The global companion diagnostics market is currently estimated to be valued at USD 8.3 billion in 2016 and is poised to reach USD 36 billion by the end of 2021. The CAGR during this period is estimated to be 35%.
Companion diagnostics is a relatively new branch of diagnostics that is expected to grow at a swift pace in the near future. The various advantages it offers have increased its market demand globally. It has the potential to totally alter the drug development process and commercialization of the drug prospects will generate drugs with a better therapeutic efficiency in a faster and cost-effective way.
Oncology is one such area that has hugely benefitted from the advent of companion diagnostics. Companion diagnostics has been highly beneficial to identify patients with specific biomarkers that have predictive responses. This means that it has the power to predict the response of a specific therapy for a specific person, which in turn results in better patient treatments and reduction in healthcare expenditure.
Global Companion Diagnostics Market- Market Dynamics
The fact that companion diagnostics can offer targeted therapies (personalized medicine) depending on the disease makes it an exciting field and a market to watch out for. Global market players have identified it as a huge revenue-generating technology that can offer better therapeutic efficiency in a lesser time frame than the normal ones and have started to invest heavily into developing novel targeted therapies for diseases.
Some of the many factors driving the growth of the companion diagnostics market are:
While the global companion diagnostics market offers ample scope for growth, there are certain factors restraining it. These include:
Currently, North America is the largest market for companion diagnostics on the global scale. This is a result of the technological advances, increased adoption rates, and higher awareness levels among the population about the potential benefits of companion diagnostics. However, Asia-Pacific and Latin America can be considered as the fastest growing segments of the global market. This is due to the increased chronic disease population, lenient regulatory framework and cost-effective clinical trial procedures in these markets.
The global companion diagnostics market can be segmented on the basis of indication and geography. On the basis of indication, the market has been segmented into lung cancer, breast cancer, colorectal cancer, melanoma, leukemia and others. On the basis of geography, the market has been segmented into North America, Europe, Asia-Pacific and Rest of the World.
The report gives a competitive intelligence analysis in the form of mergers and acquisition activity, collaborations, agreements, new product launches, along with the profiles of major players including the likes of-
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