Global Companion Diagnostics Market: Snapshot
Mainly serving to boost the global companion diagnostics market is the surging demand for personalized medicines. Further, increasing cases of cancer and reduction in cost of developing drugs is also having a positive impact on the market. All these have led to further focus on targeted therapies, thereby boding well for the global companion diagnostics market. Basically, companion diagnostics includes different tests and procedures that help bring about better decisions with respect to treatment. It enables healthcare professionals to figure out the side effects and potential risks posed by a particular therapeutic product. This eventually helps in fine tuning treatment procedures.
On the downside, factors that are preventing the global companion diagnostics market from achieving its full potential is the lengthy and involved approval process and the equally prolonged time to develop companion diagnostics. Further, a not-so-helpful reimbursement scenario is also expected to have an adverse effect on the market growth.
A report on the global companion diagnostics market by Transparency Market Research finds that it is rising at a healthy double digit CAGR. At the current pace, it predicts the market to attain a value of US$5.6 bn by 2019.
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Breast Cancer Indication Major Revenue Generator
The global companion diagnostics market can be classified on the basis of indication into HIV, thalassemia, colorectal cancer, melanoma, breast cancer, gastric cancer, and lung cancer. Among them, the segment of breast cancer currently generates most of the revenue in the market. The alarming instances of breast cancer and the growing thrust on curing it has led to maximum demand owing to it. However, the segment of lung cancer is also generating substantial revenues in the global companion diagnostics market. Pollution, unhealthy eating habits such as chewing tobacco, and smoking are mainly responsible for lung cancer which results in maximum number of deaths worldwide. It is particularly prevalent in low income nations. This alongside the development of numerous companion diagnostics and biomarkers for lung cancer are mainly boosting the segment’s share.
High Awareness about Personalized Healthcare Drives North America Companion Diagnostics Market
With respect to geography, the global companion diagnostics market is spread across Europe, North America, Asia Pacific, and the Rest of the World (RoW). Of them, North America at present holds a dominant share in the market because of the substantial revenue it generates. The region’s market has been boosted mainly by the increasing number of cancer patients and their rising knowledge about personalized healthcare. The rising affordability of treatment and a superior healthcare infrastructure has also bode well for the companion diagnostics market in the region.
Asia Pacific and Latin America are other attractive companion diagnostics markets which are poised to rise because of the increasing medical spends of people and improving healthcare facilities.
Noteworthy companies operating in the global companion diagnostics market are Genomic Health, Inc., GE Healthcare Ltd., Life Technologies Corporation, Agilent Technologies, Inc., Abbott Laboratories, Roche Holdings AG, Qiagen N.V., and Agendia N.V.