Companion Diagnostics Market: Overview

Companion diagnostics, after being first launched in the 1980s, has now gone through many advancements. Economic incentives have led the physicians to make improved decisions about treatments and test procedures. Companion diagnostics has now become a crucial part of personalized medicines and is predicted to increase its application in disease areas. The demand for personalized medicines is rising in many emerging nations, which is one of the key factors expected to drive the global companion diagnostics market.

Companion diagnostics facilitate the enhancement of a specific drug treatment by the patient’s response at every stage of treatment. These tests specify whether the patient is likely to respond to the treatment or witness adverse reactions, and also enable optimization of dosing concentrations of the drug. The medications currently available commercially are becoming more and more personalized or targeted to specific patient populations.

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The analysts use Porter’s five force analysis and SWOT analysis to measure the strengths, weaknesses, threats, and opportunities of the global companion diagnostics market. The historical developments and future growth prospects in the market are highlighted in the report. Key companies operating in the market and the startups are listed in the report for a competitive analysis. The research also focuses on the changing trends adopted by key companies for maintaining their dominance. The analysts have briefly studied the global companion diagnostics market with a microscopic view. The research also includes trends and opportunities present in the global market.

Companion Diagnostics Market: Trends and Opportunities

The global companion diagnosis market is predicted to reach US$5.6 bn by 2019, progressing at an 18.10% CAGR from 2012 to 2019. Key companies operating in this global market are taking efforts to increase their research and development activities to introduce new companion diagnostics. The rising emphasis on targeted therapies and the advancements in technologies are predicted to benefit the global companion diagnostics market. Pharmaceutical companies are taking consistent efforts to reduce the expenditure on new drug developments. Governments of many emerging nations are focusing on introducing favorable regulatory norms. This will assist the pharmaceutical companies to focus on their in-house improvements in companion diagnostics. All these factors are expected to contribute towards the growth of the global market.

Although the global market for companion diagnostics is growing at a significant pace, key companies are predicted to face many challenges throughout the forecast period. Lengthy stages of development of companion diagnostics technologies can be the biggest challenge for the startup companies. Unfavorable reimbursement scenario can also affect the growth of the global market for companion diagnostics. The influence of advocacy groups and clinical societies is increasing in many emerging nations, which is another factor predicted to affect the global companion diagnostics market.

Companion Diagnostics Market: Region-wise Outlook

By region, the global companion diagnostics market is divided into Asia Pacific, Europe, North America, and Rest of the World. In 2012, the global market for companion diagnostics was dominated by North America, accounting for above 35%. The growing consumer base, the increasing awareness about new companion diagnostics and the increasing awareness about personalized healthcare services are some of the factors expected to propel the North America companion diagnostics market. However, the rising medical infrastructure is predicted to propel the Asia Pacific market for companion diagnostics.

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Key Players mentioned in the Report:
There are many well-established companies operating in the global companion diagnostics market. With many new companies expected to enter the mainstream, the global market is predicted to become highly competitive. Some of the key companies operating in this global market are Qiagen N.V., Agilent Technologies, Inc., Agendia N.V., Life Technologies Corporation, GE Healthcare Ltd., Roche Holdings AG, Abbott Laboratories, and Genomic Health, Inc.

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