Dallas, TX -- (SBWIRE) -- 10/14/2014 -- The global companion diagnostics market is expected to reach $8,730.7 million by 2019 from $3,136.9 million in 2014, growing at a CAGR of 22.7% during the forecast period (2014 to 2019).

This market is segmented by technology, application, and end user. Technologies are further subsegmented into immunohisto chemistry, in situ hybridization (fluoroscent ISH and chromogenic ISH), polymerase chain reaction (PCR), and next-generation sequencing (NGS)-based tests. The application market is further subsegmented into breast cancer, lung cancer, melanoma cancer, and colorectal cancer. The end users are majorly segmented into pharmaceutical companies and reference laboratories. Among technologies, the polymerase chain reaction (PCR)-based test accounted for the largest share of 65.5% in 2013. The growth of companion diagnostic in the other applications segment (neurological diseases, infectious diseases, ovarian cancer, and leukemia) is expected to grow at a CAGR of 30.3%; whereas, on the basis of end user, reference laboratories is expected to grow at the fastest rate in the market.

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The major application driving the global companion diagnostics market is the adoption of companion diagnostic tests in oncology for various indications and for target therapies. Currently, breast, lung colorectal, and melanoma are the major types of cancer for which FDA approved companion diagnostics are available. In addition, encouragement by regulatory bodies and acceptance of tests by end users are the prominent factors for growth of market. Notable restraining factors include varied reimbursement procedures in different regions and usage of non-validated tests for identification of biomarkers. However, advanced technologies such as next-generation sequencing and growth of companion diagnostic in prostate cancer, leukemia, ovarian cancer, Alzheimer’s disease, and Parkinson’s disease are likely to augment the global companion diagnostic market in the future.

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NGS-based companion diagnostics is one of the major factors that will drive the Companion Diagnostics Market owing to its capability of identifying multiple genes at a single time. This in turn encouraged the adoption of diagnostic tests in the earlier clinical phase and ensured accurate treatments. Currently, NGS-based companion diagnostics tests are available for cystic fibrosis and the companion diagnostic manufacturers are engaged in developing tests for other chronic and life threatening diseases. To capture this market, pharmaceutical firms are striving to enter into the global Companion Diagnostics Market through strategic acquisitions and collaborations with NGS platform diagnostic firms. Moreover, the end results of NGS is superior as compared to other technologies, as NGS provides a wider definition of genome sequencing that will fuel the adoption of NGS-based companion diagnostics in the future.

This study also illustrates the major market players who have made a remarkable contribution in the global Companion Diagnostics Market. The major players of this market are Roche Diagnostics (Switzerland), Abbott Laboratories (U.S.), Agilent Technologies (U.S.), Thermo Fisher Scientific Inc. (U.S.), and QIAGEN N.V. (Netherlands).

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