As per our report, the size of the Companion Diagnostics Market in the Middle East & Africa was worth USD 0.15 billion in 2023 and is estimated to be growing at a CAGR of 21.11% to reach USD 0.41 billion by 2028.
Companion diagnostics has the potential to modify the drug development process, and the commercialization of the drug diagnoses will make drugs with better therapeutic efficiency in a faster and cost-effective way. In addition, companion diagnostics has been highly advantageous for identifying patients with precise biomarkers with predictive responses.
Innovative technologies such as next-generation sequencing (NGS), growing acceptance of companion diagnostic kits/tests by the pharmaceutical industry, and boost from controlling bodies are anticipated to enhance the market. NGS-based companion diagnostics is one of the significant factors that are expected to drive the companion diagnostics market in the Middle East and African region due to its ability to identify multiple genes at a single time.
Regulatory uncertainty and cost allied with developing drugs are expected to hamper the growth of the MEA companion diagnostics market during the forecast period.
This research report on the Middle East and Africa Companion Diagnostics Market has been segmented and sub-segmented into the following categories:
Regionally, the African companion diagnostics market is expected to grow at the highest CAGR in this region during the forecast period. On the other hand, the Middle East companion diagnostics market is estimated to have a sluggish growth rate during the forecast period. This region's growth is attributed to factors such as the growing need for improved personalized patient treatment, which has contributed to healthcare providers. Also, growing support from government reimbursement policies for bringing out better treatment in ordinary people accelerates the companion diagnostics market growth over the analysis period.
The South African market is expected to grow at a notable rate during the forecast period. The growth of Africa has contributed towards the companion diagnostics market due to factors such as increasing acceptance for diagnostics tests/kits by the pharmaceutical industry, reimbursement policies made by the government are likely to anticipate the market of this region. However, the cost related to this diagnostics market is so expensive, and the lack of lab technicians and lack of infrastructure in the diagnostics centers may hinder the companion diagnostics market growth over the forecast period.
KEY MARKET PLAYERS:
A few of the noteworthy companies operating in the MEA Companion Diagnostics Market profiled in this report are Abbott Molecular Inc., Roche Molecular Systems Inc., Leica Biosystems Nussloch GmbH, bioMérieux Inc., Dako Inc., Qiagen Ltd., ARUP Laboratories, Myriad Genetics Inc., Biogenex Laboratories Inc., Ventana Medical Systems Inc., and Thermo Fisher Scientific Inc.
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