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Key takeaways of the market : The global companion diagnostic market is expected to expand at a CAGR of 12 % during the forecast period ( 2016 – 2024 ). Improved clinical outcomes , reduced total research cost and faster time to market are some of the major factors driving collaborations and CDx development globally
The breast cancer application in the global CDx market was estimated to be the largest in 2015 and is expected to dominate the market throughout the forecast period in terms of value . This is owing to high number of approved brands with CDx tests , driving adoption of these products in treatment of breast cancer .
In terms of technology , the gene sequencing method segment is expected to expand at a CAGR of 12.6 % during the forecast period . Growth of the segment is mainly attributed to increasing focus on identification of genetic mutations that can help in precise identification of the treatment approach for cancer therapies .
The global companion diagnostics market is characterized by strategic research and development collaborations among the drug and diagnostic test developers . According to the Wildwood Ventures Ltd ., the number of global deal in CDx market has increased from 13 in 2007 to 66 in 2013 .
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