Companion Diagnostic Market is poised to grow at a rate of ~13% by 2027

BRUSSELS - May 17, 2023 - PRLog -- Companion diagnostic (CDx) (https://meditechinsights.com/companion-diagnostics-market/) is a diagnostic test used as a companion to a therapeutic drug to determine its applicability to a person. It needs multiple monitoring methods to provide extremely valuable data, allowing patients, health practitioners, and payers.

Growing Demand for NGS-Based Technology Drives the Companion Diagnostics Market

The growing demand for next-generation sequencing technology specifically its capability to identify rare variants is crucial to continuing success and the wider distribution of companion diagnostics solutions in the market. The use of NGS panels in one test has the potential to help in the treatment of several different types of cancers. For instance,

§  In July 2022, Almac Diagnostic partnered with AstraZeneca to develop and commercialize multiple companion diagnostic (CDx) products based on NGS and qPCR-based technologies

Companion Diagnostics for Targeted Cancer Drugs Drives Companion Diagnostics Market Demand

According to clinical research, 75% of cancer patients do not respond well to the same cancer treatment. In such cases, companion diagnostic tests help to indicate the presence of a molecular target and can also reveal the off-target effects of a therapeutic, predicting toxicities and adverse effects associated with a drug.

Potential Role of Companion Diagnostics in Precision Medicine Drives the Companion Diagnostics Market

Personalized medicine the practice of giving the correct dosage of the correct medicines at the correct time. Companion diagnostics, which are used to identify eligible patients for a particular therapy, are a significant driver to enable personalized treatment choices and precision medicine. Companion diagnostics offers numerous advantages in  advancement of personalized medicine and improvement of preclinical and clinically focused drug development.

North America is expected to hold a large share of the Companion Diagnostics Market

North America holds a dominant market share of the companion diagnostics market. This can be primarily attributed to the rising prevalence of diseases like cancer & HIV, improvements in regulatory guidelines, and potential economic benefits for drug developers early in drug development in the region.

Competitive Landscape: Companion Diagnostics Market

Some of the Key players operating in the market's include Thermo Fischer Scientific Inc., Illumina Inc., Bayer AG, Danaher Corporation, Invitae, and Agilent Technologies, Inc, among others.

Get Detailed Insights on Companion Diagnostics Market @ https://meditechinsights.com/companion-diagnostics-market/

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