Global Companion Diagnostics Market: report offers Market Size, Dynamics, Regional Market Share, Top Key Players, Latest trends, Growth factors, Industry Stats, Historic Market, Business Intelligence, Business Research Reports, Competitive Intelligence 2013 to 2017 and Forecast 2018 to 2024
Companion diagnostics are medical devices, often an in-vitro device and provides the information that essential for safe and effective use of the corresponding drug or biotechnology product. Companion diagnostics are often developed along with drugs to aid in selecting or excluding the patient groups for the treatment with particular drug on basis of their biological characters. Companion diagnostics are developed based on biomarkers technology to predict response or severe toxicity of the drugs or biotechnological compounds. Companion diagnostics are majorly used in oncology area.
Some of the factors like improved efficacy and safety profiles of drugs, accelerated drug regulatory approvals, reduced healthcare expenditure and drug development costs, increasing partnerships between market players, government organizations and other research firms over the use of co diagnostics, emergence of new pharmaceuticals and diagnostics are driving the growth of the global companion diagnostics market. However, due to the strict regulatory policies, complex clinical trial procedures and intellectual property issues in certain areas are the few issues which are restraining the growth of the global companion diagnostics market.
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The global Companion diagnostics market is categorized as under-
- Applications
- Breast Cancer
- Colorectal Cancer
- Lung Cancer
- Urology
- Melanoma
- Gastric Cancer
- Others
- Technology
- Immunohistochemistry
- Molecular Diagnostics
- In-situ Hybridization
- FISH
- CISH
- Real-Time PCR
- Gene Sequencing
- End-users
Hospitals, diagnostic centers and others.
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And lastly, on the basis of geographical regions, the global companion diagnostics market have five major regions: North America, Europe, Latin America, Asia-Pacific and the Middle East & Africa. North America is the major front-runner in the market for companion diagnostics owing to growth innovative technologies in biomarkers, increase in R&D investment in the region. Asia-Pacific and Europe are expected to grow at a significant rate owing to large patent and consumer base, increasing government initiatives developing healthcare infrastructure, and growing disposable income.
Some of the key players in companion diagnostics market are F. Hoffmann-La Roche Ltd.(Switzerland), Qiagen Ltd. (Germany), ARUP Laboratories (U.S.), Abbott Laboratories (U.S.), Biogenex Laboratories, Inc. (U.S), Thermo Fisher Scientific (U.S), Ventana Medical Systems Inc. (U.S), Myriad Genetics Inc. (U.S), and Danaher (U.S) and others. In 2015, Ventana Medical Systems, Inc. (RocheGroup) has received U.S. FDA approval for its ventana alk cdx assay, companion diagnostics to aid in the identification of patients for, Xalkori (Crizotinib) (Pfizer’s FDA approved targeted therapy).
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The global companion diagnostics market is highly fragmented due to the presence of several established large and small suppliers. The competition in the market will intensify as vendors adopt strategies like mergers and acquisitions to develop new technologies. Product approval and launch will also help to increase the volume of available diagnostic devices in the market. In addition, the vendors also work on differentiating their products based on quality, the accuracy of results, and other value added services as it will help them to gain a competitive edge over their peers.
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