Companion diagnostics are medical devices that are used to detect specific biomarkers or genes in patients that help determine which patients are most suitable candidates for a particular therapy. These diagnostics play an important role in personalized healthcare by helping physicians select appropriate targeted treatment options for cancer and other diseases. Companion diagnostics tests evaluate the expression of biomarkers, such as proteins, genes or chromosomes that plays a role in a patient’s response to a specific drug. By analyzing the expression levels of such biomarkers, these tests help to identify whether a particular drug would be safe and effective for a specific patient or set of patients with a given disease. This enables better therapeutic outcomes by ensuring only suitable patients receive specialized treatments.
Market Dynamics:
Global companion diagnostics market is driven by rising demand for personalized medicine, growth in molecular diagnostics, increasing approvals of new targeted therapies & companion diagnostics, technological advancements, and growing incidence and prevalence of cancer, and other chronic diseases. However, the market growth can be restricted by high pricing pressure and regulatory hassles that are involved in developing and commercializing these molecular diagnostic tests. Key opportunities in this market include developing biomarkers and companion diagnostics for immunotherapies, expanding applications in non-oncology diseases, precision medicine collaborations between In vitro diagnostics (IVD) companies and drug makers, growing focus on companion diagnostic development in emerging markets, and adoption of advanced technologies like Next-generation sequencing (NGS) for biomarker detection.
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