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.
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According to the study, the chief players operating in the market are
Roche Holdings AG, Qiagen N.V., Agilent Technologies, Inc., Agendia
N.V., Abbott Laboratories, Genomic Health, Inc., GE Healthcare Ltd.,
and Life Technologies Corporation, among others.
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