Pune, India -- (SBWIRE) -- 11/09/2018 -- Companion diagnostics (CDx) are in vitro devices, assays or imaging tools which are used in combination with cancer biomarkers that provide critical information regarding patients' condition and efficiency of the treatment. This enables healthcare professionals to determine if the benefits of the treatments outweigh the associated risks and subsequently prescribe the most appropriate treatment.

The companion diagnostic cancer biomarkers market for companion diagnostics cancer biomarkers is fueled by the growing incidents of cancer and the need for better treatment solutions. In the present scenario where the prescription of most cancer treatments is predominantly based on trial and error, companion diagnostics (CDx) give a certain assurance of more efficient and safer pharmacotherapy. Numerous FDA approved companion diagnostics are being developed for breast cancer, colorectal cancer, lung cancer, gastric cancer and melanoma. Companion diagnostics standards are equivalent to the requirements and regulations to that of the related drugs.

The aligning of revenue among the stakeholders remains a major challenge. The companies that are developing companion diagnostics are caught between the conflicting demands of two major stakeholders i.e., the companies that are directly involved in the development of the drugs or companion biomarkers and the providers/payers. The regulation criteria are becoming more demanding in terms of development period between drug and companion diagnostics.

Research and development of predictive biomarkers in oncology plays a significant role in profitable commercialization of companion diagnostics. The Gleevec (Imatinib) and Herceptin(trastuzumab) are two of the most commercially successful drugs that are attributed to the acceptance and popularity of companion diagnostics. Before prescription, both of these drugs need companion diagnostics for testing. From the initial beginning of a few oncology biomarkers with companion diagnostics, the companion diagnostic cancer biomarkers market has expanded to several therapeutic areas and the number of combinations has grown manifolds.

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Companion Diagnostic Cancer Biomarkers Market, by Application
The application of companion diagnostics with cancer biomarkers in the treatment of breast cancer is accounted for US$ 960 Mn in 2016 and expected to show sustainable growth during the forecast period. The growth is attributed to the rise of breast cancer awareness programs and as the demand and development of CDx for detection of biomarkers for breast cancer.

Companion Diagnostic Cancer Biomarker Market, by Region
North America dominated the companion diagnostic cancer biomarkers market in terms of revenue accounting for approximately US$ 980 Mn in 2016 accounting for 42.6% of the global market, followed by Europe. The major share is attributed to the high investments in research and development in the region, high demand for companion diagnostics cancer biomarkers from the medical industry and demonstrated support from the U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA). Another important reason for the growth in North America is a relatively better insurance infrastructure assuring predictable reimbursement.

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Competitive Market Share
The companion diagnostic cancer biomarkers market report provides both, qualitative and quantitative research of the market, as well as it helps to gain important insights of current and future market and trending technologies adopted by the key players. The report also offers extensive research on the key players in this market and detailed insights on the competitiveness of these players. The key business strategies such as mergers and acquisitions(M&A), affiliations, collaborations, and contracts adopted by the major players are also recognized and analyzed in the report. For each company, the report recognizes their manufacturing base, competitors, product type, application and specification, pricing, and gross margin.

Some of the key participants of global companion diagnostic cancer biomarkers market are Hoffmann-La Roche AG, Agilent Technologies, Inc., Qiagen N.V., Thermo Fisher Scientific Inc., Abbott Laboratories, Inc., Biomérieux SA, Danaher Corporation, Illumina, Inc., Myriad Genetics, Inc., Arup Laboratories Inc., Sysmex Corporation, Hologic Inc., Novartis AG, Almac Group and Abnova Corporation amongst others.