Companion Diagnostics Market anticipates revenue will hit up to 22.7% CAGR by 2023: Covering – Market Share, Market Segmentation (by Major Players, Type, Application), Market Size & Growth
Global Companion Diagnostics Market 2019-2023 released by 360 Research Reports considers the past, current and future state of the industry while encapsulating modest landscape analysis, manufacturers, marketing strategies, industry effect factor analysis. An unbiased and detailed analysis of the on-going trends, opportunities/ high growth areas has been included to help stakeholders to device and align Companion Diagnostics market strategies according to the current and future market. All enterprise profiles of the main players and brands are shown in this research. The report presents the drivers and restrictions of the market that have been explained by SWOT analysis.
Top-Listed Players mentioned in Companion Diagnostics Market Research Report 2019-2023:
- Abbott Laboratories
- Dako (Agilent Technologies)
- Roche Holdings
- Qiagen NV
- Seimens Helthineers
- Takeda Pharmaceuticals
- Myriad Genetics
- Thermo Fisher Scientific
- Illumina Inc.
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Overview of Companion Diagnostics Market Report:
The global companion diagnostics market has been estimated at USD 5.8 billion in 2017. The market is expected to register a CAGR of 22.7% during the forecast period (2018-2023). North America accounted for the largest market share, accounting for approximately 35% of the global market in 2017, while the Asia-Pacific region is estimated to register the fastest CAGR over the forecast period (2018-2023).
Personalized Medicines Accelerating Market Demand
One of the major factors driving the growth of the companion diagnostic market is the increasing demand for personalized medicines and awareness about the same among the population. Rising cases of adverse drug reactions related to drugs, due to the lack of efficacy, drive the need for companion diagnostics. With companies increasing their collaborations for better biomarkers and diagnostics to focus on cost regulations, there have been significant number of opportunities of its applications in indications other than cancer, like cardiovascular, neurological, etc. The high rise in capital is the basis for the prosperous future of this market .
High Cost of Development of Therapeutics– A Major Hurdle
One of the major hurdles restraining the market includes high cost involved in the development of therapeutics and diagnostic tests. With the high risk of failure in clinical trials, many companies prefer collaborations, in order to minimize their failure rate. But co-development is also expected to be highly expensive. So, for many individual manufacturers, the market seems to involve high-risk investment. Apart from this, several diagnostic companies feel uncertain over eventual agreement on the reimbursement status. All these factors restrict the market’s growth globally.
North America Dominates the Market
The global market for companion diagnostics is segmented on the basis of technology type, indication, and geographical regions. By geography, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America accounted for the largest market share, accounting for approximately 35% of the global market in 2017. The efficacy of several drugs range between 30-75%, and there have been rising cases of side effects related to therapeutics, such as Vioxx and Avandia, which has prompted people to look for alternatives and raised their awareness regarding the benefits of personalized medicine. These factors are driving the North American market. Apart from this, the Asia-Pacific region was estimated to register the fastest CAGR over the forecast period.
Key questions answered in this report
- What will be the Market size in 2024 and what will be the growth rate?
- What are the key factors driving the global Companion Diagnostics Market?
- Who are the key vendors in this Companion Diagnostics Market space?
- What are the challenges to Market growth?
- What are the Companion Diagnostics Market opportunities and threats faced by the vendors in the global Companion Diagnostics industry?
- What are the strengths and weaknesses of the key vendors?
- What are sales, revenue, and price analysis by types and applications of Companion Diagnostics Market?
- What are sales, revenue, and price analysis by regions of Companion Diagnostics industry?
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Our report offers:
- Market share assessments for the regional and country level segments.
- Market share analysis of the top industry players.
- Strategic recommendations for the new entrants.
- Market forecasts for a minimum of 9 years of all the mentioned segments, sub-segments and the regional markets.
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations).
- Strategic recommendations in key business segments based on market estimations.
Competitive landscaping mapping the key common trends.
- Company profiling with detailed strategies, financials, and recent developments.
Supply chain trends mapping the latest technological advancements.
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Top Most Regions Covered In Companion Diagnostics Market Research Report 2019-2023:
- United States
- United Kingdom
- South Korea
- South Africa
Conclusively, this report will provide you a clear view of each fact of the market without a need to refer to any other research report or a data source. Our report will provide you with all the facts about the past, present, and future of the concerned Market.
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