Rising Preference for Personalized Medicine is Expected to Boost the Growth of the Global Companion Diagnostics Market at a CAGR of 20.29% During the Forecast Period of 2020 to 2027 :

Overview


The global companion diagnostics market will grow at a CAGR of 20.29% during the forecast period. The market for companion diagnostics is set to reach US$8.08 billion by 2027. As per companion diagnostics market analysts, the global market is anticipated to witness growth owing to the factors such as the rising need for sequencing of the next decade as well as the growing number of clinical trials. However, the companion diagnostics market will face challenges and restraints due to high costs of companion diagnostics  and unfavorable policies during the forecast period.


The increasing importance of companion diagnostics in the companion diagnostics market will support the growth. As per companion diagnostics market analysts, the companion diagnostics market based companies will face certain challenges during the forecast period. The companion diagnostics market research report provides in-depth analysis of the end users, indication, products & services, and technology segments. The companion diagnostics market research report presents factors such as the high initial cost that could slow down the companion diagnostics market's growth.


Market Segmentation
The companion diagnostics market has been segmented into end users, indication, products & services, and technology. Based on the segment which is end users, the market is categorized on the basis of reagents, assays, kits, and software & services. The global market for companion diagnostics is further segmented based on indication into immunohistochemistry, in-situ hybridization, next-generation sequencing (NGS), polymerase chain reaction (PCR), and others. Furthermore, the market, on the basis of products & services is segmented into infectious diseases, neurological disorders, respiratory diseases, cancer, and others. Based on the segment which is technology, the market is categorized on the basis of contract testing organizations, hospitals, and pharmaceutical & biopharmaceutical firms.


The companion diagnostics market report offers comprehensive study of the companion diagnostics market segments including end users, indication, products & services, and technology. The analysts have also studied the companion diagnostics market's spread across the regional markets across many of the companion diagnostics market’s segments at country levels. The end users, indication, products & services, and technology segments spread across the companion diagnostics market along with the subsegments are studied. The global market for companion diagnostics is spread across various product and service based segments. The companion diagnostics market research report highlights these key segments and offers forecasts based on primary and secondary data. The global companion diagnostics market research report presents key company profiles of organizations active across the companion diagnostics market.


Regional Overview


Diagnostic testing being considered a burden on budget may hinder the companion diagnostics market growth. The companion diagnostics market research report suggests that companies in the companion diagnostics market could be supported by increasing prevalence of chronic diseases as well as the rise in R&D of targeted therapies during the forecast period. The companion diagnostics market is set to register growth at a high CAGR owing to these key factors. The companion diagnostics market is spread across North America, Europe, Asia-Pacific, and other parts of the world. As per companion diagnostics market analysts, the companion diagnostics market is set to witness tremendous growth across end users, indication, products & services, and technology segments. The global companion diagnostics market’s North American region covers companion diagnostics markets across the United States, Mexico, Canada, and others. Businesses present in the companion diagnostics market are also profiled and their strategies have been presented in detail in the companion diagnostics market research report.

The companion diagnostics market across the European region covers Italy, France, Germany, and the United Kingdom. Furthermore, the companion diagnostics market research report provides details about the APAC region covering companion diagnostics markets from China, India, Australia, Japan, and others. The companion diagnostics market is also active across several other parts of the world. The companion diagnostics market report covers all these key regions including the Middle East, Africa, Brazil, and others active in the global companion diagnostics market..


Competitive Landscape


Companion diagnostics has seen tremendous growth, due to an increase in demand for customised medicine and increased recognition in developing markets. However, weak reimbursement policies and budget concerns would challenge the companies active in the companion diagnostics market. Furthermore, companies using growth strategies to stay ahead in the global companion diagnostics market are expected to help the market during the forecast period. As the companion diagnostics market report suggests that the companion diagnostics market will register a CAGR of 20.29% and reach a US$8.08 billion by 2027, the market report highlights key areas companion diagnostics market based companies need to focus on. The companion diagnostics market research report projects a long term growth till 2027. Based on companion diagnostics market’s analysis on the basis of SWOT and Porters’ Five Force Model, the companion diagnostics market will rise during the forecast period, however the companies need to move ahead with caution. The companion diagnostics market research report highlights such key areas.


Industry News


In its mission to provide effective response to critical decisions around the lung cancer care continuum, OncoCyte, announced today that it has entered into an agreement to acquire, through a subsidiaries, all of the outstanding private stock of Insight Genetics, Inc. As clostered, OncoCyte would offer roughly $12 million closing considerations, including $7 million in cash and $5 million in ordinary OncoCyte shares, lower trade liabilities as well as other obligations.

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