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Companion Diagnostics Market Size
Companion Diagnostics Market size exceeded USD 2 billion in 2018 and is poised to grow at over 19% CAGR between 2019 and 2025. Growing incidences of adverse drug reactions will prove beneficial for the market growth.
Companion diagnostics help doctors to identify patients at higher risk of side effects from certain medications and thus enable their prevention. Companion diagnostics further helps to adjust drug treatment to avoid hazardous repercussions and enhance clinical outcomes.
Increasing prevalence of cancer across the globe will boost the companion diagnostics market demand. Cancer patients react differently to variety of drugs and consequently need personalized therapy. Companion diagnostics provide accurate information about the drug’s effectiveness and safety in different patient group.
How will companion diagnostics market size fare through 2025?
The market size of companion diagnostics exceeded USD 2 billion in 2018 and is poised to grow at over 19% CAGR between 2019 and 2025.
Which are the prominent companies in the companion diagnostics landscape?
Some of the notable players operating in the market are Roche, Pfizer, Merck, Astra Zeneca, Bristol Myers Squibb, Amgen, Biogen, Eli Lilly, Myriad Genetics, Johnson & Johnson, Becton, Dickinson and Company, and Abbott.
How much growth will Asia Pacific witness in the companion diagnostics sector?
Asia Pacific market revenue is anticipated to witness around 20.5% growth through 2025. Government initiatives for providing effective treatment to cancer patients will propel the regional market expansion.
What are the growth forecasts for North America companion diagnostics industry?
North America market size is estimated to expand at more than 18% CAGR during the forecast timeline impelled by increasing prevalence of chronic diseases and growing geriatric population susceptible to these diseases.
Why will hospitals account for majority of companion diagnostic market share?
Hospital end-use segment dominated around 40% market share in 2018 owing to increasing patient pool due to high prevalence of chronic disorders.