Companion Diagnostics Market Stood at US$5.6 Bn by 2019

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Companion Diagnostics Market - Global Industry Analysis, Size,
Share, Growth, Trends and Forecast 2011 - 2019
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.
Browse Full Research Report:
https://www.transparencymarketresearch.com/companion-diagnosticsmarket.html
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.
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.
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.
Browse Full Press Release:
Press Release
About Us
Transparency Market Research (TMR) is a global market intelligence
company providing business information reports and services. The
company’s exclusive blend of quantitative forecasting and trend analysis
provides forward-looking insight for thousands of decision makers. TMR’s
experienced team of analysts, researchers, and consultants use proprietary
data sources and various tools and techniques to gather and analyze
information.
TMR’s data repository is continuously updated and revised by a team of
research experts so that it always reflects the latest trends and information.
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Research employs rigorous primary and secondary research techniques to
develop distinctive data sets and research material for business reports.
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