(PharmaNewsWire.Com, June 21, 2017 ) Companion diagnostics is categorized by rising requirement for improved personalized patient treatment that contributes healthcare providers and their patients and assurance about the treatment result in a positive way, differing from traditional treatment procedure.
The Global Companion Diagnostics Market was worth $3.34 billion in 2016 and estimated to be growing at a CAGR of 21.6%, to reach $8.88 billion by 2021
Companion diagnostic are used to regulate patient personal molecular profile which supports in determining which therapy will work for the patient. This diagnostic procedure requires a biopsied tissue to contact the appearance of biomarker protein or mutant. Companion diagnostics are also used in drug development process by defining Companion biomarker that helps foresee likely response of toxicity.
Key factors boosting the market growth are increasing adoption of companion diagnostic tests, encouragement from regulatory bodies and emerging advanced technologies such as next-generation sequencing (NGS). To seizure this market, pharmaceutical companies are motivated to enter into the global market through strategic achievements and alliances with NGS platform diagnostic firms. Companion diagnostic market growth is hampered due to lack of skilled professionals and lack of awareness.
The global clinical nutrition market is segmented on the basis of indication into Oncology (Colorectal Cancer, Breast Cancer, Lung Cancer, Melanoma, and Gastric Cancer), Cardiovascular Diseases, Central Nervous System Disorders, Inflammation and Virology Diseases. Further, Oncology is sub-segmented as Colorectal Cancer, Breast Cancer, Lung Cancer, Melanoma, and Gastric Cancer. Oncology being the highest revenue creating segment as most of the companion diagnostics has been developed to detect one or the other cancer biomarkers. On the basis of technology, the market is bifurcated into Immunohistochemistry and molecular diagnostics. Molecular diagnostics is segmented into in-situ hybridization, real time PCR and gene sequencing.
Based on geography the market is analysed under various regions namely, North America, Latin America, Europe, Asia-Pacific and Middle-East & Africa. Due to technical advancement and huge investment on research & development, North America is leading the companion diagnostic market. While Europe and Asia-Pacific are expected to grow at significant growth rate.
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