Companion diagnostics play a significant role in advanced healthcare as it helps to target the identification of biomarkers and reduce the cost and time of clinical trials and marketing the drug product. Additionally, the U.S. Food and Drug Administration (FDA) is actively working to provide a defined structure for the development of companion diagnostics, further driving the market growth. As per the GLOBOCAN 2018, in 2018, about 18.1 million new cancer cases and 9.6 million cancer deaths were recorded across the globe. Thus, the growing prevalence of cancer cases prompts the need for effective companion diagnostics.
Increasing government initiatives for the development of companion diagnostics and therapies fosters the market growth. For instance, the U.S. government announced plans to launch Precision Medicine Initiative in 2015, which has led to powerful new discoveries and several new treatments that are developed for specific characteristics, such as person’s genetic makeup.
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Companion Diagnostics Market: Segmentation
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* Customer Behaviour Analysis
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