Companion diagnostics are a form of in-vitro diagnostics which provide data about the therapeutic reactions of patients for a particular treatment. Companion diagnostics market is still developing, and it is expected to reach a market value of $3.5 billion by 2020 from a market value of $1.1 billion in the year 2013, registering a CAGR of 20% during 2014-2020. The global companion diagnostic market is divided on the basis of technology, geography and indication (North America, Europe, Asia Pacific and LAMEA). Geographically, LAMEA is growing rapidly. Factors that are contributing towards the growth of market are invention of biomarkers and co-development of drug and corresponding diagnostic. However, high cost of drug development would deter the market growth. Opportunities for the market would be in the development of companion diagnostics for hereditary conditions numerous central nervous system conditions.
Companion Diagnostics Indication Market Analysis
Companion diagnostics is divided based on its utilization for indication, for example, oncology, cardiovascular conditions, focal sensory system evidences, irritation and virology. Oncology is the maximum revenue generating segment, as most of the CD technology has been developed to invent oncology biomarkers. Increasing research and development of targeted drugs is the main driving factor for this market.
Companion Diagnostics Technology Market Analysis
The report segments the companion diagnostics technology market on the basis of Immunohistochemistry and Molecular diagnostics. Atomic diagnostics would be the quickest developing and the maximum income generator, basically because of the utilization of procedures, for example, constant PCR, In Situ Hybridization and cutting edge sequencing. Different components helping the development are mechanical progressions in atomic diagnostics, which has brought about expanded precision and exactness and likewise decreased expense of testing through these methods.
Companion Diagnostics Geography Market Analysis
Companion Diagnostics market has been sectioned geographically into North America, Europe, Asia Pacific and LAMEA. North America has the significant piece of the pie of 43.97%, followed by Europe, which represented something like 38% of the general CD market in 2013. North America and Europe together represented in excess of 82% in the worldwide CD market in 2013 and they would keep on being the significant markets until 2020..
A detailed research of key players has demonstrated that most of the companies in this business sector are concentrating on coordinated efforts with drug organizations. The top players included in the report are Dako (Agilent Technologies), Qiagen, Roche, Abbott Laboratories, Inc., Ventana Medical Systems, biomerieux, Myriad Genetics, Inc., Resonance Health Ltd., Leica Microsystems, and Life Technologies.
High Level Analysis
The report is concentrating on the patterns in diagnosis and technology of various indications, which are driving the development of the companion diagnostics market. Research of the business is focused around others five force model that shows the negotiating power of the suppliers is high, as the items delivered are very distinguished. The risk of new entrants is low as noteworthy innovative work is needed for creating diagnostic tests. Further, the cash flow required is also high. These components make it difficult for new organizations to enter the business. The risk of substitutes is low in this business sector as companion diagnostics are created for particular biomarkers and the products are highly distinguished. Since it is an emerging market with few companies, the completion is not high. Government regulations are favoring utilization of companion diagnostics for the deciding a specific treatment. Organizations are concentrating on joint efforts with pharmaceutical organizations as a key procedure to further bolster the market growth.
Reason for doing the study
Companion diagnostics are a critical part of the personalized treatment approach and are fundamental to identify therapeutic response to a specific medication. Rising cases of diseases and healthcare awareness would increase the market scope.
MARKET BY INDICATIONS
MARKET BY TECHNOLOGY
MARKET BY GEOGRAPHY