Companion diagnostics is a clinically established diagnostic tool used in conjunction with a therapeutic agent to identify the applicability of that drug to an individual patient. Companion diagnosis is generally the last step of drug management and usually involves a process of screening, evaluating, and prescribing medication based on the findings of companion diagnostics. A companion diagnose determines whether a particular drug therapy is suitable for the patient in terms of safety, toleration, and response to treatment. It is basically an advanced form of drug management that focuses on evaluating and implementing personalized treatment plans based on known medical issues and considerations.
Increasing prevalence of cancer is expected to propel growth of the global companion diagnostics market over the forecast period. For instance, according to the American Cancer Society, in 2020, around 276,480 new cases of invasive breast cancer will be diagnosed in women and the disease will lead to around 42,170 deaths, in the U.S. Moreover, increasing development and commercialization of new products is also expected to aid in growth of the market. For instance, in November 2020, LabCorp announced an expanded agreement with BML, a leading Japanese provider of clinical laboratory testing services, to provide development and delivery of companion diagnostics in Japan.
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