Companion Diagnostics Market – Overview

The Companion Diagnostics market is accruing and expected to gain further prominence over the forecast period mainly due to the growing prevalence of diseases such as cancer or HIV and technological advancements. According to a recent study report published by the Market Research Future, The global market of Companion Diagnostics is projected to accrue at a rapid pace during the forecast period (2016 – 2022).  The Market is forecasted to accrue over its previous growth records with a striking CAGR during 2016 and 2022.

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Companion diagnostics market is driven by continuous advancement in medical technology both for the diagnosis and the treatment of patients. Growing prevalence of chronic diseases such as cancer or HIV is fostering the market growth of companion diagnostics.  Additionally, awareness among physician and patient about the drug toxicity is providing impetus to the market growth.

However in developing countries due to less awareness it 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. In the developing countries lack of skilled professionals and lack of awareness is hampering the growth of companion diagnostics Market. Other challenges in the development of companion diagnostics is the logistic issues raised so as to develop companion diagnostics and drug together.

A companion diagnostic is a therapeutic device, used in diagnosing the treatment response of the patient frequently an in vitro gadget, which gives data that is crucial for the effective and safe utilization in comparing drug or organic products. The test helps a healthcare professional to figure out if a specific drug is advantages to patients will or exceed any potential genuine symptoms or risk. Biomarker presence or absence determines whether or not the patient will respond to the treatment. This test require a biopsied tissue to access the expression of biomarker protein or mutant or aberrant genes. Companion diagnostics are also used in drug development process by determining Companion biomarker that help predict likely response of toxicity. There are different types of biomarker available in market such as Colorectal Cancer, Lung Cancer, Breast Cancer, Gastric Cancer, Melanoma Cancer, Genital Cancer, Other Infectious disease like HIV.

Co-development, particularly of drugs with assays for pharmacogenomics biomarkers necessary for patient selection, will be an important component of the shift to precision or personalized medicines. The division of responsibilities could also maintain gaps in controls, in the pre-analytical phases of biomarker testing, on the quality of specimens, particularly during their storage and transportation, and in the monitoring of the reproducibility of tests. 

Companion Diagnostics Market – Competitive Analysis

The embryonic market of Companion Diagnostics appears to be fairly stable as far as the eye can see. With the handful of players operating in the market, Companion Diagnostics seems to be consolidated industry. Marketers compete based upon price and brand reinforcement. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. Key Players operating in the market compete based on pricing, innovation and service. In view of growth and immense revenue generation opportunities potential that market is currently demonstrating is in turn attracting several new entrants to enter the Companion Diagnostics market.

Sep. 2017 – Thermo Fisher Scientific has signed an agreement 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.

Industry News – Sep. 2017 – The European Union has been overhauling its rules on in-vitro diagnostics (IVD), particularly companion diagnostics, to bring them more into line with internationally agreed standards. But despite the changes, it is still retaining a regulatory system that keeps the approval of IVDs separate from those for pharmaceuticals. The authorization of medicines and diagnostics will continue to be done along different regulatory pathways even though the use of companion diagnostics (CDx) is considered to be crucial to the performance of the drug. 

Companion Diagnostics Market – Segments

The Companion Diagnostics Market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;

Segmentation By Types  : Comprises Theranostics And Monitoring Tests, and other.

Segmentation By Application  : Comprises Cancer Diseases, Cardiovascular, Central Nervous Systems, and other.

Segmentation By End Users : Comprises Hospital, Research Laboratories, Medical Institutes and others.

Segmentation By Regions   : Comprises Geographical regions – North America, Europe, APAC and Rest of the World.

Companion Diagnostics Market – Regional Analysis

Globally North America is the largest market for companion diagnostics, and is expected to grow at a substantial CAGR. Europe is the second-largest market for companion diagnostics which is expected to grow at a considerable CAGR. Whereas Asia pacific is expected to be a fastest growing market and expected to grow at a rapid pace during the forecasted period.

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