The global companion diagnostics market is expected to reach USD 6.51 Billion by 2022 from USD 2.17 billion in 2016, at a CAGR of 20.1%.
Northbrook, IL -- (SBWIRE) -- 08/09/2018 -- The key factors driving the growth of Companion Diagnostics market include the increasing lung cancer cases, growing number of genetic testing, rising need for personalized medicines, and regulatory guidelines that support the global market.
Full Report : https://www.marketsandmarkets.com/Market-Reports/companion-diagnostics-market-155571681.html
Objectives of the Study
To define, describe, and forecast the global market on the basis of product & service, technology, indication, end user, and region
To provide detailed information regarding the major factors influencing the growth of the global market (drivers, restraints, opportunities, and challenges)
To strategically analyze the micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market
To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World
To strategically profile the key players and comprehensively analyze their market shares and core competencies
To track and analyze competitive developments such as acquisitions, product launches, expansions, agreements & collaborations, and approvals in the global market
Top-down and bottom-up approaches were used to validate the size of the global companion diagnostics market and estimate the size of other dependent submarkets. Various secondary sources such as associations (including Food and Drug Administration (FDA), European Association for Medical Device Reprocessing (EAMDR), Association of Medical Device Reprocessors (AMDR), and Canadian Association of Medical Device Reprocessing (CAMDR)), directories, industry journals, databases, and annual reports of the companies have been used to identify and collect information useful for the study of this market. Primary sources such as experts from both supply and demand sides have been interviewed to obtain and validate information as well as to assess dynamics of this market.
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The key players in the global companion diagnostics market are Roche Diagnostics (Switzerland), Agilent Technologies, Inc. (U.S.), QIAGEN N.V. (Netherlands), and Abbott Laboratories Inc. (U.S.).
Press Release : https://www.prnewswire.com/news-releases/companion-diagnostics-market-to-reach-usd-651-billion-by-2022-637833923.html
The continually increasing costs of drug discovery and the need for technically advanced diagnostic assays/kits compel pharmaceutical companies to focus on developing drugs with companion diagnostic tests. Developing drugs along with companion diagnostic tests helps companies speed up the drug approval process. This is because companion diagnostics quickly identifies patients who will benefit from the drug, which is a guarantee of the efficacy of the drug. Companion diagnostics also help pharmaceutical companies by reducing the cost of R&D and increasing their revenues.
Owing to these advantages of companion diagnostics in drug approval processes, an increasing number of pharmaceutical companies have entered into partnerships and collaborations with different companion diagnostic companies to develop and commercialize companion diagnostics tests for their drugs.
Pharmaceutical and biotechnology companies
Research laboratories and academic institutes
Research and development (R&D) companies
Clinical research organizations (CROs)