The global companion diagnostics market will be valued at $ 5.6 billion in 2019. It is expected to grow at a CAGR of 18.1% from 2013 to 2019, and was valued at $ 1.8 billion in 2013, according to a research report published by Transparency Market Research.
The research report, titled “Companion Diagnostics Market (Breast Cancer, Lung Cancer, Colorectal Cancer, Gastric Cancer, Melanoma and Others) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”, fully explores current and future possibilities in the growing segment of companion diagnostics.
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The report states that the companion diagnostics market for breast cancer was the dominant sector in 2012, in terms of revenue. The upcoming sector for the near future is lung cancer. The segment is growing at a CAGR of more than 20% between 2013 and 2019. The report cites reasons for growth as the discovery of lung cancer specific biomarkers, along with a myriad of relevant companion diagnostics.
The largest market according to region in 2012 was North America, with the E.U. in following. The report said that the factors that favored the market’s growth were positive healthcare policies, a growing consumer base, increasing disposable incomes, improvements in healthcare systems, and increased awareness. The acceptance of modern medicine into mainstream sectors in the U.S. and the E.U. are the prime reasons for the growth of this market. The Asia-Pacific region and the Rest of the World regions are set to show considerable growth by the year 2019. The report cites untapped potential, increasing disposable incomes, and an improving healthcare infrastructure.
The report explains that companion diagnostics are tests which assist physicians while making decisions regarding the most efficient treatment methods, depending on responses by the patient over ongoing treatment.
Key restraints as explained by the report include regulatory restrictions, commercialization of companion diagnostics, heavy procedure costs, long phases of approval, and lack of reach towards the low income countries.
Key companies in the companion diagnostics market include Quagen N.V., Abbott Laboratories, Life Technologies, Genomic Health, Inc., GE Healthcare Ltd., Roche Holdings AG, Agilent Technologies, Inc., and Agendia N.V.
The report provides exhaustive details on the companion diagnostics market by segmenting it according to indications and geography. By indications, the market is classified into breast cancer, lung cancer, melanoma, gastric cancer, colorectal cancer, and others such as HIV and thalassemia. According to geography, the reports details North America, Europe, Asia-Pacific, and Rest of the World.