Roche Diagnostics (Switzerland), Abbott Laboratories (U.S.), Agilent Technologies (U.S.), QIAGEN N.V. (Netherlands), Thermo Fisher Scientific Inc. (U.S.), and Myriad Genetics Inc. (U.S.).
(PRWEB) November 09, 2014
The "Companion Diagnostics Market by Application (Breast, Lung cancer) & End-user (Pharmaceutical Companies, Reference Lab) & Technology (Polymerase Chain Reaction, In-situ hybridization, Immunohistochemistry) - Global Trends & Forecasts to 2019."
Browse 57 market data tables with 36 figures spread through 142 pages and in-depth TOC on "Companion Diagnostics Market"
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The global companion diagnostics market is expected to reach $8,730.7 million by 2019 from $3136.9 million in 2014, at a CAGR of 22.7% during the forecast period (2014 to 2019).
The global companion diagnostics market is expected to grow at a CAGR of 22.7% from 2014 to 2019. Factors such as a rising need for personalized medicine in cancer treatment, growing adoption of companion diagnostics by the pharmaceutical industry, support from regulatory authorities, and emerging technologies such as next-generation sequencing (NGS) are expected to boost the global companion diagnostics market.
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Among technologies, PCR is the most preferred test in the companion diagnostics market, which accounted for a share of 65.5% in 2014. This large share can be attributed to its ease of use, better results, faster turnaround time, and cost-effective solutions. The companion diagnostics market is expected to gain a larger market share in neurology and new oncology applications (leukemia, prostate cancer, and ovarian cancer) due to its efficient detection of biomarkers. Moreover, with the advancement in the bioinformatics field, NGS-based tests have the capability to target multiple genomes simultaneously and are likely to take over the existing technologies in the companion diagnostics market. The need for personalized medicine is increasing and it has gained importance in the research and medical centers, hospitals, and CROs. In the coming years, Asia is expected to be the key growth area in this market.
However, growth of this market is hampered by the non-validated home-brew tests that account for a large market share due to its low costs and minimal approval procedures. Moreover, uncertain reimbursement and coverage policies restrict the growth of the global companion diagnostic market, thus limiting the commercialization process.
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Geographically, Asia is identified to be the fastest-growing market in companion diagnostics, owing to its large population and high-prevalence rate of chronic and life threatening diseases in countries such as China and Japan. Currently, lung cancer dominates the Asian region; whereas, colorectal cancer provides market leaders an opportunity to explore in the future. The market in Asia is expected to grow at a CAGR of 24.3% from 2014 to 2019.
The global companion diagnostics market is primarily impacted by the increasing demand for targeted therapies in various indications, cost reductions in drug development, faster drug approval procedures, support from the regulatory bodies and adoption of companion diagnostic kits by pharmaceutical industries for drug development processes. Advanced technologies such as polymerase chain reaction (PCR) and next-generation sequencing (NGS) are expected to drive the companion diagnostics market worldwide due to their superior features of targeting several biomarkers simultaneously.
This study also illustrates the major market players who have made a remarkable contribution in the global Companion Diagnostics Market. The major players of this market are Roche Diagnostics (Switzerland), Abbott Laboratories (U.S.), Agilent Technologies (U.S.), Thermo Fisher Scientific Inc. (U.S.), and QIAGEN N.V. (Netherlands).
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