Companion Diagnostics Market statistics and research analysis released in latest report
Category: #business  By Rahul Varpe  Date: 2020-01-14
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Companion Diagnostics Market statistics and research analysis released in latest report

Rising prevalence of cancers such as colorectal, skin, lung and breast will foster companion diagnostics market size over the projected time period. As per the reports provided by WHO, around 9.6 million people suffering from cancer died in 2018. Early diagnosis can dramatically reduce the rate of burden and mortality while ensuring a patient-specific treatment. Increased demand for targeted therapies in oncology will substantially boost the adoption companion diagnostics services.

Increasing adoption of drug diagnostics co-development model, that identifies an individual’s response options for treatment, will fuel the diagnostics co-development market size. Companion diagnostic products are consistently on the path of development for ensuring effectiveness and mitigate adverse reactions.

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Complementary diagnostics tests help in the monitoring of response to the drug during the course of an entire treatment. They also offer access to the proteomic, metabolomics and genetic data of a person which results in better outcomes. These drug diagnostic co-development associated advantages will help fuel companion diagnostics industry forecast.

Surging trends in regulatory outlook will enable the entry of products that will have positive influence on the overall healthcare offered to consumers. Industry players are involved in the development of innovative products that could identify the correct drug diagnostic combination. Stringent control by authorities warrant the availability of safe and effective drugs across the globe.

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For instance, the FDA had a given a nod to 16 new drugs with companion diagnostics in 2016. These approvals will encourage the manufacturers of diagnostics equipment as well as software makers to create newer entities, stimulating companion diagnostics market size.

Consumables segment in companion diagnostics industry is slated to record a CAGR of nearly 19% over 2019-2025 on account of the availability of advanced reagent, consumable kits and other related products. Roche diagnostics had developed a portfolio of VENTANA ALK (D5F3) CDx Assay which offers consistent results and enables timely diagnostics decisions as well as therapeutic choices. Additionally, end-users often buy consumables in large quantities, augment the growth of this segment.

Companion diagnostics instruments market had accounted for a revenue of over USD 1.2 billion in 2018 and has been anticipated to witness a significant boost in the near future. Market players placed their prime focus on research and development activities to encourage the development of innovative instruments that will deliver accurate diagnosis. Technologically evolved and advanced instruments need lesser reagent and media which leads to the instruments delivering results in time.

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The instruments are used across a number of companion diagnostics testing like melanoma, colorectal, ovarian cancers breast and non-small cell lung cancers. The benefits associated with these instruments along with their broad range of applications will boost the product demand from healthcare facilities and fuel companion diagnostics industry outlook.

North America companion diagnostics market share accounted for a staggering USD 800 million in 2018 due to the availability of developed healthcare infrastructure and high disposable income at hand. Emphasis on research activities to develop targeted therapies and drugs will foster companion diagnostics demand in this region.

Increasing geriatric population prone to chronic disorders under the demographic trends as well as growing prevalence of diseases will significantly bolster companion diagnostics market forecast. Key industry participants include Myriad Genetic Laboratories, Qiagen, Illumina, Foundation Medicine, Abbott, Johnson & Johnson and Thermo Fisher Scientific, among others.

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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