Companion Diagnostic a therapeutic device, is used to diagnosis a treatment response in the patients as frequently as an in vitro gadget. The device provides information that is essential for the safe and effective use of a corresponding drug or biological product. The outcome (diagnostic report) helps a health care professional to determine is the benefits of a particular therapeutic product will compensate with some potential serious side effects or risks.
The Global Companion Diagnostics Market is growing rapidly and expected to grow at a CAGR of 6.1% during the forecast period.
Similarly, Companion Diagnostics are also used in drug development process by determining Companion biomarker that help predict likely response of toxicity. Lung Cancer, Colorectal Cancer, Breast Cancer, Melanoma Cancer, Gastric Cancer, Genital Cancer, and deadly infectious disease like HIV are some of the various types of biomarkers available in market.
Over the past few years, Companion Diagnostics has evolved greatly with the advancements in biotechnology. Moreover, owing to the growing prevalence of chronic diseases such as cancer & HIV, Companion Diagnostics has garnered an exclusive prominence. This has resultantly escalated Companion Diagnostics market on the global platform.
Acknowledging the exponential growth the market of Companion Diagnostics is perceiving currently and the growth prospects the market is demonstrating globally; Market Research Future (MRFR) recently published a brilliant study report giving out the complete market insights up till 2023. In its report MRFR asserts that the global Companion Diagnostics market is projected to grow exponentially by 2022, registering a phenomenal CAGR throughout the forecast period (2016 – 2022). Burgeoning healthcare sector is a key factor propelling the market growth.
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In addition other factors contributing to foster the market growth include; growing population, urbanization coupled with the adoption of heady, inappropriate lifestyle that fuels the instances of chronic diseases. Continuous advancement in medical technology both for the diagnosis and the treatment of patients also drive the market growth pervasively. Also, awareness among physician and patient about the drug toxicity is providing impetus to the market growth.
On the other hand, scepticism of physicians towards the advancement & efficacies of these devices is likely to restrict the market growth.
In developing countries due to less awareness, Companion Diagnostics is not as much in practice as in developed countries but the developing countries with huge population like India & China have a huge potential to pool in the market share.
Whereas in developed countries, lack of skilled professionals and lack of awareness is hampering the growth of Companion Diagnostics Market. Besides, logistic issues raised so as to develop companion diagnostics and drug together is posing challenges to the market growth.
Market Players:
The major participants of this market are Abbott (U.S.), Agilent Technologies (U.S.), ARUP Laboratories (U.S.), F. Hoffmann-La Roche AG. (Germany), Myriad Genetics Inc. (U.S.), QIAGEN N.V. (Germany), and Thermo Fisher Scientific Inc. (U.S.).
Industry/Innovation/Related News:
January 30, 2018 – One Million Solutions in Health (UK), a global community working to stimulate ideas, innovation and solutions announced it has received license for its ground-breaking innovation – basically a biomarker that can also be used as a companion diagnostic to aid in clinical decision-making related to cancer treatments.
January 29, 2018 – Meso Scale Diagnostics, LLC. (US), a leading global maker & marketer of products & services for biological detection, announced that it has received its first clearance from the FDA for an in vitro diagnostic.
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Sep. 2017 – Thermo Fisher Scientific (US) a leading global provider of biotechnology product development announced partnership with the Institute of Pathology Heidelberg (IPH). The initiative focuses on forging strategic collaborations with leading, European-based organizations that can lead studies using Thermo Fisher’s Oncoming portfolio of research panels destined for development as Companion Diagnostics to help drive precision oncology in the region.
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