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Published Date: 2013-08-29Number of Pages: 89

Companion Diagnostics Market (Indication Type - Breast Cancer, Lung Cancer, Colorectal Cancer, Gastric Cancer, Melanoma, Thalassemia, and HIV) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2011 - 2019

Global Companion Diagnostics Market: Overview

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.

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.

Breast Cancer Segment to Lead in terms of Adoption of Companion Diagnostics

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.

North America to Continue its Dominance over Market

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.

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:

  • Europe
  • 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


 
 
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