Product ID: SQMIG35A2649
Report ID:
SQMIG35A2649 |
Region:
Global |
Published Date: April, 2024
Pages:
157
|
Tables:
66 |
Figures:
75
Global Companion Diagnostics Market size was valued at USD 5.57 billion in 2019 and is poised to grow from USD 6.27 billion in 2023 to USD 16.08 billion by 2031, growing at a CAGR of 12.5% in the forecast period (2024-2031).
The purpose of companion diagnostics is to find out who needs treatment. Technological breakthroughs are providing tremendous momentum to the development of companion diagnostics, opening up new avenues that allow for treating disease. The companion diagnostics field is marked by the burgeoning demand for more effective treatment of patients. Positively affecting the outlook for companion diagnostics, it also provides healthcare providers and their patients with confidence about treatment outcomes. This differs from current treatment methods which lack accuracy in results as well as process efficiency. This increase in tailored medicine exposure, along with the growing need for targeted treatments, provides impetus to develop personalized CDx and further grow the companion diagnostics market size. CDx tests have high sensitivity, are cheap in comparison to conventional pharmaceuticals, and offer the possibility of accurate results quickly. These advantages drive companion diagnostics market growth. Genetic sequencing and genomics breakthroughs have now long made it common knowledge that the same medication can interact differently with various people. To deliver focused therapeutics to the right target, pharmaceutical and biopharmaceutical firms are constantly striving during drug development to implement patient-selection diagnostic frameworks in their earliest stages. The same phenomenon is expected to greatly extend the growth of companion diagnostics over the next few years.
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REQUEST FREE CUSTOMIZATIONGlobal Companion Diagnostics Market size was valued at USD 5.57 billion in 2019 and is poised to grow from USD 6.27 billion in 2023 to USD 16.08 billion by 2031, growing at a CAGR of 12.5% in the forecast period (2024-2031).
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Product ID: SQMIG35A2649