Albany, NY -- (SBWIRE) -- 05/11/2017 -- Rapid advances in molecular diagnostics and cancer biology are transforming the respective oncology research and drug development organizations. Subsequently, this has led to the evolution of new testing protocols and clinical trials paradigm aimed at matching patient therapies to improve treatment outcomes and to treat them with innovative personalized cancer therapies. These efforts will heavily rely on validated biomarkers and are expected to transform the importance of clinical laboratories application in oncology diagnostics and treatment. Personalized medicine is defined as the customization of particular treatment based on a patient's somatic genetics and is capable of transforming healthcare treatments for various disorders. Among all the molecular genetic assays, companion diagnostics are an important tool in the implementation of this personalized medicine therapy. The information that is derived from companion diagnostic tests specifies the customization of therapies based on genetics of the disease.

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A companion diagnostic test or device is an imaging tool or in-vitro diagnostic device that provides specific information, which is necessary for the effective and safe application of a particular therapeutic product. This in-vitro companion diagnostic test measures the presence of a definite biomarker that is associated with a therapy or disease condition. Moreover, in the recent years there has been a significant advancement for application of companion diagnostic testing and personalized medicine in the oncology industry. In oncology therapy, companion diagnostic tests typically identify somatic mutations in tumor cells that help in direct application of therapeutic product and found its application majorly in the colon, lung, breast and other cancer types. Among these, the application of companion diagnostic tests in Non-Small Cell Lung Cancer is considered to be the major application area and is accounts for more than 50% of overall companion diagnostic tests market in oncology area.

Thus, the above-mentioned attributes regarding companion diagnostic tests clearly depicts that there is an immense potential in next few years for developing innovative personalized treatment therapies for various treatment disorders. The contributing factors for the growth of this market include increased regulatory authorities' focus on the development of companion diagnostic tests, increased acceptance of diagnostic guidelines and favorable government reimbursement policies for these tests. Additionally, the market for companion diagnostics in developing nations such as China, India and Brazil is expected to foresee an attractive growth in coming years owing to growth in providing specialized pathology services and augmented patient access to the clinical laboratory testing services. Furthermore, rise in the geriatric population, growth in the number of number of patients suffering from various forms of cancer and growing healthcare awareness among the patients are further expected to accentuate the growth of this market.

The global companion diagnostics tests market for oncology is segmented geographically into North America, Europe, Asia-Pacific and Rest of World. Among these regions, North America accounts for the largest market share of overall companion diagnostic tests market followed by the European region. The dominance of North America in this market seen majorly due to the favorable regulatory policies and rise in investment for standard diagnostic laboratories infrastructure. Asia-Pacific region is expected to witness fastest growth rate in the near future due to rising population base and increasing awareness among population.

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Some of the major players operating in this market include Roche Diagnostics, Abbott Laboratories, Ventana Medical Systems, Inc., Epigenomics AG, Beckman Coulter Inc., Qiagen, Genomic Health Inc., Celera, Leica Biosystems, Labcorp, Quest Diagnostics, Inc., Panacea Pharmaceuticals, Dako and others.

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