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Companion Diagnostics Market - byTechnology & Application
The global companion diagnostics market is primarily impacted by the increasing demand for targeted therapies in various indications, cost reductions in drug development, faster drug approval procedures, support from the regulatory bodies, and adoption of companion diagnostic kits by pharmaceutical industries for drug development processes. Advanced technologies such as polymerase chain reaction (PCR) and next-generation sequencing (NGS) are expected to drive the companion diagnostics market worldwide due to their superior features of targeting several biomarkers simultaneously. Currently, MiSeqDx Cystic Fibrosis 139-Variant Assay and the MiSeqDx Cystic Fibrosis Clinical Sequencing Assay are the only FDA approved NGS tests. In the next five years, NGS and PCR technologies-based tests are identified as the potential technologies that will dominate the market.
Geographically, Asia is identified to be the fastest-growing market in companion diagnostics, owing to its large population and high-prevalence rate of chronic and life threatening diseases in countries such as China and Japan. Currently, lung cancer dominates the Asian region; whereas, colorectal cancer provides market leaders an opportunity to explore in the future. The market in Asia is expected to grow at a CAGR of 24.3% from 2014 to 2019.
On the basis of end users, pharmaceutical firms and reference laboratories are considered to be the major segments in the global diagnostics market. Reference laboratories is expected to grow at a higher CAGR of 24.5% from 2014 to 2019. Companion diagnostics is gaining importance among contract research organizations (CROs), hospitals, and academic medical centers due to its clinical efficiency in diagnosing critical diseases at molecular level.
Companion Diagnostics Market by Technology (Polymerase Chain Reaction, In-Situ Hybridization, Immunohistochemistry), Application (Breast, Lung Cancer), & By End-User (Pharmaceutical Companies, Reference Lab)] - Global Trends & Forecasts To 2019
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