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Companion Diagnostics Market 2020 Growth Analysis

The growth of the companion diagnostics market is primarily driven by rising prevalence of cancer and growing trends towards personalized medicine. Cancer is the second leading cause mortalities in 2018, with continuous rise in the number of cancer patient across the globe, as per the report published by WHO.

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Companion Diagnostics Market 2020 Growth Analysis

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  1. Companion Diagnostics Market 2020 Industry Outlook, Emerging Trends and Top Players Increasing trends towards personalized medicine and to drive the growth of the Companion diagnostics market. The global companion diagnostics market was valued at USD 1.8 billion in 2018 and is expected to reach USD 7.1 billion in 2026, growing at a CAGR of 18.5% during the forecast period. The global companion diagnostics market is expected to grow at a significant growth during the forecast period. The factors that are contributing to the growth of the market are growing inclination towards personalized medicine across the globe. The personalized medicine is defined as a point of care in the treatment that is customized as per an individual patient. There have been several types of research going on presently to develop personal medicine based on the patients. Several factors should be considered before providing personal medicine to a patient. Get a Sample Copy @https://www.alltheresearch.com/sample-request/238 Primarily, doctors must detect the type of cancer or the symptoms of cancer that can be developed in a patient. The companion diagnostics of cancer is important for the surgeon or the doctor to find the best suited therapy that can treat the person. For developing of personalized medicine, several genetic tests need to be taken in account as these tests will eventually reveal the various conditions of the patients such as detection of the individual developing a specific type of cancer. The increasing adoption of personalized medicines for cancer is augmenting the growth of the companion diagnostics market. Personalized medicine has the potential to modify therapy with the best response and highest safety margin to ensure better patient care. By enabling these medicines, each patient to receive earlier diagnoses, risk assessments, and optimal treatments. The personalized medicine holds promise for improving health care while lowering costs which is expected to be a positive indicator for market growth. As per to the Personalized Medicine Coalition (PMC), around 42% of all compounds and around 73% of oncology compounds in the pipeline have the potential to be included in personalized medicines. The Covid19 pandemic is causing a ripple effect on the global economy and we are analyzing its impact on markets – both from the supply side and the demand side.

  2. With the entire ecosystem in view, we are mapping strategies necessary to survive and thrive in this scenario. Connect with our Analyst to understand the impact and be smart in redefining business strategies. https://www.alltheresearch.com/impactC19-request/238 Key Findings: •Based on products, the assays, kits & reagents segment is accounted for the largest share in the market, in 2018 •Based on indication, the cancer products segment is expected to grow at the highest CAGR of around 22% during the forecast period •Based on end-user, the pharmaceutical & biopharmaceutical segment is accounted for the largest share in the market and held for around 41% of the total market, in 2018 •North America accounted for around 34% share of the global companion diagnostics market in 2018 •Asia-Pacific is projected to grow at the highest CAGR of around 24% during the forecast period Recent News: •In May 2019, QIAGEN N.V. announced the launch of first FDA-approved companion diagnostic for PIK3CA biomarkers to enhance precision medicine in breast cancer. •In April 2019, Agilent Technologies Inc. got the US FDA approval for its Companion Diagnostic in NSCLC. The FDA approved its PD-L1 IHC 22C3 pharmDx assay. Speak to Our Expert @ https://www.alltheresearch.com/speak-to-analyst/238 About AlltheResearch: AllTheResearch was formed with the aim of making market research a significant tool for managing breakthroughs in the industry. As a leading market research provider, the firm empowers its global clients with business-critical research solutions. The outcome of our study of numerous companies that rely on market research and consulting data for their decision- making made us realise, that it’s not just sheer data-points, but the right analysis that creates a difference. For all your Research needs, reach out to us at: 39180 Liberty Street Suite 110, Fremont, CA 94538, USA Contact Person: Rohit B. Email: contactus@alltheresearch.com US: 1-888-691-6870

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