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 Growth 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.
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