(PharmaNewsWire.Com, March 17, 2017 ) The "Companion Diagnostics Market by Technology (Polymerase Chain Reaction, In-situ hybridization, Immunohistochemistry), Application (Breast, Lung cancer) & End-user (Pharmaceutical Companies, Reference Lab)- Global Trends & Forecasts to 2019". The global companion diagnostics market is expected to reach $8,730.7 million by 2019 from $3136.9 million in 2014, at a CAGR of 22.7% during the forecast period (2014 to 2019).
"Next-generation Sequencing (NGS)-based Companion Diagnostic Tests to Capture a Larger Market Share in Chronic and Life Threatening Diseases in the Future"
Advanced technologies such as next-generation sequencing (NGS), increasing adoption of companion diagnostic kits/tests by the pharmaceutical industry, and encouragement from regulatory bodies are expected to boost the global market.
Increasing costs of drug discovery; continuous focus on customized medicines for cancer; infectious, cardiovascular, neurological, and autoimmune diseases; and the need for technically advanced diagnostics has stimulated pharmaceutical firms to enter into the market. In 2013, many new molecular entities (NMEs) were approved by a pharmacogenomic biomarker from the FDA. However, non-validated home brew tests employed by reference laboratories pose a major threat to validated companion diagnostic kits globally, as they are easily available and have faster approval procedures. In addition, different reimbursement policies followed by different regions may hinder the growth of the market.
NGS-based companion diagnostics is one of the major factors that will drive the market owing to its capability of identifying multiple genes at a single time. This in turn encouraged the adoption of diagnostic tests in the earlier clinical phase and ensured accurate treatments. Currently, NGS-based companion diagnostic tests are available for cystic fibrosis and the companion diagnostic manufacturers are engaged in developing tests for other chronic and life threatening diseases. To capture this market, pharmaceutical firms are striving to enter into the global market through strategic acquisitions and collaborations with NGS platform diagnostic firms. Moreover, the end results of NGS is superior as compared to other technologies, as NGS provides a wider definition of genome sequencing that will fuel the adoption of NGS-based companion diagnostic in the future.
This study also illustrates the major market players who have made a remarkable contribution in the global market. The major players of this market are Roche Diagnostics (Switzerland), Abbott Laboratories (U.S.), Agilent Technologies (U.S.), Thermo Fisher Scientific Inc. (U.S.), and QIAGEN N.V. (Netherlands).
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