PRECISION DIAGNOSTICS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Precision Diagnostics Market, By Product (Kits & Assays and Consumables), By Technology (Next-Generation Sequencing, Polymerase Chain Reaction, Mass Spectrometry, and Others), By Application (Accurate Diagnosis, Personalized Treatment, Early Detection and Intervention, and Others), By Indication (Oncology, Cardiovascular, Immunology, Neurology, Infectious Diseases, and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Mar 2024
Code : CMI6749
Pages :166
Formats :
Excel and PDF
Industry : Medical Devices

Market Concentration and Competitive Landscape

Precision Diagnostics Market Concentration By Players

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Development of companion diagnostics

Another major factor bolstering growth in the precision diagnostics market is the increasing integration of companion diagnostics with targeted therapies. Companion diagnostics are in vitro diagnostic tests or imaging tools that provide critical information for the safe and effective use of corresponding therapies or drugs. They help identify patients that are most likely (or not likely) to benefit from specific treatments. This allows for more precise selection of treatment options for patients and prevents potential adverse reactions. Regulatory agencies now mandate the development and approval of companion diagnostics along with several new targeted therapies. This is driving significant R&D investments from pharmaceutical companies into precision diagnostics. For instance, most new oncology drugs are now launched along with a corresponding DNA or protein-based companion diagnostic test to identify patients with specific genomic alterations or biomarkers.

Key Players Insights