According to study, “Global Companion Diagnostics Market- Technologies, Market share and Industry Forecast to 2024” the major companies that are currently operating in the global companion diagnostics market are F. Hoffmann La Roche AG,Agilent Technologies, Inc.,Qiagen N.V.,Thermo Fisher Scientific Inc.,Abbott Laboratories Inc.,Myriad Genetics Inc.,Danaher Corporation, Protagen Diagnostics, Amgen, AbbVie Inc., Acumen Pharmaceuticals, Inc., Celldex Therapeutics, Inc., OvaGene Oncology Inc., Oxford Cancer Biomarkers Ltd., Clovis Oncology, Inc., Eli Lilly, Adaptimmune Therapeutics plcAlmac Group,Sysmex Corporation, Genomic Health Inc., Ventana Medical Systems Inc., Leica BiosystemsNussloch GmbH, BioMerieux SA, GE Healthcare Ltd.,Life Technologies Corporation, Illumina Inc.,Arup Laboratories Inc.
A companion diagnostic is
a diagnostic test, which is used as a companion to a therapeutic drug to establish
applicability to a particular person. It is also known as pharmacogenetic tests,
which is developed based on companion biomarkers.Itprospectively helps predict
likely response or severe toxicity. These are in vitro clinical laboratory assays,
which is designed to predict the efficacy of a targeted cancer therapy through
assessment of one or more biomarkers for defining a drug (effective and
non-effective).
Some of the major sources
of funding for companion diagnostics arethe corporate debt, venture capital,
follow-on public offerings of equity, initial public offerings of equity and
corporate spinoffs, which includesboth public and private sources.
On the basis of the indication,
global companion diagnostics market is segmented into cardiovascular
conditions, oncology, inflammation, central nervous system indicationsand
virology. On the basis of technology, market is segmented into in-situ
hybridization, immune-histo-chemistry,next-generation sequencing, polymerase
chain reaction and molecular diagnostics. Molecular diagnostics is the highest
growing and maximum revenue generator product & service segment consist of
reagents, assay kits and software & services On the basis of disease, the
market is segmented into colorectal cancer, gastric cancer, genital cancer, melanoma
cancer, breast cancer and lung cancer. On the basis of product & services,
the market is segmented into reagents,assay kits and software & services. On
the basis of end user, the market is segmented into reference laboratories and pharmaceutical
& biopharmaceutical companies.
The market has
witnessed significantrise due to the increase in patient base for infectious
diseases & cancer globally, growing demand for companion diagnostics, high
adoption of companion diagnostics and emerging applications of companion
diagnostics. Some of the other keydriving factors are rising cancer incidence
across the globe, improved regulatory guidelines, need for targeted therapies,
increasing collaborations and partnerships for test development.Apart from
drivers some of the major challenges are lack of awareness,lack of skilled
professionals and logistic issues have increasedsignificantly in order to
develop drug and companion diagnostics together. In addition, some drugs therapies
are Camptosar, Gleevec, Herceptin, Erbitux, Iressa, Keytruda,Lynparza,
Mekinist, Rubraca, Tagrisso, Tarceva, Venclexta, Xalkori, Zelboraf, Purinethol
and Nolvaldex.
North American region
holds the largest share in companion diagnostics market, due to the
technological advancement. The Asia Pacific market is expected to grow at the
high CAGR between 2017 and 2024. The primary forces driving growth of the
market are the growing prevalence diseases like cancer and neurology diseases,
increasing number of hospitals and diagnostics laboratories created huge
opportunity.The global companion diagnostics market is expected to grow at a
CAGR of over 20.1% during the period of 2017-2024. Moreover, the closely
associated pharmacodiagnostics IVD (in vitro diagnostic device) market is
expected to grow annually by 20%.
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