Companion Diagnostics Market Synopsis
A companion diagnostic is an in vitro gadget or a therapeutic device which provides data crucial for safe and effective utilization in comparing drug or organic products. It helps to detect whether a specific drug is helpful to a patient or will exceed genuine symptoms or risks. Companion diagnostics are usually used to regulate patients molecular profile and determine which therapy will actually work for a particular person. A biopsied tissue is required to contact the appearance of mutant or biomarker protein. They are also used in developing drug that helps to foresee the response of toxicity. According to a new report by Market Research Future (MRFR), the global market for companion diagnostics is sure to show a significant growth rate.
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These tests are performed to detect what dosage shall be prescribed to a patient based on clinical diagnosis. Companion diagnostics is used to identify if someone cannot be cured and ascertain who would benefit from treatment. It offers patients and healthcare providers an assurance regarding the treatment result.
Companion Diagnostics Market Drivers and Restraints
Increasing demand and awareness about personalized medicines among the population is one of the major factors driving the growth of the market. Rising cases of adverse drug effects also drive the need for companion diagnostics globally. Moreover, companies have been increasing their collaboration for improved diagnostics and biomarkers to focus on cost regulations. There have been a number of opportunities of its application besides cancer like neurological and cardiovascular. The rise in capital will drive the market in the long run. With the expansion of companion diagnostics into areas such as CNS disorders, oncology, infectious diseases and metabolism disorders, there has been a huge growth opportunity in this market. Several diagnostic and pharmaceutical companies are also investing in the development of companion drugs and is expected to gain substantial growth opportunities.
Meanwhile, the high cost involved in the development of diagnostic and therapeutics tests are one of the major factors inhibiting the market growth. To minimize the failure rate, several companies are preferring collaborations. But co-development is also seen to be highly expensive. Besides, several diagnostic companies feel uncertain regarding reimbursement and agreement status which is eventually affecting the market growth.
Global Companion Diagnostics Market Segmentation
Globally, the Companion Diagnostics Market can be segmented based on application, type, end-users and technology.
The market can be segmented into theranostics and monitoring tests based on type.
The market has been segmented into central nervous systems, cardiovascular, cancer diseases, and others based on application.
The market has been segmented into hospitals, research laboratories, medical institutes and others based on end users. Biopharmaceuticals and pharmaceutical companies are accounted to hold the largest market share.
Companion Diagnostics Market Regional Analysis
Geographically, North America has been witnessed to hold the largest market share for companion diagnostics and is expected to flourish in the future. There have been cases of therapeutic side effects like Avandia and Vioxx, which has forced people to look for alternatives and raise their awareness about the benefits of personalized medicines.
Europe holds the second-largest market share and is expected to show a significant growth rate due to increasing government initiatives for improving high disposable income and healthcare infrastructure and due to large consumer base. Besides, Asia Pacific is anticipated to be the fastest growing market in the global scenario and grow at a fast pace in the forecast period.
In January 2018, Myriad Genetics received the FDA approval for BRACAnalysis CDx as Companion Diagnostic for Lynparza. A new companion diagnostics agreement was signed in January 2018 between Amgen and Biocartis Group for developing Idylla™ CDx biomarker tests which are used in treating solid tumors.
Companion Diagnostics Market Competition Analysis
Some of the prominent players operating in the market globally are Dako (Denmark), Ventana Medical Systems, Inc. (US), f. Hoffmann-la Roche Ltd (Switzerland), Agilent Technologies (US), Abbott Laboratories, Inc. (US), and Qiagen (Germany).
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