Key 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.
Albany, NY -- (SBWIRE) -- 01/03/2017 -- Companion Diagnostics Market: Overview
Companion diagnostics, after being first launched in the 1980s, has now gone through many advancements. Economic incentives have led the physicians to make improved decisions about treatments and test procedures. Companion diagnostics has now become a crucial part of personalized medicines and is predicted to increase its application in disease areas. The demand for personalized medicines is rising in many emerging nations, which is one of the key factors expected to drive the global companion diagnostics market.
The analysts use Porter's five force analysis and SWOT analysis to measure the strengths, weaknesses, threats, and opportunities of the global companion diagnostics market. The historical developments and future growth prospects in the market are highlighted in the report. Key companies operating in the market and the startups are listed in the report for a competitive analysis. The research also focuses on the changing trends adopted by key companies for maintaining their dominance. The analysts have briefly studied the global companion diagnostics market with a microscopic view. The research also includes trends and opportunities present in the global market.
The global market for companion drugs is likely to exhibit an 18.0% CAGR from 2013 to 2019. The market has been projected to reach a valuation of US5.6 bn by the end of 2019 from a valuation of US$1.8 bn in 2013.
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Breast Cancer Segment to Lead in terms of Adoption of Companion Diagnostics
Based on indication, the global companion diagnostics market has been segmented into thalassemia, HIV, melanoma, colorectal cancer, gastric cancer, breast cancer, and lung cancer. Amidst these, in 2012, the market was dominated by the breast cancer segment on the basis of revenue. Nevertheless, over the coming years, the lung cancer segment is likely to lead the market and increasing at a CAGR of over 20% from 2013 to 2019. This growth can be attributed to the discovery of a plethora of companion diagnostics along with the development of biomarkers which are lung cancer specific.
North America to Continue its Dominance over Market
Geographically, the market has been classified into North America, Asia Pacific, Europe, and the Rest of the World. In 2012, the global companion diagnostics market was led by North America with a share of approximately 35%. This growth can be credited to the rising consumer base of the diagnostics owing to the growing number of cancer patients in the region, rising affordability, growing awareness about customized healthcare services, and the prevalence of high-end medical equipment. Asia Pacific and Latin America are also potential markets owing to the rising deployment of advanced medical procedures, growing infrastructural development, and increasing disposable incomes of consumers in these regions.
The key companies are Life Technologies Corporation, GE Healthcare Ltd., Genomic Health, Inc., Abbott Laboratories, Agendia N.V., Agilent Technologies, Inc., Qiagen N.V., and Roche Holdings AG.