Need for Higher Drug Efficacy to Drive Global Companion Diagnostics Market to US$5.6 Bn by 2019
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In current times, rising demand for personalized medicine is largely contributing to the growth of the global companion diagnostics market. The medications currently available are increasingly becoming personalized or targeted for specific patient populations. Hence, development of companion diagnostics along with drugs facilitates a shorter drug development process, as its efficacy is continually charted and monitored. As such, employing companion diagnostics increases the chances of easier drug approval and also avoids the long clinical trial designs, as only the target patient pool needs to participate in the clinical trials.
Additionally, escalating costs associated with drug research and development has led to the need for developing cost-effective solutions. Pharmaceutical companies are currently focusing on developing companion diagnostics along with the drug. This strategy of co-development facilitates the commercial availability of safe and effective drugs. With the emergence of personalized medicine and growing knowledge about the human genome, a large number of pharmaceutical companies are re-working their business models to move away from ill-defined generic therapeutics towards specific, personalized medicine. According to the report, companion diagnostics for breast cancer dominated the global companion diagnostics market in 2012, in terms of revenue. In the coming years, however, lung cancer will lead the market, growing at a CAGR of over 20% from 2013 to 2019, as stated in the report. The segment is poised for rapid growth due to the discovery of biomarkers that are specific to lung cancer, and the discovery of myriad relevant companion diagnostics.
The scope and dynamics of the market are covered in the report and the overall industry is segmented on the basis of tests for various indications and geographical location. Potential growth opportunities, emerging sectors, market drivers, challenges, landmarks, trends, government regulations and competitive landscape are also highlighted in the research report.
In addition, the study discusses the value chain as well as Porter’s five forces analysis, highlighting the impact of suppliers, buyers, substitutes, new entrants and competitors on the global market.
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Overview of the companion diagnostics market
The worldwide market for companion diagnostics was worth $1.8 billion in 2012 and is expected to reach $5.6 billion by 2019, growing at a compound annual growth rate (CAGR) of 18.1% during the period.
The mounting R&D efforts in the field of diagnostics, advances in technologies, increasing focus on targeted therapies, and the constant attempts on the part of pharmaceutical manufacturers to lower the cost of drugs development has greatly benefited the industry. Moreover, favorable regularity changes on the part of governments, and the focus of pharmaceutical companies on in-house development of companion diagnostics or collaborating with diagnostics firms for the same are expected to further propel the market.
On the other hand, the factors which hamper the growth, as identified by the research report, are unfavorable reimbursement scenario, lengthy phases of development and approval of diagnostic technologies, and the rising influence of clinical societies and advocacy groups.
The global companion diagnostics market was led by North America in 2012, contributing more than 35% of the total revenue share. The major driving forces in the North American regional markets include widening consumer base owing to rising number of cancer cases, rising awareness regarding personalized healthcare, increased affordability of expensive procedures, and high-quality medical equipment and technology available. Increasing healthcare infrastructure and greater acceptance of innovative medical procedures will boost the regional markets in Asia and Latin America.
Companies mentioned in the market research report
There are numerous established manufacturers and small players operating in the companion diagnostics market and they have been profiled in this research report. The major companies include Qiagen N.V., Roche Holdings AG, Agilent Technologies, Inc., Abbott Laboratories, Agendia N.V., Genomic Health, Inc., Life Technologies Corporation, and GE Healthcare Ltd.
Additionally, escalating costs associated with drug research and development has led to the need for developing cost-effective solutions. Pharmaceutical companies are currently focusing on developing companion diagnostics along with the drug. This strategy of co-development facilitates the commercial availability of safe and effective drugs. With the emergence of personalized medicine and growing knowledge about the human genome, a large number of pharmaceutical companies are re-working their business models to move away from ill-defined generic therapeutics towards specific, personalized medicine. According to the report, companion diagnostics for breast cancer dominated the global companion diagnostics market in 2012, in terms of revenue. In the coming years, however, lung cancer will lead the market, growing at a CAGR of over 20% from 2013 to 2019, as stated in the report. The segment is poised for rapid growth due to the discovery of biomarkers that are specific to lung cancer, and the discovery of myriad relevant companion diagnostics.
The scope and dynamics of the market are covered in the report and the overall industry is segmented on the basis of tests for various indications and geographical location. Potential growth opportunities, emerging sectors, market drivers, challenges, landmarks, trends, government regulations and competitive landscape are also highlighted in the research report.
In addition, the study discusses the value chain as well as Porter’s five forces analysis, highlighting the impact of suppliers, buyers, substitutes, new entrants and competitors on the global market.
Request a Sample: http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=387
Overview of the companion diagnostics market
The worldwide market for companion diagnostics was worth $1.8 billion in 2012 and is expected to reach $5.6 billion by 2019, growing at a compound annual growth rate (CAGR) of 18.1% during the period.
The mounting R&D efforts in the field of diagnostics, advances in technologies, increasing focus on targeted therapies, and the constant attempts on the part of pharmaceutical manufacturers to lower the cost of drugs development has greatly benefited the industry. Moreover, favorable regularity changes on the part of governments, and the focus of pharmaceutical companies on in-house development of companion diagnostics or collaborating with diagnostics firms for the same are expected to further propel the market.
On the other hand, the factors which hamper the growth, as identified by the research report, are unfavorable reimbursement scenario, lengthy phases of development and approval of diagnostic technologies, and the rising influence of clinical societies and advocacy groups.
The global companion diagnostics market was led by North America in 2012, contributing more than 35% of the total revenue share. The major driving forces in the North American regional markets include widening consumer base owing to rising number of cancer cases, rising awareness regarding personalized healthcare, increased affordability of expensive procedures, and high-quality medical equipment and technology available. Increasing healthcare infrastructure and greater acceptance of innovative medical procedures will boost the regional markets in Asia and Latin America.
Companies mentioned in the market research report
There are numerous established manufacturers and small players operating in the companion diagnostics market and they have been profiled in this research report. The major companies include Qiagen N.V., Roche Holdings AG, Agilent Technologies, Inc., Abbott Laboratories, Agendia N.V., Genomic Health, Inc., Life Technologies Corporation, and GE Healthcare Ltd.