A new Transparency Market Research report states that the global companion diagnostics market stood at US$1.8 bn in 2013 and is predicted to reach US$5.6 bn by 2019. It is predicted to expand at a whopping CAGR of 18.0% between 2013 and 2019. The title of the report is “Companion Diagnostics Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019.”
As per the report, the increasing demand for personalized medicines is the key factor fuelling the growth of the market for companion diagnostics. In addition, the rising occurrence of cancer globally and the reducing costs of drug development are also augmenting the growth of the market.
Factors such as the rising focus on targeted therapies and the focus of pharmaceutical companies on the in-house advancement of companion diagnostics are also augmenting the growth of the market. Furthermore, the increasing new indication areas have emerged as a key opportunity in the market.
On the other hand, the increasing duration of the approval process and the prolonged development time of companion diagnostics may impede the growth of the market in forthcoming years. The unfavorable reimbursement scenario globally may also have a negative impact on the growth of the market in the coming years, as stated in this report.
Companion diagnostics are various procedures or tests utilized by healthcare professionals in making enhanced treatment decisions for patients as per the patients’ response to particular ongoing treatments. Companion diagnostics aid a health care professional to determine the effects of a specific therapeutic product on patients and any potential risks or side effects associated with its usage. The healthcare professional then adjusts his treatment to achieve enhanced effectiveness and safety.
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On the basis of indication, the report segments the companion diagnostics market into lung cancer, breast cancer, gastric cancer, colorectal cancer, melanoma, and others including HIV and thalassemia. Amongst these, in 2012, the segment of breast cancer led the market on the basis of revenue. However, in forthcoming years, the segment of lung cancer will dominate the market, expanding at a CAGR of more than 20% between 2013 and 2019. This is owing to the discovery of myriad relevant companion diagnostics as well as the discovery of lung-cancer-specific biomarkers.
In terms of geography, the report segments the market into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, in 2012, the market for companion diagnostics was dominated by the region of North America and this region held a share of over 35% in the market on the basis of revenue. This is because of the increasing consumer base due to the increasing count of cancer patients, rising affordability, increasing awareness about personalized healthcare, and the presence of sophisticated medical equipment in this region. On the other hand, the increased adoption of innovative medical procedures, the rising disposable incomes of consumers, and the rising healthcare infrastructure will also fuel the Latin America and Asia Pacific companion diagnostics markets.