Companion diagnostics have come a long way in assisting pharmacists select the best mode of treatment for conditions that are critical in nature. Through the advancement in technology which came about serving people in a customized manner, avenues opened for formulating highly critical operational procedures. These procedures include activities like selecting the best medicines in colorectal breast cancer treatment. Companion diagnostics does its trick by application of immunohistochemistry principles. It estimates the level of immunity a patient’s body can tolerate and works towards delivering the right dosage of medicine. Once the tolerability is determined, a process called the polymerase chain reaction is invoked. This process splits the patients DNA stands into two, each of which later grows a sub strand of their own. Gene sequencing allows for identifying leftover individual bits of each DNA strand and ascertains a value to it by using molecular biology techniques. This above mentioned sequential process helps in precise delivery of medication where normal consultation fails. This advantage of companion diagnostics over traditional diagnostics opened up a great market for firms operating in precession medicine industry.
According to the research by Cancer Research Institute of UK, there are 17 million cases of cancer worldwide as of 2018 and the number is increasing significantly as we are proceeding into the future. This brings about a great scope for players in the companion diagnostics market.
As per the analysts at IndustryARC, the global companion diagnostics market size was $2,950 million in the year 2018, and the opportunities will be growing at CAGR of 14.5% during the period 2019 to 2025. The key region of growth in North America with a regional share of 41% as of 2018. On the other hand, hospitals emerge as the key end-use segment with a CAGR of 12.5% during the forecast period 2019 to 2025.
The major companies making strides in the companion diagnostics market space are Abbott Laboratories, Agilent Technologies, Bio-Genex Laboratories, Danaher Corporation, GE Healthcare, Myriad Genetics, Inc., QIAGEN N.V., R-Biopharm AG, and Roche Diagnostics. Abbott Laboratories is contributing to the market by developing companion diagnostic solutions revolving around cure for diabetes and vascular diseases. Agilent Technologies is a firm based in the United States and is applying companion diagnostics methods to the treatment of cancer of different sorts. Bio Genex is brand which leads in offering pathological solutions and immunohistochemistry (IHC) services. Danaher Corporation is a brand with lean production methodologies integrated for delivering companion diagnostics needs in smarter and crisper formats. GE Healthcare is a company which trends on collection and maintenance of patient data on the account of companion diagnostics. Myriad Genetics is a company in operation thriving towards solving the issue of genetic mutations which may increase the risk of colon cancer by using molecular biology techniques. QIAGEN N.V offers services in life science research, molecular diagnostics and atomic research. R-Biopharm AG offers services inspecting food and feed and helps in overcoming any illness through food. Roche Diagnostics performs sample analysis to gather objective data on a patient’s condition and helps manage the disease better.
Companion diagnostics is a special field in pharmaceutical advancement which serve the purpose of managing patients born with rare genetic mutations. Apart from this, they also find application towards the treatment of critical ailments such as cancer with a great precession of application.
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The companion diagnostic market report is prepared with the main agenda to cover the following 20 points:
- Market Size by Product Categories & Application 11. Demand Analysis (Revenue & Volume)
- Market trends & Relevant Market Data 12. Country-level Analysis
- Manufacturer Landscape 13. Competitor Analysis
- Distributor Landscape 14. Market Shares Analysis
- Pricing Analysis 15. Value Chain Analysis
- Top 10 End user Analysis 16. Supply Chain Analysis
- Product Benchmarking 17. Strategic Analysis
- Product Developments 18. Current & Future Market Landscape Analysis
- Mergers & Acquisition Analysis 19. Opportunity Analysis
- Patent Analysis 20. Revenue and Volume Analysis
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