Global Companion Diagnostics Market 2019-2023
About this market
The growing importance for promotional activities to drive market growth. The companion diagnostics are not as frequently marketed like other test kits and devices that are available in the market due to its specificity, wherein it can be used only for a drug. Therefore, more emphasis must be provided toward improving distribution network and increasing the product availability to end-users. Online media and search engines are the primary sources for advertising, owing to the low return on investment and limited visibility of other media. Technavio’s analysts have predicted that the companion diagnostics market will register a CAGR of almost 25% by 2023.
Rising use of personalized medicine
Personalized medicine is a multi-faceted method to patient care that not only improves capacity to diagnose and treat diseases but offers the potential to distinguish diseases at an earlier stage, which makes it easier for practitioners to treat effectively. With its specificity in treating particular disease based on individual's genetic characteristics, personalized medicine is gaining popularity.
Lack of manpower
Companion diagnostic tests are highly technical, and care must be taken at each step to facilitate a successful execution of these tests, to generate reproducible results. A major challenge in these scientific fields is the lack of technically skilled and trained staff.
For the detailed list of factors that will drive and challenge the growth of the companion diagnostics market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Abbott and Agilent Technologies the competitive environment is quite intense. Factors such as the rising use of personalized medicine and the growing importance for promotional activities, will provide considerable growth opportunities to companion diagnostics manufactures. Abbott, Agilent Technologies, F. Hoffmann-La Roche, QIAGEN, and Thermo Fisher Scientific are some of the major companies covered in this report.
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