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(Medical-NewsWire.com, July 18, 2017 ) The North America Companion Diagnostics Market was worth $1.07 billion in 2016 and estimated to be growing at a CAGR of 16.63%, to reach $2.31 billion by 2021.
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North America accounted for the largest market in terms of region. Factors that favoured the market growth in the region are growing consumer base, improvement in healthcare system and increased awareness.
Companion Diagnostics is developed to determine who would benefit from treatment and it helps in identifying if someone cannot be cured, but also equally can be affected by use of specific drug used for their ailment. Disease treatment has come a long way after various developments in the field of technology which is now combined with healthcare. These medical instruments support the doctors to choose which dosage and treatment should be given to patients according to their necessity.
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Companion diagnostics market is currently driven by increase in various treatment procedures, technological advancement in healthcare industry and government initiatives. Scientific knowledge gets advanced with the practical application of treatment, hence for a single drug different companion diagnostic procedures can be approved which is further supporting the market growth. Cost involved in latest technology is acting as restraint for the market.
The North America clinical nutrition market is segmented on the basis of indication into Oncology (Colorectal Cancer, Breast Cancer, Lung Cancer, Melanoma, and Gastric Cancer), Cardiovascular Diseases, Central Nervous System Disorders, Inflammation and Virology Diseases. Further, Oncology is sub-segmented as Colorectal Cancer, Breast Cancer, Lung Cancer, Melanoma, and Gastric Cancer. Oncology being the highest revenue creating segment as most of the companion diagnostics has been developed to detect one or the other cancer biomarkers. On the basis of technology, the market is bifurcated into Immunohistochemistry and molecular diagnostics. Molecular diagnostics is segmented into in-situ hybridization, real time PCR and gene sequencing.
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Based on geography the North America market is analysed under various regions namely, USA and Canada. USA dominates the North America region for companion diagnostics market with highest number of shares followed by Canada.
Some of the key participating global players in companion diagnostics market global market are Abbott Molecular Inc., Roche Molecular Systems Inc., Leica Biosystems Nussloch GmbH, bioMérieux Inc., Dako Inc., Qiagen Ltd., ARUP Laboratories, Myriad Genetics Inc.,Biogenex Laboratories Inc., Ventana Medical Systems Inc., Thermo Fisher Scientific Inc. and others.
Market Segmentation
By Indications
Oncology
• Colorectal Cancer
• Breast Cancer
• Lung Cancer
• Gastric Cancer
• Melanoma
Inflammation and Autoimmune Diseases
Cardiovascular Diseases
Central Nervous System Disorders
Virology Diseases
By Technology
Immuno Histochemistry
Molecular Diagnostics
• In-Situ Hybridization
• Real Time PCR
• Gene Sequencing
Scope of the report:
• Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
• Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
• Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
• Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
• Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
• A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
• Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
• An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
• Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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