Companion Diagnostics Market
Market Overview:
The increasing focus on personalized medicine and the co-developmentof drug and diagnostic technologies can be attributed to the growth of the global companion diagnostics market. In addition, rising cases of drug-related adverse drug reactions are driving the need for companion diagnosis due to lack of efficacy. The increasing demand for personalized medicines and awareness of the same among the population is one of the major factors driving the growth of the companion diagnostics market. With companies increasing their collaborations for better biomarkers and diagnostics, there have been many opportunities for their applications in indications such as cancer, cardiovascular and neurological disorders, etc. to focus on cost regulation.
Report Portfolio:
Companion diagnostic testing provides information that is essential for the safe and effective use of a drug or biological product in question. According to the reports scope the market studied was segmented by technology, indications, and geography. The market investigated was further segmented by technology into immunohistochemistry, polymerase chain reaction, in-situ hybridization, real-time polymerase chain reaction, gene sequencing, and other technologies.
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Key Market Trends: –
In-situ Hybridization ISH Segment is Anticipated to Exhibit Fastest Growth Rate Over the Forecast Period:
In-situ hybridization ISH , particularly in-situ fluorescence hybridization FISH , is a reliable, reproducible, sensitive and accurate procedure less affected by tissue fixation and analytical variables compared to immunochemistry and other techniques. It offers the advantage of simultaneous morphology and gene amplification assessment. FISH has been the preferred technique of use in companion diagnostics for a number of cancer therapies, such as trastuzumab, lapatinib, and criotinib, which have already been approved by FDA and other therapies, such as everolimus, ridaforolimus, bicatulamide, TBD, and other drugs, which have yet to be approved by regulatory authorities.
The worldwide CDx in-situ hybridization market is increasing due to technological advances, such as the latest growth of bright-field in-situ hybridization methods, chromogenic in-situ hybridization CISH , and automated silver-enhanced in-situ hybridization SISH for gene status determination. Therefore, the ISH segment is expected to show growth over the forecast period, taking into account the aforementioned factors.
North America Holds the Largest Market Share and is Expected to Retain its Dominance:
The general companion diagnostics market was dominated by North America, with the United States emerging as the main market contributor. The use of partner diagnostics for a number of oncology drugs is taking on a key position as an significant therapy decision tool, which is also reflected in the manner the FDA classifies these assays in relation to risk. Companion diagnostic assays in the United States are categorized as IVD class III products, representing a high-risk category and therefore the lowest level of regulatory control. As a result, the market for companion diagnostics in the United States is expected to register a substantial growth rate during the forecast period due to high adoption rates of healthcare technology and increased demand for personalized medicine.
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Competitive Landscape:
In turn, the presence of major players in the market, such as Abbott, Agilent Technologies, F. Hoffmann-La Roche Ltd, Biomerieux SA, and Qiagen NV, is increasing the overall competitive market rivalry. But the issues related to high cost of development and poor reimbursement have a negative impact on the market. However, companies rising focus on personalized medicine, co-development activities, and increased cases of adverse drug reactions are expected to boost competitive rivalry in the studied market.
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