Global Companion Diagnostics Market 2022-2028
MARKET OUTLOOK
Based on Triton Market Research’s report, the global companion diagnostics market is projected to progress with a CAGR of 12.84% during the forecast period 2022-2028.
The prominent factors fueling the global market’s growth include a surge in medication reaction incidence, increasing cancer cases, and the growing use of precision medicines. Additionally, the ongoing research and investments in next generation gene-sequencing are expected to create affluent opportunities for the market.
However, a weak reimbursement framework and common cases of leakage in oncology companion diagnostics are expected to restrict the studied market’s growth over the forecast period.
REGIONAL OUTLOOK
The global companion diagnostics market covers North America, Asia-Pacific, Latin America, Europe, and the Middle East and Africa regions.
The Asia-Pacific is anticipated to emerge as the fastest-growing region over the forecast period. The region’s growth can be attributed to the tremendous growth in precision medicine technology. Moreover, initiatives undertaken to promote the R&D of precision medicine are supporting the market’s growth. In this regard, diagnostic and pharma companies are collaborating to offer an international platform to facilitate access to precision medicine. Thus, as mentioned above, these factors are expected to widen the scope and growth of the companion diagnostics market in the upcoming years.
COMPETITIVE OUTLOOK
The prominent companies thriving in the companion diagnostics market are Sysmex Corporation, Almac Group, Arup Laboratories, Biocartis, Abbott Laboratories, bioMerieux, GE Healthcare, Genomic Health, Danaher Corporation, Illumina Inc, Myriad Genetics, Qiagen, Roche Diagnostics, Thermo Fisher Scientific, and Agilent.
Abbott Laboratories is a pharmaceutical company engaged in developing and marketing healthcare products. It also offers diagnostic systems, neuro-modulation devices, medical devices, and other products. The company provides these products under multiple brand names, including Similar, Oxepa, Alinity, and FreeStyle, among others. It offers products to consumers, wholesalers, retailers, healthcare facilities, government agencies, laboratories, and ambulatory surgery centers. Abbott operates across North America, Latin America, the Middle and Africa, and Asia-Pacific.
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