According to the new market research "Companion Diagnostics Market by Technology (PCR, IHC, NGS, ISH), Indication (Breast cancer, NSCLC, Colorectal cancer, Neurological disorders, Infectious Diseases), End User (Pharmaceutical & Biopharmaceutical Companies, Reference Lab) - Global Forecast to 2022", The global companion diagnostic market is expected to reach USD 6.51 Billion by 2022 from USD 2.61 Billion in 2017, at a CAGR of 20.1%.
The growth of the market can be attributed to increasing lung cancer cases, growing number of genetic testing, rising need for personalized medicines, and regulatory guidelines that support the companion diagnostics market. However, uncertainty in the reimbursement scenario in different countries is expected to hinder market growth.
Based on technology, the polymerase chain reaction (PCR) segment accounted for the largest share of the market in 2016
On the basis of technology, the companion diagnostics market is broadly segmented into polymerase chain reaction (PCR), in situ hybridization (ISH), immunohistochemistry (IHC), next-generation sequencing (NGS), and other technologies. In 2016, the polymerase chain reaction (PCR) segment accounted for the largest share of this market and the next-generation sequencing (NGS) segment is expected to register the highest CAGR during the forecast period. The large share of the PCR segment is attributed to its ease of use and to the fact that it does not require many samples for biomarker identification.
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Based on products & services, the assay kits & reagents segment held the largest market share in 2016
On the basis of products & services, the market is segmented into assay kits, reagents, and software & services. The assay kits & reagents segment is accounted for largest share of this market in 2016. The large share of this segment can primarily be attributed to its wide range of applications in varied technology platforms. Companion diagnostic assays help eliminate the risk of severe side effects of non-targeted therapies on patients.
Based on end user, the pharmaceutical & biopharmaceutical companies segment held the largest market share in 2016
By end user, the market is segmented into pharmaceutical & biopharmaceutical companies, reference laboratories, and other end users. The pharmaceutical and biopharmaceutical companies segment is accounted for the largest share of this market in 2016. This end-user segment is also expected to register the highest CAGR during the forecast period. This is due to the wide use of companion diagnostic kits among pharmaceutical and biopharmaceutical companies, due to their benefits such as high efficiency (the kits enable the selection of the most suitable candidates for clinical trials) and cost reduction.
Roche Diagnostics (Switzerland), Agilent Technologies, Inc. (U.S.), QIAGEN N.V. (Netherlands), and Abbott Laboratories Inc. (U.S.) are among a few major players in the sports medicine market.
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