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(Medical-NewsWire.com, August 14, 2018 ) Increasing collaborations and partnership for CDx test development to drive the global companion diagnostics demand close to USD 6.51 billion by 2022
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.
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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.
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.
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
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The report analyzes the companion diagnostics market by product & service, technology, indication, end user, and region. On the basis of product & service, the assay kits & reagents segment accounted for the largest share in 2016, owing to its wide range of applications in platforms such as PCR, NGS, IHC, and ISH. Based on technology, the polymerase chain reaction segment accounted for the largest share in 2016. The large share of this segment can be attributed to the advantages of PCR such as its ease of use and easy availability of kits & reagents with a quick turnaround time as compared to other technologies. Based on indication, the global market is further categorized into oncology, infectious diseases, neurology, and other indications (including cardiovascular, inflammatory, and inherited diseases). In 2016, the oncology segment accounted for the largest share and is also the fastest growing segment of the market; this is primarily attributed to the growing incidence of cancer that enhanced the focus on cancer research and also broadened the role of companion diagnostics in this field. On the basis of end user, the pharmaceutical and biopharmaceutical companies segment accounted for the largest share of the market in 2016. This end-user segment is also expected to register the highest CAGR during the forecast period. The largest share and growth of this market can be attributed to increasing and significant application of companion diagnostics in the drug development process.
Press Release :
http://www.prnewswire.co.in/news-releases/companion-diagnostics-market-to-reach-usd-651-billion-by-2022-637833893.html
Companion Diagnostics Market
Geographically, the global Companion Diagnostics market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. In 2016, North America dominated the market, and this is primarily attributed to the presence of a structured regulatory framework in the region, large number of drug development activities, and the development and launch of several companion diagnostic products in recent years. The Asia-Pacific region is expected to witness the highest CAGR during the forecast period, owing to the growing need of tailored therapeutics for the elderly population; increasing number of hospitals and diagnostic laboratories; and growing prevalence of life-threatening diseases are driving the growth of the market in this regional segment.
However, uncertain reimbursement scenarios in different countries such as the U.S., U.K., Japan, and Australia are expected to limit market growth. In 2016, F. Hoffmann-La Roche AG (Switzerland), Agilent Technologies, Inc. (U.S.), and QIAGEN N.V. (Netherland) dominated the global companion diagnostics market. Some of the other players competing in this market are Thermo Fisher Scientific Inc. (U.S.), Abbott Laboratories, Inc. (U.S.), Myriad Genetics, Inc. (U.S.), Danaher Corporation (U.S.), Almac Group (U.S.), and Sysmex Corporation (Japan).
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Source: EmailWire.Com 
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