The companion diagnostics (CDx) market is projected to grow with a good CAGR during the forecast period 2018-2023
The recent study on the companion diagnostics market covers an in-depth analysis of the market on the basis of technology, indication, and geography. The report also covers the country level analysis within the regions as well. In addition, the report covers the key trends in the market along with drivers and restraints during the forecast period 2018-2023. According to the report titled “Companion Diagnostics (CDx) Market - Forecasts From 2018 TO 2023”, the market is expected to surge at a substantial annual growth rate during the projected period. The report has segmented the CDx market by technology (Polymerase Chain Reaction, Immunohistochemistry, In-situ Hybridization, Next Generation Sequencing), indication (Lung Cancer, Breast Cancer, Colorectal Cancer, Other Oncology, non-oncology diseases), geography (North America, South America, Europe, Middle East and Africa, Asia Pacific). The companion diagnostics find use in identification of patients who are most likely to be benefitted from a therapeutic product, identification of patients who are likely to be at an increased risk of getting serious side effects and monitoring treatment response of a therapeutic product in order to achieve safety and efficacy of the treatment. The market is currently at a nascent stage but is poised to show strong growth during the forecast period owing to help companies in identifying the need of the companion drugs in the drug development process in addition to growing research and development activities. The growing trend of personalized medicine and the growing incidences of cancer will further boost the growth of the global CDx market. Furthermore, rising healthcare expenditure, technological advancements, and growing pharmaceutical industry are also driving the market growth.
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Growing incidences of cancer worldwide is one of the significant contributors in driving the market growth during the forecast period and beyond.
According to the Cancer Research UK, the worldwide cancer incidence statistics state that there are 17 million new cases of cancer in 2018, the new cases of cancer comprises of more than 4 out of ten cases which are as follows: lung cancer, female breast, bowel, or prostate cancer. In addition, the worldwide cancer incidence rates are projected to increase by more than 62% by 2030.
Companion diagnostics are being utilized in view of the evolving cancer care where the researchers are devoting huge resources in the development of companion diagnostics in order to provide targeted therapies to improve the survival rates in patients suffering from cancer. Many oncologists and cancer care professionals have recognized that some cancer drugs are more effective among individuals with specific tumor molecular characteristics, thus, calling for the need of companion diagnostics, which may be more critical as the cancers are being increasingly subdivided on the basis of their molecular characteristics.
North America is expected to hold the largest market share.
The North America companion diagnostics market is expected to hold a major market share during the forecast period. This is due to the technological advancements in the companion diagnostics, high healthcare expenditure by the United States, early adoption of innovation, and a high level of awareness among the people regarding companion diagnostics. In addition, many key market players are based in this region, thus are collaborating with each other regarding the research and development activities in companion diagnostics. Furthermore, companies are also collaborating with each other in order to expand the global reach and delivery of companion diagnostics in the region.
Some of the major players discussed in the reports are Abbott Laboratories, Agilent Technologies, Inc., and F. Hoffmann-La Roche Ltd., among others.
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