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Companion diagnostics market forecast 2021 detailed in new research report

Companion diagnostics market forecast 2021 detailed in new research report

Companion diagnostics are in-vitro diagnostics that provide information about therapeutic responses of patients for a specific treatment. Companion diagnostics market is still nascent, and it is projected to reach $3.5 billion by 2020 from a base value of $1.1 billion in 2013, growing at a CAGR of 20% during 2014 to 2021.

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Companion diagnostics are known for facilitating the enrichment of a precise drug treatment at every stage through the response of the patient. These tests help in verifying whether the patients are expected to response to the respective treatment being given to them, witness the negative reactions, and further enabling optimization of drug doses.

The medications presently obtainable commercially are gaining more personalized and targeted specific patients.

The production of a companion diagnostic coupled with the respective drug helps in shortening the drug development processes as the effectiveness has been previously charted by the outcomes of the patients.

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Thus, the employment of companion diagnostics raises the probability of the drug achieving regulatory approval and further helps in escaping long clinical trials which the targeted population of patients needs to participate in.

The growing demand for custom-made medicines is the primary aspect propelling the growth of the global companion diagnostics market. Additionally, the increasing incidence of cancer across the globe and the decreasing costs of developing drugs are also expected to augment the growth of the market.

Dynamics such as the tilting focus on targeted therapies and the shift of pharmaceutical manufacturers towards the in-house development of companion diagnostics are further supplementing the market growth.  

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Moreover, the accumulative new areas of indication have emerged as prime opportunities in the market. On the other hand, the growing period of the consent process and the lengthy development time of these companion diagnostics are likely to hinder the development of the market over forthcoming years.

The hostile reimbursement situation across the globe is also expected to have a negative influence on the progress of the market in the near future.

Increasing scope for companion diagnostics and emerging technologies, such as next-generation sequencing (NGS), are some of the major opportunities for the global companion diagnostics market. Some of the major factors driving the growth of global companion diagnostics market are growing adoption of companion diagnostics by pharmaceutical companies and reference laboratories, regulatory bodies encouraging implementation of companion diagnostics, increasing demand and developmental of personalized medicine and rising demand for targeted cancer treatment.

Reimbursement scenario, effect of influence of advocacy groups and clinical societies, and extended developmental and approval phases are some of the factors that are restraining the growth of global companion diagnostics market. One of the major challenges for the companion diagnostics market is co-ordination in the development of drugs and diagnostics together.

North America had the largest companion diagnostics market because of the increasing incidence of cancer and increased healthcare awareness. Whereas, Asia-Pacific is the fastest growing market of companion diagnostics owing to the strengthening healthcare services and increasing medical tourism in developing countries such as India and China.  

Some of the major competitors in companion diagnostics market are Biogenex Laboratories Inc, Agilent Technologies, Inc., Abbott Laboratories, Inc., Beckman Coulter, Inc., Danaher Corporation, Myriad Genetics, Inc., Qiagen N.V., bioMérieux SA, F. Hoffmann-La Roche AG, and General Electric Company.

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