Global Companion Diagnostics Market | Global Opportunities

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Global Companion Diagnostics Market is
Anticipated to Progress at a CAGR of 12.84 by
2028
Triton Market Research presents the Global
Companion Diagnostics Market report segmented by
Consumer (Reference Laboratories, Pharmaceutical
and Biopharmaceutical Companies, Other
Consumers), Mechanism (Polymerase Chain Reaction,
Next Generation Sequencing, In-Situ
Hybridization, Immunohistochemistry, Other
Mechanisms), Indicator (Neurology, Oncology,
Infectious Disease, Other Indicators), Commodity
(Software Services, Assay Kits Reagents), and
Regional Outlook (Europe, Asia-Pacific, North
America, Latin America, Middle East and
Africa). The report further discusses the Market
Summary, Industry Outlook, Impact of COVID-19,
Key Insights, Porters Five Forces Analysis,
Market Attractiveness Index, Vendor Scorecard,
Drivers, Challenges, Opportunities, Competitive
Landscape, Research Methodology Scope, Global
Market Size, Forecasts Analysis (2022-2028). As
per Tritons research report, the global
companion diagnostics market is estimated to
witness growth at a CAGR of 12.84 during the
forecast period 2022-2028. A companion
diagnostics device helps attain crucial data to
efficiently match a drug or therapy. It is a
personalized treatment that includes drug
testing, clinical trials, and research. Genome
sequencing has emerged as a significant step in
the gene therapy process. This has increased
investments in next generation gene sequencing.
Moreover, the rising research in the space is
expected to promote the companion diagnostics
markets growth. Furthermore, the growing
investments and research in precision medicine
are also anticipated to elevate the demand for
companion diagnostics tests, thereby opening new
avenues for the studied market.
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However, a weak reimbursement framework and
common cases of leakage in oncology companion
diagnostics restrict the companion diagnostics
markets growth. Globally, the Asia-Pacific is
expected to emerge as the fastest-growing region
over the forecast period. The region is
witnessing growth owing to the increasing
development of precision medicine technology.
Moreover, an initiative undertaken by regulatory
authorities and the pharmaceutical industry to
increase precision medicine development drives
the demand for companion diagnostics tests. Above
all, the increase in healthcare awareness and
economic growth are expected to open new avenues
for the companion diagnostics market. Danaher
Corporation, GE Healthcare, Roche Diagnostics,
Arup Laboratories, Almac Group, Thermo Fisher
Scientific, Genomic Health, Myriad Genetics,
Illumina Inc, bioMerieux, Qiagen, Biocartis,
Sysmex Corporation, Agilent, and Abbott
Laboratories are leading companies in the
companion diagnostics market. Companies in the
market offer relatively similar products with
small variations in terms of efficiency and
capabilities. As a result, establishments are
seeking to develop products with new features.
The new entrants are required to invest a
significant amount in order to adopt new
technology and establish workstations. On the
other hand, companies active in the market
allocate significant resources, covering the
majority of initial expenditures. Hence, these
factors indicate the threat of new entrants to be
medium.