The Global Market for Companion Diagnostics is Projected to Reach US$5.8 Billion by 2022

Growing Need to Predict Treatment Responses for Individual Patients Drives the Companion Diagnostics Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Companion Diagnostics market. The global market for Companion Diagnostics is projected to reach US$5.8 billion by 2022, driven by the growing role of theranostics in disease treatment.   

A Companion Diagnostic (CDx) refers to a diagnostic test used as a companion to a therapeutic drug for increased efficacy of the drug and for pre-determining the efficacy of the treatment. CDx are usually in-vitro devices or assays or imaging tools, which are developed during development of the corresponding drug or after the drug is on the market. By providing crucial information on an individual’s risk factors for hard-to-diagnose conditions, and also predicting safety and efficacy of the drug in relevance to the targeted patient group, companion diagnostics enable healthcare professionals to decide whether a drug’s benefits outweigh its risks. They help doctors in appropriate dosage of medication, determine how well a patient is responding to a prescribed therapy, and also analyze risk of recurrence of a disease. Use of CDx during drug development and clinical trials increases the success rate of drugs, because they can identify patient sub-groups that are most likely to respond to a certain treatment and thus guide therapy decisions and improve patient outcomes, in turn reducing healthcare expenditure.

Companion diagnostics have ushered the emergence of personalized medicine, a breakthrough approach in the clinical treatment process. Companion diagnostics evaluate the safety and efficacy of a drug as well as optimum dosage for treating a patient, thereby paving the way for the practice of personalized medicine. Collaborations and partnerships between pharmaceutical companies and diagnostic technology providers are resulting in simultaneous approval of drugs and their corresponding companion diagnostics. In terms of technology, Next-Generation Sequencing (NGS) is expected to boost the CDx market, on account of its capability to identify multiple genes simultaneously and yield superior results. Oncology represents the leading application area for companion diagnostic development, with most of the FDA-approved companion diagnostics developed for breast cancer, lung cancer, gastric cancer, colorectal cancer, and melanoma. Breast cancer, especially, has been the highest revenue grosser, because most CDx were developed to detect the HER/neu biomarker for breast cancer. Neurology represents a therapeutic area with rapid growth potential, owing to unmet medical needs and extensive R&D in therapies for Alzheimer’s and Parkinson’s disease.

As stated by the new market research report on Companion Diagnostics, the United States represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market, with a CAGR of 17% over the analysis period. The growth in the region is led by growing population, prevalence of diseases, increased spending on healthcare R&D by governments, migration to value based healthcare and higher per capita healthcare spending by the growing base of affluent middle class population.

Major players covered in the report include Abbott Molecular Inc., Beckman Coulter Inc., bioMérieux SA, Dako A/S, Foundation Medicine Inc., GE Healthcare Ltd., Clarient Diagnostic Services Inc., Laboratory Corporation of America® Holdings, Leica Biosystems Nussloch GmbH, Merck & Co. Inc., Myriad Genetics Inc., QIAGEN N.V., Quest Diagnostics Inc., Roche Diagnostics Corp., Ventana Medical Systems Inc., and Thermo Fisher Scientific, Inc.

The research report titled "Companion Diagnostics: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, mergers and acquisitions, and other strategic industry activities of major companies worldwide. The report provides market estimates and projections for geographic markets, such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), Latin America, and Rest of World. Application areas analyzed for the market include Oncology, Neurology, and Others (including Cardiovascular and Gastrointestinal therapy areas).  

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