Pune, India, Aug. 30, 2018 (GLOBE NEWSWIRE) -- The Latest Study Conducted by Market Research Future® (MRFR) reveals that the Companion Diagnostics Market will surpass a valuation of USD 12,600 Mn by the year 2023, reflecting a healthy growth. Companion diagnostic are being increasingly used in precision drug therapies to determine the exact effect of drug molecules on a disease. Moreover, medical experts and physicians are leveraging companion diagnostics to find therapeutics options that can benefit potential patients. Despite being a very new technique, it has gained a healthy momentum in the field of medical science and likely to greater heights in the years to come.

Companion diagnostic is a promising diagnostic technique, which is helping medical profession design safer treatment modules with better outcomes. The emphasis has always been on delivering the best medical services, but several hurdles such as high cost, R&D limitations and a huge disparity between supply and demand continues to rattle the healthcare sector, which subsequently impacts the quality of care. This is where novel therapeutic such as the companion diagnostics can potentially make a difference. It offers an innovation solution to overcome the problems faced in giving cost-effective care. Factors as such as expected to support the growth of the market over the next couple of years.

Complete Sample Report on Global Companion Diagnostics Market Size, Status and Forecast 2023 is spread across 107 pages and provides exclusive vital statistics, data, information, trends and landscape details in this niche sector at https://www.marketresearchfuture.com/sample_request/3077

The rising expenditure on drug discovery and development coupled with the growing requirement for accurate evaluation of the effectiveness and safety of the drug is driving innovation in precision drugs. Many of the chronic but rare disorders require development of specific medications. A range of highly advanced companion diagnostics devices have come up in recent years, which facilitate determination of applicability of therapeutic drugs in specific patients. Companion diagnostics has the potential to revolution ulcer, tumour and cancer detection.

Competition Tracking

ARUP Laboratories (U.S.), Abbott (U.S.), Myriad Genetics Inc. (U.S.), Agilent Technologies (U.S.), Thermo Fisher Scientific Inc. (U.S.), QIAGEN N.V. (Germany) and F. Hoffmann-La Roche AG. (Germany) are some of the leading companies who are currently operating the in global companion diagnostic market.

Latest Industry News

  • HTG Molecular Diagnostics, Inc (HTG), a US based healthcare company specialized in reagents, instruments, and services for molecular profiling technology has recently introduced its newly developed precision immuno-oncology panel “HTG EdgeSeq”.  Reportedly, the company has also completed the delivery of the first set of orders, which was placed by clinical and translational researchers specializing in the field of cancer immunotherapy.
  • US-based testing laboratory company Helomics Corporation has recently unveiled a new program – HelomicsDiscover, which will be primarily focussing on driving forward next-gen precision cancer therapies.

Companion Diagnostic Market Segmentation: Insights

MRFR’s study presents a detailed segmental analysis of Global Companion Diagnostics Market based on technology, indication and end user. By technology, the market has been segmented into Immunohistochemistry, in-situ hybridization (ISH), and polymerase chain reaction PCA. Among these, the PCR segment is expected to remain highly attractive during the assessment period. Currently, the segment holds close to 53% of the overall market share. By indication, the market has been segmented into infectious diseases, CNS diseases, cardiovascular diseases and cancer. By end user, the market has been segmented into CRO, clinical laboratories, pharma & biotech.

Americas to Dominate the Global Companion Diagnostic Market Over 2023

The market is Americas is expected to exhibit strong growth during the next five years. The Americas companion diagnostic market is expected to stand at more than USD 5000 Mn by the years 2023. Factors such as high healthcare expenditure and increased cancer prevalence in the region is partly driving the growth of the market in region. As per the data released by the American Cancer Society, cancer is one of the major causes of deaths in the U.S. Companion diagnostic is finding quick popularity among the American healthcare sector.  The organisation also states that there will be an estimated 1,735,350 new cancer cases diagnosed and 609,640 cancer deaths in the country in 2018. Meanwhile, Europe is expected to hold the second position in the global market in 2018 and beyond. This is primarily owing to increased focus towards improving healthcare efficiency and growing demand for cost-effective treatment modules. Moreover, prevalence of chronic diseases among Europeans is on the rise, which is likely to create market opportunities. Asia Pacific is also merging as an important market for the global healthcare sector. The companion diagnostic market is projected to witness a fast growth in APAC in the coming years. Healthcare expenditure continues to grow in countries such as China and India, making them attractive prospects.

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