Albany - NY, Oct. 21, 2015 (GLOBE NEWSWIRE) -- In a recent market study from Transparency Market Research (TMR), the global companion diagnostics market is estimated to reach US$5.6 billion by 2019, increasing from US$1.8 billion in 2013. This growth amounts to a remarkable CAGR of 18.1% from 2013 to 2019.The report, titled "Companion Diagnostics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019", is available for sale on the company website.Companion diagnostics enable physicians to make more precise decisions for specific drug treatments depending on the patient's response at every stage of the course of treatment. The tests indicate both favorable and adverse reactions to a certain line of treatment and also help optimize drug dosage.
Browse the full Companion Diagnostics Market (Breast Cancer, Lung Cancer, Colorectal Cancer, Gastric Cancer, Melanoma and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019 report at http://www.transparencymarketresearch.com/companion-diagnostics-market.html
In current times, rising demand for personalized medicine is largely contributing to the growth of the global companion diagnostics market. The medications currently available are increasingly becoming personalized or targeted for specific patient populations. Hence, development of companion diagnostics along with drugs facilitates a shorter drug development process, as its efficacy is continually charted and monitored. As such, employing companion diagnostics increases the chances of easier drug approval and also avoids the long clinical trial designs, as only the target patient pool needs to participate in the clinical trials.
Additionally, escalating costs associated with drug research and development has led to the need for developing cost-effective solutions. Pharmaceutical companies are currently focusing on developing companion diagnostics along with the drug. This strategy of co-development facilitates the commercial availability of safe and effective drugs. With the emergence of personalized medicine and growing knowledge about the human genome, a large number of pharmaceutical companies are re-working their business models to move away from ill-defined generic therapeutics towards specific, personalized medicine. According to the report, companion diagnostics for breast cancer dominated the global companion diagnostics market in 2012, in terms of revenue. In the coming years, however, lung cancer will lead the market, growing at a CAGR of over 20% from 2013 to 2019, as stated in the report. The segment is poised for rapid growth due to the discovery of biomarkers that are specific to lung cancer, and the discovery of myriad relevant companion diagnostics.
As per the report's findings, North America represented the largest market for companion diagnostics in 2012, followed by the European Union (E.U.). Favorable healthcare reforms, growing patient pool, increasing disposable incomes, improved healthcare systems, and rising awareness are cited as the factors favorable to the growth of the market. In the U.S. and the E.U., faster adoption of modern medicine accounts for the growth of the regional markets.The Asia Pacific and Rest of the World regions are expected to exhibit considerable demand for companion diagnostics in the coming years. In these regions, improving healthcare infrastructure, increasing disposable incomes, and untapped potential for companion diagnostics are cited as the main reasons for the growth of the market. The report covers key companies in the companion diagnostics market, which are Quagen N.V., Life Technologies, GE Healthcare Ltd, Agilent Technologies, Inc., Abbott Laboratories, Genomic Health, Roche Holdings AG, and Agendia N.V.
The report segments the global companion diagnostics market into:
Market Segmentation by Indication
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Gastric Cancer
- Others (Thalassemia, HIV)
Market Segmentation by Geography
- North America
- Asia Pacific
- Rest of the World
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Source:Transparency Market Research