High Need for Effective Oncology Drugs to Drive Global Companion Diagnostic Market

Market Scope:

Companion diagnostics (CDx) are assaysor medical devices which provides information on the safe consumption or use of a drug or biological product. The test can determine the compatibility of the drug with the patient. Personalized medicine has pushed such devices to the forefront with many patients opting for this safe service to nullify side-effects of any drugs. Market Research Future (MRFR) asserts in its latest companion diagnostic market report the various developments and trends which can take place during the period of 2018 to 2023 (forecast period).

The global Companion Diagnostic Market is set to touch a valuation of USD 12,647.5 million by 2023. It is pegged to display a CAGR of 15.4% over the forecast period. High costs of drug discovery and drug development is the primary factor driving market growth. CDx devices can provide vital information on the safety of drugs with respect to the individual. The use of these devices by pharmaceutical companies for improving the clinical outcomes of new drugs can positively impact the market.

Improving the validity and accuracy of biomarkers for identifying cancerous cells can also fuel market growth. The adoption of personalized medicine and chances of improving patient outcomes that can lower healthcare costs and minimize drug use can have a positive impact on the global companion diagnostic market.

However, the concerns over inaccuracy of test results may impede the market growth.

Competition Outlook:

F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Qiagen N.V., Agilent Technologies, ARUP Laboratories, Abbott Laboratories, and Myriad Genetics, Inc.

Segmentation:

·         The global companion diagnostics marketreport is segmented by technology, application, and end user.

·         By technology, it has been segmented into polymerase chain reaction (PCR), in-situ hybridization, and immunohistochemistry. In-situ hybridization is a method in which modified DNA or RNA strands are used to localize a particular group of DNA or RNA in a section of the tissue. It can reveal the location of specific chromosomes, which can be used to target specific group of cells without affecting the neighboring cells. Immunohistochemistry is an examination for identification of carcinomas of unknown primary site (CUP). It can be used in identification and classification of cancerous cells in the body.

·         Applications in the companion diagnostics market comprise as central nervous system disorders, cancer, infectious diseases, cardiovascular diseases, and others.  Cancer is a disease which is accountable for many deaths annually. Companion diagnostics falls under pharmacogenomics which uses the genetic makeup of an individual for creating drugs suited for that individual. The success of personalized medicine using CDx assays as a base for identification of such traits can bode well for the market. Neurological disorders have a genetic disposition and scientists are redoubling their efforts at creating effective biomarkers for treating disorders such as Alzheimer’s.

·         By end user, the companion diagnostics market caters to clinical laboratories, contract research organizations, pharma & biotech companies, and others.

Regional Analysis:

The global companion diagnostics market, based on region, is divided into the Americas, Europe, AsiaPacific (APAC), and the Middle East & Africa (MEA).

The Americas can continue to dominate the global companion diagnostics market. Within the region, North America can lead mainly due to an established healthcare system and technological advancement in drugs. Presence of large number of players has led to collaborations and partnerships between pharmaceutical companies and firms specializing in companion diagnostics.

Europe has assumed the second-largest position in the market. Focus on improving imaging and assays for chronic diseases as well as focus on targeted therapies for oncology can induce demand in the global companion diagnostic market. Germany and the U.K. are expected to be the biggest revenue generators of the region.