Companion Diagnostics Market will grow at 19.6% CAGR and USD 14.5 billion by 2024
The global companion diagnostics market to grow at a CAGR of 19.6% during the forecast period 2018–2024 to aggregate $14.5 billion by 2024
Growing demand for personalized medicines, rising elderly population, increasing incidence of cancer & infectious diseases, and growing adoption of companion diagnostics are the factors expected to drive the market growth.
BANGALORE, India – February 9, 2018
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Global Companion Diagnostics Market – Drivers, Restraints, Opportunities, Trends, and Forecasts: 2018–2024” (February 2018).
According to Infoholic Research, the companion diagnostics market is growing steadily due to increasing patient base for cancer & infectious diseases globally, rising adoption of companion diagnostics tests, and increasing demand for personalized medicines. The lack of professionals to perform the test and uncertain reimbursement scenario in developed and developing countries are few of the factors hampering the market growth. The companion diagnostics market, by technology, comprises polymerase chain reaction, immunohistochemistry, in-situ hybridization, next-generation sequencing, and others. Polymerase chain reaction occupied the largest share in 2017, and next-generation sequencing is expected to grow at a high CAGR in the coming years. According to the estimation of National Cancer Institute, in the US, around 1.6 million new cases of cancer were diagnosed and 595,690 people have died due to cancer in 2016. According to the Canadian Cancer Society, 202,400 new cases of cancer and nearly 78,000 deaths were reported in 2016. Further, according to the study of World Health Organization, approximately 14 million new cancer cases were diagnosed and is expected to grow by about 70% over the next 2 decades.
The “Global Companion Diagnostics” market is expected to grow at a CAGR of 19.6% during the forecast period 2018–2024 to touch an aggregate of $14.5 billion by 2024.
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The market is analyzed based on four segments – technology, applications, end-users, and regions. The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (RoW). In North America, the US and Canada are set to be the leading countries. Europe is set to be the second leading region and held around 30.0% of the market share in 2017. Asia Pacific is expected to grow at the fastest CAGR during the forecast period. The RoW region is set to be an emerging market in the next 5–6 years.
The global companion diagnostics market, by application, is segmented into cancer, infectious disease, and others. The cancer application is further segmented into colorectal cancer, breast cancer, lung cancer, melanoma, and others. In 2017, cancer application occupied a significant market share and is expected to be the same during the forecast period due to increasing incidence of cancer, changing lifestyle, and growing number of clinical trials targeting tumor biomarkers.
“The companion diagnostics market is growing steadily with increasing adoption and growing demand for personalized medicines. Apart from this, increasing investments for product development, regulatory approvals, and increasing patient base for lifestyle & infectious diseases are expected to drive the market growth.” – Arpitha Shetty, Research Analyst (Research – Healthcare) at Infoholic Research
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Further, the report also aims to cover the below-mentioned points:
- 1. Provides an in-depth analysis of the key business opportunities in countries and verticals.
- 2. Provides the complete details about various types of companion diagnostics products.
- 3. Provides the details of trending companion diagnostics products in the market.
- 4. Provides the complete details about the analysis of top 10 players.
- 5. Provides industry outlook including current and future market trends, drivers, restraints, and emerging technologies.