Portland, OR -- (SBWire) -- 12/29/2017 --Companion diagnostic (CD) is an in-vitro diagnostic technique that provides information about therapeutic responses of patient to a specific treatment. Companion diagnostics helpin identification of the patients who would benefit from the treatment using a certain therapeutic product which would result in improved treatment outcomes and decrease expenditure on healthcare.
The global companion diagnostic market is expected to reach$3.5 billion by 2020, and it would grow at a CAGR of 20% from 2014 to 2020.
Companion diagnostic saves patients from adverse side effects due to ineffective therapies, leading to reduced cost. Rising incidence of cancer, increasing adverse reactions due to drugs and personalized treatment approach is pushing R&D efforts to focus on the development of targeted therapies. Technological advancement and discovery of new biomarkers is also driving growth of this market. However, coordinating the development of companion diagnostics and therapeutic products is a challenge for this market.
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Segmentation of Companion Diagnostic Market:
MARKET BY INDICATIONS
-Oncology
-Cardiovascular
-Central Nervous System
-Auto immune & Inflammation
-Virology
-Others
MARKET BY TECHNOLOGY
-Immunohistochemistry
-Molecular diagnostics
-In situ Hybridization
---FISH
---CISH
-Real time PCR
-Gene Sequencing
MARKET BY GEOGRAPHY
-North America
-Europe
-Asia Pacific
-LAMEA
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High level Analysis:
The Study focusing on the trends in technology and diagnosis of various indications, which are driving the growth of the companion diagnostics market. Analysis of the market based on porters five force model shows that the bargaining power of the suppliers is high as the products produced are highly differentiated.
Companion Diagnostic Market Is Expected to Reach $3.5 Billion, Globally by 2020
North America were the highest revenue generating region in 2013 and would continue to dominate the market through 2020. Furthermore, LAMEA (Latin America, Middle East and Africa) is expected to be the fastest growing market at a CAGR of 22.7% during the forecast period.