Precision medicine has become increasingly well-liked and recognized over the past ten years as a result of its ability to help physicians switch from a generalised, target-based approach to therapy that relies less on trial and error. The development of sophisticated methods of diagnosis and treatment, including liquid biopsy, companion diagnostics, and next-generation sequencing, was made possible by technical advances in the elements that make up the basic science of precision medicine. Out of the three, companion diagnostics refers to the process of developing the targeted medicine along with the biomarker-based testing. Companion diagnostics also aid in locating patient-related data and make it easier to utilise focused therapies.
Market Overview
The companion diagnostics market analysis by BIS Research projects the market to grow at a significant CAGR of 12.45% during the forecast period, 2020-2030. The global companion diagnostics market generated $1,764.7 million revenue in 2019, in terms of value.
The rising prevalence of cancer, the increasing desire for precision medicine, and the co-development of drugs and diagnostics have been identified as the primary market drivers for companion diagnostics. However, there are considerable obstacles that are limiting market expansion. The reimbursement situation is unpredictable, and the synchronization between treatments and diagnostics in marketing and distribution channels is not strong.
Several opportunities in the healthcare sector, like multiple biomarker-based development, new developments in NGS techniques, commercialization, etc., support the growth of the CDx market. Leukemia, breast, lung, ovarian, colon, and stomach cancers are only a few of the malignancies for which CDx has been successfully commercialized. All of this has resulted in new businesses entering the market and initiatives conducted by various organizations to create effective apps for difficulties including typical infections, cardiovascular health issues, metabolic disorders, and neurodegenerative health issues.
Expert Quote
According to the report published by BIS Research “North America is the leading contributor in the global companion diagnostics market and contributed approximately 56.69% to the global market value in 2019. This region is anticipated to grow at a significant CAGR during the forecast period 2020-2030 and continue dominating the global market in 2030. However, the Asia-Pacific region is expected to grow at the highest CAGR of 20.99% during the forecast period. In addition, the region of Europe also contributed a significant share of 25.95% to the global market in 2019.”
Scope of the Market Intelligence on the Global Companion Diagnostics Market
The scope of the report primarily evaluates FDA-approved companion diagnostics products that are commercialized in the U.S. as well as other regions. In addition, the study also includes companion diagnostics products that have received approvals for commercialization from the European Medicines Agency (EMA), Ministry of Health, Labour and Welfare (MHLW) and Pharmaceuticals and Medical Devices Agency (PMDA), and National Medical Products Administration (NMPA; formerly known as China Food and Drug Administration or the CFDA).
Key Companies in the Global Companion Diagnostics Market
The key manufacturers who have been contributing significantly to the global companion diagnostics market include Abbott Laboratories, Agilent Technologies, Inc., ARUP Laboratories, bioMérieux S.A., Danaher Corporation , DiaCarta, Inc., F. Hoffmann-La Roche Ltd, ICON plc, Illumina, Inc., Invivoscribe Technologies, Inc. , Myriad Genetics, Inc. , Novogene Corporation, QIAGEN N.V. , Thermo Fisher Scientific Inc among others.
RELATED MARKET REPORTS
Pharmacogenomics Services Market - A Global and Regional Analysis
ABOUT BIS HEALTHCARE
BIS healthcare vertical offers intelligence in the healthcare technology market for precision medicine, robotics and imaging, life sciences and biopharma, medical devices, digital health, and other emerging healthcare technologies, covering the entire industry spectrum. In the past eight years, BIS Healthcare has published more than 50 reports under the precision medicine banner. Additionally, BIS Research has been nominating ‘Top 25 Voices’ in precision medicine on its InsightMonk platform for the past two years successfully.
No comments:
Post a Comment