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(IT-NEWSWIRE.COM, February 20, 2018 ) The Global Companion Diagnostics Market is expected to show steady growth owing to the demand for new diagnostics tests and devices for cancer and other life threatening diseases. Furthermore, growing emphasis on early diagnosis and treatment of cancer may lead an increase in the demand for diagnostic services in developing countries.
The Global Companion Diagnostics Market is growing rapidly and expected to grow at a CAGR of 6.1% during the forecast period.
Then again, there are some hindering factors which are limiting the marketplace boom. Incorrect results from the take a look at can lead to the inadequate treatment being given to the patient main to the critical complications and damaging effects. The inaccuracy within the test increases the danger element for the sufferers and it by some means hinders the increase of the marketplace. Furthermore, high cost of sturdy diagnostic gadgets which includes PCR system may restrain the marketplace boom.
According to the American Cancer Society, prostate cancer is the most common cancer among males (19%), followed by lung (14%) and colorectal (9%) cancers and among females, breast (30%), lung (12%), and colorectal (8%) cancers are the most common. Furthermore, the market is expected to grow in Asia Pacific due to an increase in the burden for cancer in this region.
Taste the market data and market information presented through more than 87 market data tables and 39 figures spread over 108 numbers of pages of the project report. Avail the in-depth TOC & market synopsis on “Companion Diagnostics Market Research Report –Global Forecast to 2023.
Global Companion diagnostics Market Players:
The major participants of this market are Abbott (U.S.), Agilent Technologies (U.S.), ARUP Laboratories (U.S.), F. Hoffmann-La Roche AG. (Germany), Myriad Genetics Inc. (U.S.), QIAGEN N.V. (Germany), and Thermo Fisher Scientific Inc. (U.S.).
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Key Finding
The companion diagnostics global market and is expected to reach USD 12,647.5 million by 2023
PCR based companion diagnostics holds the largest share of 53% of the market
America holds the largest market share of companion diagnostics market in 2016 and is anticipated to reach USD 5093.2 million by the end of forecast period
Asia Pacific the fastest growing region and expected to grow at the rate of 16% during the forecast period
Regional Analysis:
Globally, Americas is the largest market for companion diagnostics. In Americas, North America is the major contributor to the companion diagnostics market owing to an expensive use of advanced diagnostics devices, and alarming need for cancer diagnosis and treatment. According to the American Cancer Society, 1,688,780 new cases are expected to be diagnosed in 2017 in the U.S. It also stated that cancer is the second most common cause of death in the U.S. Furthermore, nearly 41 out 100 men and 38 out of 100 women are expected to develop cancer in their lifetime.
Europe is the second largest market after Americas. Factors attributing to the growth of this market in Europe are rising demand for efficiency in healthcare and strengthening healthcare system. Germany is the largest market in Europe due to the presence of major market players in this regions and growing demand for technological advancement. Furthermore, the prevalence of cancer is also found to be increasing among European population.
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Asia Pacific market is expected to be the fastest growing market for companion diagnostics due to continuous development in countries such as India and China, and increasing healthcare expenditure in these countries. Rising prevalence of lifestyle disease such as diabetes, obesity and cancers also boost the market growth in Asia Pacific.
Middle East & Africa are expected to have a limited but steady growth owing to low healthcare expenditure and demand for primary healthcare services in this region.
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