Companion diagnostic tests or assays elucidate various drugs or a class of specific drugs for their safety and efficacy. These are some of the most essential tools for the physicians making vital treatment decisions for their patients. Growth in demand for personalized medicine and diagnostic biomarkers are expected to create steady rise in demand for the companion diagnostics market. The industry is expected to witness impressive growth in the coming years, mainly due to the advancements in this technology and growth of the pharmaceutical sectors across the world. As a result, key players in this market are expected to witness exciting business opportunities in the years to come.
Scope of Research – Market Segmentation
In order to understand the details like current growth trends and projected business opportunities, researchers segment the industry on the basis of the vital components. The companion diagnostics market is segmented on the basis of the types of technologies, their applications, and their demand from different end-user segments as well as geographic regions. The applications segment in the market is sub-categorized into breast cancer, melanoma cancer, non-small cell lung cancer, gastric cancer, colorectal cancer, and others including ovarian cancer, prostate cancer, infectious diseases and neurological diseases.
The basic technologies in the market are sub-segmented into Immunohistochemistry Test (IHC), Polymerase Chain Reaction Test (PCR), In Situ Hybridization Test (ISH) and others. The other technologies analyzed by the experts include Multiplex Assay Test, Cellular Immune Testing, Monoclonal Antibodies Test and Next-generation Sequencing. End-user segments in the market for companion diagnostics include reference laboratories, pharmaceutical companies and others like contract research organizations, physicians, academic medical centers and hospitals. Geographic segments include Asia, Europe, North America and rest of the world.
Market Drivers and Growth Prospects
According to the experts, the global companion diagnostics market is steadily driven by three major drivers. These drivers include rising demand for targeted cancer treatment, encouragement from regulatory bodies for implementation of these technologies and rising rate of adoption from reference laboratories and pharmaceutical companies. Growing demand for tailored drugs, personalized medicine and diagnostic biomarkers are also expected to drive the market in the years to come. Laboratory developed or home brew tests and reimbursement scenarios across different parts of the world are expected to be the major restraints for the overall market.
However, increasing scope of diagnostic biomarkers market and companion diagnostics in different cancer indications like leukemia, neurology, and ovarian are expected to create business opportunities for the market. Emerging technologies like NGS or next-generation sequencing are also expected to provide potential traction for the market. According to the experts, the global companion diagnostics market is expected to grow at a steady CAGR of over 22% from 2014 to 2019. At the projected growth rate, the industry is estimated to reach $8,730.7 million by the end of 2019. As of 2014, the market is estimated to be worth $3,136.9 million. North America is expected to dominate the overall industry in terms of market share.