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Growing cancer rates, demand for personalized medicine, and industry recognition of the co-development model are driving the companion diagnostics market.

VANCOUVER, BRITISH COLUMBIA, CANADA, May 2, 2023 /EINPresswire.com/ -- The global Companion Diagnostics Market is forecasted to reach USD 9.72 Billion by 2027, according to a new report by Emergen Research. Companion diagnostics are procedures or examinations that include knowledge necessary for the secure and prosperous usage of a medical drug in question.It enables the recognition of the possibility of an individual benefiting from a pharmaceutical drug or having adverse effects. It assists in assessing the patient reaction to a procedure so that medication may be modified to improve health and effectiveness. 

Companion Diagnostics Market By Technology (Immunohistochemistry, In Situ Hybridization, Polymerase Chain Reaction, Genetic Sequencing), By Disease Indication (Breast Cancer, Lung Cancer, Colorectal Cancer, Skin Cancer), By Application (Hospitals, Diagnostic Laboratories), By Region, Forecasts to 2017-2027

Through the use of the paradigm for the co-development of medication diagnostics to determine the reaction of individuals to treatment alternatives would accelerate market demand. Companion diagnostics are developed along with the drug and used to check its effectiveness as well as the adverse reactions associated with them. Furthermore, alternative screening measures provide for tracking opioid reactions during the full duration of therapy. They often have links to the molecular, proteomic, and metabolomic details of organisms, resulting in better tests. The benefits mentioned above of co-development in the field of drug diagnostics would improve consumer demand for companion diagnostics. 

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Market Scope

The global companion diagnostics market is expected to experience significant growth in the coming years. Companion diagnostics are tests that help to identify patients who are likely to benefit from a particular treatment. They are designed to provide personalized medicine by selecting the most appropriate therapy for individual patients.

Competitive Analysis:

The big players in the companion diagnostics market compete very hard with each other. To do a competitive study, you need to know who the big players on the market are and how much of the market each of them has. This can help you figure out how much competition there is on the market and who the big players are.

Further key findings from the report suggest

From a technological standpoint, genetic sequencing brought in USD 0.47 billion in 2019. It is expected to grow at a CAGR of 17.6% over the next few years because of new sequencing tools that can find mutations, fusions, changes in copy numbers, the number of mutations in a tumour, microsatellite instability, etc.

The skin cancer disease indication is predicted to grow at a compound annual growth rate (CAGR) of 18.1% over the next few years. This is because more people are getting skin cancer because of the side effects of medications and because they have been exposed to harmful sun rays for a long time.
Most of the money that goes into the Companion Diagnostics Market comes from hospitals. North America's hospital application is the market's biggest player, with 59.5% of the market in 2019.

This is because North America has a well-established hospital infrastructure and qualified professionals, which makes patients more likely to go to hospitals. The growing number of patients due to a high number of chronic diseases will also help the market grow.
Key players include Agilent Technologies, Foundation Medicine, Myriad Genetic Laboratories, Thermo Fisher Scientific, Johnson & Johnson, Arup Laboratories, Abbott, MolecularMD, BioMérieux, and Illumina, among others.

Leading Players Profiled in the Report:

Agilent Technologies, Foundation Medicine, Myriad Genetic Laboratories, Thermo Fisher Scientific, Johnson & Johnson, Arup Laboratories, Abbott, MolecularMD, BioMérieux, and Illumina, among others

Segmental Analysis

The global market for companion diagnostics is broken up into many different segments based on product types, application range, end-use industries, key regions, and the fierce competition in the market. This part of the report is just for people who want to choose the best and most profitable parts of the Companion Diagnostics field in a strategic way.

The segmental analysis also helps businesses that want to do business in this sector make the best business choices and reach their goals.

Technology Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
Immunohistochemistry

In Situ Hybridization

Polymerase Chain Reaction

Genetic Sequencing

Disease Indication Outlook (Volume, Kilotons; 2017-2027, Revenue, USD Billion; 2017-2027)
Breast Cancer

Lung Cancer

Colorectal Cancer

Skin Cancer

Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
Hospitals

Diagnostic Laboratories

Key geographical areas:

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

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Table of Content

Chapter 1. Market Synopsis

1.1. Market Definition

1.2. Research Scope & Premise

1.3. Methodology

1.4. Market Estimation Technique

Chapter 2. Executive Summary

2.1. Summary Snapshot, 2019-2027

Chapter 3. Indicative Metrics

Chapter 4. Companion Diagnostics Market Segmentation & Impact Analysis

4.1. Companion Diagnostics Market Product Segmentation Analysis

4.2. Industrial Outlook

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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective

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