Increasing Demand of Companion Diagnostics in the Pharmaceutical and Biopharmaceutical Industry
A companion diagnostic assay is an in vitro diagnostic device (IVD) that is used to identify whether a patient with certain diseases could be benefitted by a particular drug through the biomarker assessment. The key factors driving the growth of this market include the increasing lung cancer cases, growing number of genetic testing, rising need for personalized medicines, and regulatory guidelines that support the companion diagnostics market. What is growth in Companion Diagnostics Market ? The global companion diagnostics market is expected to reach $6.51 billion by 2022 from $2.17 billion in 2016, at a CAGR of 20.1%. The growth of this market is majorly driven by the factors such as improvements in regulatory guidelines, growing need for targeted therapies, rising cancer incidence across the globe, and increasing collaborations and partnerships for companion diagnostics test development. Rising adoption of companion diagnostics assay kits & reagents in maj...