Wed October 19th, 2016
The growth in the companion diagnosticsmarket is attributed to the growing need of personalized cancer treatment and tailored medications.
Download PDF for Explore in Depth of this Market@ http://tinyurl.com/gvtbkuz The global companion diagnostics market is expected to reach $8,730.7 million by 2019 from $3,136.9 million in 2014, growing at a CAGR of 22.7%. The growth of this market can be attributed to the growing demand of targeted drugs in oncology, neurology, and infectious diseases and the support from regulatory authorities across the globe. The growth in the companion diagnosticsmarket is attributed to the growing need of personalized cancer treatment and tailored medications, increasing adoption of companion diagnostic tests by end users such as pharmaceutical and biotechnology firms and reference laboratories, and encouragement by regulatory bodies such as FDA and EMA to implement developments of companion diagnostic test at the early stages of drug development procedures. The oncology segment in the pharmaceutical industry and reference laboratories has been the major growth driver for the market. On the other hand, varied reimbursement criteria in different regions, claim coding, technical assessment procedures, and non-validated laboratory development tests (LDTs) are hindering the growth of the market. However, application of companion diagnostic in indications such as neurology, infectious diseases, upcoming next-generation sequencing (NGS)-based companion diagnostics and development in the field of bioinformatics are expected to boost the global market in the coming years. The major players in the companion diagnostics market are Roche Diagnostics (Switzerland), Abbott Laboratories (U.S.), Agilent Technologies (U.S.), QIAGEN N.V. (Netherlands), Thermo Fisher Scientific Inc. (U.S.), and Myriad Genetics Inc. (U.S.).