San Jose, California (PRWEB) October 05, 2011
Follow us on LinkedIn - Enabling a customized approach in treatment and addressing the need to develop safer and effective drugs, Companion diagnostics emerged as the much-needed solution to materialize the goal of developing Personalized Medicine. Companion diagnostics provide the tools and technologies that enable in determining the toxicity and adverse drug related effects of a given drug as well as a patient’s suitability to receive the same during the drug development process. This approach is gaining popularity in the wake of declining blockbuster drugs in the making as well as several other factors, such as serious efforts towards reducing healthcare costs, patients’ demand for effective medicines, and more and more companies trying to contain time and costs invested in the drug discovery and development process. With a growing number of well-informed patients there is tremendous pressure on the pharmaceutical industry to deliver better products in terms of safety and efficacy in areas with unmet clinical needs. Over the next ten years, several new drugs with companion diagnostics are likely to foray the market.
The US represents the single largest market for Companion Diagnostics, as stated by the new market research report on Companion Diagnostics. Europe represents the second largest market for companion diagnostics. Rest of World is likely to emerge as the fastest growing market for companion diagnostics with a compounded annual growth rate (CAGR) of 14.7% over the analysis period.
The perceived benefit conferred by companion diagnostics to the pharmaceutical industry is cost reduction in the form of smaller as well as targeted clinical trials demonstrating better efficacy. This, however, significantly reduces a company’s market size in terms of number of patients taking the medicine. On the other hand, with these drugs being targeted to specific population subtypes, payers could be spared of high costs incurred in providing a drug to all patients alike, thereby enabling in reduced overall healthcare costs. Furthermore, companion diagnostics would become a vital component for healthcare providers in deciding upon the use of a specific drug in treating a patient’s condition. It is anticipated that companion diagnostics could be priced comparatively higher than other commonly used diagnostics products; presently though, the drive towards cost containment in drug discovery and development is expected to provide the much needed thrust for the growth of the companion diagnostics market.
Companion diagnostics have ushered the emergence of personalized medicine, a breakthrough approach in the clinical treatment process. Although a novel arena in molecular diagnostics, the practical utility of companion diagnostics in evaluating the safety and efficacy of a drug as well as optimum dosage for treating a patient has been well established. Growing importance of companion diagnostics in the process of drug discovery and development has been driven by its highly targeted approach, finding applications in the field of cardiovascular and neurological diseases, and Oncology.
Like every novel concept, companion diagnostics too is faced by a few challenges, which include the cost associated with the use of molecular diagnostic assays or genetic tests to identify specific Biomarkers. With increasing number of biomarkers identified and their significance understood, the need for corresponding companion diagnostic assays is also expected to grow in the foreseeable future. However, in addition to the discovery of a biomarker, its clinical utility is also equally important which eventually influences the success of companion diagnostics. Further, despite of their practical utility being established, companion diagnostics initially found very few takers in the pharmaceutical industry.
Select players profiled in the report include Abbott Molecular, bioMérieux, Clarient Inc., Myriad Genetics Inc., QIAGEN NV, Roche Diagnostics Corp., among others.
The research report titled “Companion Diagnostics: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the Companion Diagnostics market, its industry overview, market outlook and trends, product overview, applications in various therapeutic areas, regulatory scenario, the stakeholders of the companion diagnostics industry, recent industry activity, and profiles of major/niche global and regional market participants. The report provides annual value sales estimates and projections for Companion Diagnostics market for the years 2008 through 2017 for the following regions- US, Japan, Europe, and Rest of World.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Companion_Diagnostics_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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