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.
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.
Companion Diagnostics Market: Overview
Companion diagnostics, after being first launched in the 1980s, has now gone through many advancements. Economic incentives have led the physicians to make improved decisions about treatments and test procedures. Companion diagnostics has now become a crucial part of personalized medicines and is predicted to increase its application in disease areas. The demand for personalized medicines is rising in many emerging nations, which is one of the key factors expected to drive the global companion diagnostics market.
The analysts use Porter’s five force analysis and SWOT analysis to measure the strengths, weaknesses, threats, and opportunities of the global companion diagnostics market. The historical developments and future growth prospects in the market are highlighted in the report. Key companies operating in the market and the startups are listed in the report for a competitive analysis. The research also focuses on the changing trends adopted by key companies for maintaining their dominance. The analysts have briefly studied the global companion diagnostics market with a microscopic view. The research also includes trends and opportunities present in the global market.
Companion Diagnostics Market: Trends and Opportunities
The global companion diagnosis market is predicted to reach US$5.6 bn by 2019, progressing at an 18.10% CAGR from 2012 to 2019. Key companies operating in this global market are taking efforts to increase their research and development activities to introduce new companion diagnostics. The rising emphasis on targeted therapies and the advancements in technologies are predicted to benefit the global companion diagnostics market. Pharmaceutical companies are taking consistent efforts to reduce the expenditure on new drug developments. Governments of many emerging nations are focusing on introducing favorable regulatory norms. This will assist the pharmaceutical companies to focus on their in-house improvements in companion diagnostics. All these factors are expected to contribute towards the growth of the global market.
Although the global market for companion diagnostics is growing at a significant pace, key companies are predicted to face many challenges throughout the forecast period. Lengthy stages of development of companion diagnostics technologies can be the biggest challenge for the startup companies. Unfavorable reimbursement scenario can also affect the growth of the global market for companion diagnostics. The influence of advocacy groups and clinical societies is increasing in many emerging nations, which is another factor predicted to affect the global companion diagnostics market.
Companion Diagnostics Market: Region-wise Outlook
By region, the global companion diagnostics market is divided into Asia Pacific, Europe, North America, and Rest of the World. In 2012, the global market for companion diagnostics was dominated by North America, accounting for above 35%. The growing consumer base, the increasing awareness about new companion diagnostics and the increasing awareness about personalized healthcare services are some of the factors expected to propel the North America companion diagnostics market. However, the rising medical infrastructure is predicted to propel the Asia Pacific market for companion diagnostics.
Key Players mentioned in the Report:
There are many well-established companies operating in the global companion diagnostics market. With many new companies expected to enter the mainstream, the global market is predicted to become highly competitive. Some of the key companies operating in this global market are Qiagen N.V., Agilent Technologies, Inc., Agendia N.V., Life Technologies Corporation, GE Healthcare Ltd., Roche Holdings AG, Abbott Laboratories, and Genomic Health, Inc.
Major regions analyzed under this research report are:
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments