The Global Market For Companion Diagnostics To Grow $3.5 Billion By 2018.
Wellesley, MA (PRWEB) November 27, 2013
According to a new technical market research report, Companion Diagnostics: Technologies and Global Markets from BCC Research (http://www.bccresearch.com), the global market for companion diagnostics was valued at $1.1 billion in 2012 and is expected to reach $1.2 billion in 2013. BCC Research projects the market to grow to $3.5 billion by 2018, and register a five-year compound annual growth rate of 23.9% from 2013 to 2018.
Personalized medicine is becoming one of the important trends in healthcare today. The companion diagnostic sector is a fast growing part of this new space and has already made a significant impact on the pharmaceutical and diagnostic industries. The drug development industry is currently focusing more on the codevelopment of new therapies in conjunction with its diagnostic or biomarker tests to optimize patient treatment. This area of industry is still relatively young, but it will become more complicated and developed due to numerous successful FDA-approved products. Moreover, the companion diagnostics approach in drug development has reduced the cost of bringing new medicines and therapies to the market.
Intense R&D spending, growing consumer demand for more personalized medicine, and improving access to healthcare will spur tremendous growth in this market for the foreseeable future.
This report from BCC Research provides information on the current state of the companion diagnostic industry, its main market participants, and new technologies in assay development. More importantly, it describes potential novel commercial venues in this area of the healthcare industry. The companion testing market is addressed in different industry segments, including oncology, metabolic disorders, cardiovascular diseases, central nervous system disorders and infectious diseases. Main market participants, trends, and product performances are described for each sector. Numerous different companion diagnostic assays are on the market, but oncology is the most developed segment, with products and tests that represent more than 50% of the market. The report also provides information regarding less-developed sectors of this market, along with a list of current companies that have new companion diagnostic products in development.
In addition to specific product descriptions and industry sector evaluation, this report also summarizes the main industry drivers and challenges and identifies major players, their pharmaceutical partners and newcomers to the market, as well as the ways in which they are all interconnected.
This report is intended for business development professionals, healthcare professionals, entrepreneurs and other investment groups to help them fully understand and evaluate a new, less-familiar area of the healthcare and diagnostic industry. It provides companies’ corporate development departments with new insight into competitors’ positions and shows new opportunities otherwise overlooked or unfamiliar to the public.
Both primary and secondary research methodologies were used to prepare this study. Initially, a comprehensive and exhaustive search of the literature on drug discovery and already marketed products was conducted. These secondary sources included drug discovery and science-related journals, textbooks, press releases, marketing literature, product and promotional literature, annual reports, security analyst reports and other publications. Patent searches and analyses were also conducted.