DUBLIN, March 22, 2019 /PRNewswire/ -- The "Companion Diagnostics Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The growth of the global companion diagnostics market can be attributed to the rising focus on personalized medicine and co-development of drug and diagnostic technologies. In addition, rising cases of adverse drug reactions related to drugs, due to the lack of efficacy, drive the need for companion diagnostics.
One of the major factors driving the growth of the companion diagnostics market is the increasing demand for personalized medicines and awareness about the same among the population. With companies increasing their collaborations for better biomarkers and diagnostics, in order to focus on cost regulations, there has been significant number of opportunities for its applications in indications, like cancer, cardiovascular and neurological disorders, etc.
Scope of the Report
Companion diagnostic tests provide information that is essential for the safe and effective use of a corresponding drug or biological product. As per the scope of the report, the market studied has been segmented by technology, indications, and geography. By technology, the market studied has been further segmented into immunohistochemistry, polymerase chain reaction, in-situ hybridization, real time-polymerase chain reaction, gene sequencing, and other technologies.
Key Market Trends
In-situ Hybridization (ISH) Segment is Expected to Exhibit Fastest Growth Rate Over the Forecast Period
In-situ hybridization (ISH), especially fluorescence in-situ hybridization (FISH), is a reliable, reproducible, sensitive, and accurate procedure, which is less affected by tissue fixation and analytical variables, in comparison to immunochemistry and other techniques. It offers the benefit of simultaneous evaluation of morphology and gene amplification. FISH has been the method of choice for use in companion diagnostics for several cancer therapies, such as trastuzumab, lapatinib, and criotinib, which have been already approved by FDA and other therapies, like everolimus, ridaforolimus, bicatulamide, TBD, and other drugs, that are yet to obtain regulatory approval.
The global market for in-situ hybridization in CDx is growing because of technological advancements, like the recent development of bright-field in-situ hybridization techniques, chromogenic in-situ hybridization (CISH), and the automated silver-enhanced in-situ hybridization (SISH) for the determination of gene status. Thus, considering the aforementioned factors, the ISH segment is expected to exhibit growth over the forecast period.
North America Captured the Largest Market Share and is Expected to Retain its Dominance
North America dominated the overall companion diagnostics market, with the United States emerging as the major contributor to the market. The use of companion diagnostics is taking up a central role as an important treatment decision tool for a number of oncology drugs, which is also reflected in the way the FDA classifies these assays in relation to risk.
In the United States, companion diagnostic assays are classified as IVD class III products, which represents a high-risk category, and consequently, the highest level of regulatory control. Hence, owing to high healthcare technology adoption rates and increasing demand for personalized medicine, the market for companion diagnostics in the United States is expected to register a substantial growth rate during the forecast period.
The presence of major market players, such as Abbott, Agilent Technologies, F. Hoffmann-La Roche Ltd, Biomerieux SA, and Qiagen NV, is, in turn, increasing the overall competitive rivalry of the market. But the issues associated with the high development cost and poor reimbursement are affecting the market negatively. However, the rising focus of companies toward personalized medicine, co-development activities, and increased cases of adverse drug reactions is expected to boost the competitive rivalry in the market studied.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Market Dynamics
4.1 Market Overview
4.2 Market Drivers
4.2.1 Companies Promoting Personalized Medicine and Targeted Therapy as a New Treatment Option
4.2.2 Increasing Cases of Adverse Drug Reactions
4.2.3 Co-development of Drug and Diagnostic Technology
4.3 Market Restraints
4.3.1 High Cost of Drug Development and Associated Clinical Trials
4.3.2 Reimbursement Issues among Many Countries
4.4 Industry Attractiveness- Porter's Five Forces Analysis
5 Market Segmentation
5.1 By Technology
5.1.1 Immunohistochemistry (IHC)
5.1.2 Polymerase Chain Reaction (PCR)
5.1.3 In-situ Hybridization (ISH)
5.1.4 Real-time PCR (RT-PCR)
5.1.5 Gene Sequencing
5.1.6 Other Technologies
5.2 By Indication
5.2.1 Lung Cancer
5.2.2 Breast Cancer
5.2.3 Colorectal Cancer
5.2.6 Other Indications
6 Competitive Landscape
6.1 Company Profiles
6.1.2 Agilent Technologies Inc.
6.1.3 F. Hoffmann-La Roche Ltd
6.1.4 Biomerieux SA
6.1.5 Qiagen NV
6.1.6 Siemens Healthcare
6.1.7 Thermo Fisher Scientific Inc.
6.1.8 Danaher Corporation (Beckman Coulter Inc.)
7 Market Opportunities and Future Trends
For more information about this report visit https://www.researchandmarkets.com/research/vnp6lg/global_companion?w=5
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