Companion diagnostics are known for facilitating the enrichment of a precise drug treatment at every stage through the response of the patient. These tests help in verifying whether the patients are expected to response to the respective treatment being given to them, witness the negative reactions, and further enabling optimization of drug doses. The medications presently obtainable commercially are gaining more personalized and targeted specific patients. The production of a companion diagnostic coupled with the respective drug helps in shortening the drug development processes as the effectiveness has been previously charted by the outcomes of the patients. Thus, the employment of companion diagnostics raises the probability of the drug achieving regulatory approval and further helps in escaping long clinical trials which the targeted population of patients needs to participate in.
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The growing demand for custom-made medicines is the primary aspect propelling the growth of the global companion diagnostics market. Additionally, the increasing incidence of cancer across the globe and the decreasing costs of developing drugs are also expected to augment the growth of the market. Dynamics such as the tilting focus on targeted therapies and the shift of pharmaceutical manufacturers towards the in-house development of companion diagnostics are further supplementing the market growth. Moreover, the accumulative new areas of indication have emerged as prime opportunities in the market. On the other hand, the growing period of the consent process and the lengthy development time of these companion diagnostics are likely to hinder the development of the market over forthcoming years. The hostile reimbursement situation across the globe is also expected to have a negative influence on the progress of the market in the near future.
The global market for companion drugs is likely to exhibit an 18.0% CAGR from 2013 to 2019. The market has been projected to reach a valuation of US5.6 bn by the end of 2019 from a valuation of US$1.8 bn in 2013.
Based on indication, the global companion diagnostics market has been segmented into thalassemia, HIV, melanoma, colorectal cancer, gastric cancer, breast cancer, and lung cancer. Amidst these, in 2012, the market was dominated by the breast cancer segment on the basis of revenue. Nevertheless, over the coming years, the lung cancer segment is likely to lead the market and increasing at a CAGR of over 20% from 2013 to 2019. This growth can be attributed to the discovery of a plethora of companion diagnostics along with the development of biomarkers which are lung cancer specific.
Geographically, the market has been classified into North America, Asia Pacific, Europe, and the Rest of the World. In 2012, the global companion diagnostics market was led by North America with a share of approximately 35%. This growth can be credited to the rising consumer base of the diagnostics owing to the growing number of cancer patients in the region, rising affordability, growing awareness about customized healthcare services, and the prevalence of high-end medical equipment. Asia Pacific and Latin America are also potential markets owing to the rising deployment of advanced medical procedures, growing infrastructural development, and increasing disposable incomes of consumers in these regions.
The key companies are Life Technologies Corporation, GE Healthcare Ltd., Genomic Health, Inc., Abbott Laboratories, Agendia N.V., Agilent Technologies, Inc., Qiagen N.V., and Roche Holdings AG.
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