companion Diagnostics Market was valued at US$ XX billion in 2016 and is expected to grow at around XX% CAGR to reach nearly US$ XX billion by 2022. A companion diagnostic is a medical device which can predict and monitor a patient’s biological reaction to a corresponding drug or medicinal product. Increasing demand for personalized medicine has resulted in significant growth of the companion devices market.
Companion diagnostics can be of different types like polymerase chain reaction, immunohistochemistry, in-situ hybridization test, gene sequencing, etc. Most companion diagnostics are being developed in the oncology domain although there are products in other areas also.
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In the current market, the end users of companion diagnostics are mainly patients with serious and difficult to treat medical conditions for which the effect of drugs is difficult to predict. However, with increasing demand for personalized medicine, it can be expected that, very soon, the end users will include patients with minor diseases who desire a personalized approach. Companion diagnostics are also being used by drug manufacturers in order to reduce drug research and testing costs.
One of the important growth drivers for the companion diagnostics market is the rising demand for personalised medicine. High prevalence of diseases like cancer, heart ailments, AIDS, etc where patient specific treatment may be required is driving up demand for companion diagnostics. Improvement in technology has enabled better products to be introduced in the market. The potential of companion diagnostics to reduce drug research and testing costs means that the market will see steady growth for the next few years. Increased partnerships between major drug developers and developers of companion diagnostics will help fuel further growth of the market.
The companion diagnostics market also faces some restraints such as lack of awareness in markets with growth potential, unclear regulations, and hesitation on the part of large drug manufacturers to pair their drugs with companion diagnostics. Hence firms in the market will have to generate awareness about their products and build ties with more drug manufacturers.
The market for companion diagnostics can be segmented based on type of technology used, type of disease being targeted, end users and geography. Based on type of technology used, companion diagnostics market can be segmented as polymerase chain reaction, immunohistochemistry, in-situ hybridization test, gene sequencing, etc. Based on type of disease being targeted, the market segments are oncology, cardiovascular diseases, neurology, infectious diseases, etc. Based on end users, the market can be divided as drug pharmaceuticals, hospitals and individual patients.
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Geographically, the companion diagnostics market can be divided into North America, Europe, Asia-Pacific (APAC), and Latin America, Middle East and Africa (LAMEA) regions. Currently North America accounts for the largest share of the market. However, there is considerable growth potential in the APAC region due to growing population and prevalence of diseases.
Some of the key players in the companion diagnostics market are Agilent Technologies, Inc. (U.S.), QIAGEN N.V. (Netherlands), Abbott Laboratories Inc. (U.S.), Oxford Biodynamics Limited, and Siemens Healthcare.
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