The Global Companion Diagnostics Market is growing rapidly and expected to grow at a CAGR of 6.1% during the forecast period.
Companion Diagnostics is the as a bio-analytical method designed for the assessment of the patient to check whether patient responds to a specific medical treatment or not. Companion diagnostics are used to determine which patients are benefited from a certain type of medication or which therapies are best suited for the patients with certain medical conditions. Companion diagnostics involves tests and devices or tools which provide information about the safe and effective use of the specific therapeutic product. It not only provides information about the efficacy of the drugs but also the side effects that are associated with the drug. To control the rising cost of the drug discovery and development for the deadly and chronic diseases, the need for companion diagnostics is increasing; and with the increasing demand for the companion diagnostic tools and techniques, the global market for the companion diagnostics is growing.
Among all the regions in the world, the U.S. has been the first choice for a suitable deployment of companion diagnostic solutions due to the availability of established healthcare system and technological advancement. Moreover, a number of CDx initiatives, research & development programs, product launch and diagnostic tools have emerged and lot many are still in the pipeline. The U.S. has gained significant pharmaceutical developments along with FDA approvals; patents and licensing that enable it to position itself in the global companion diagnostic market.
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The major participants of this market are Abbott (U.S.), Agilent Technologies (U.S.), ARUP Laboratories (U.S.), F. Hoffmann-La Roche AG. (Germany), Myriad Genetics Inc. (U.S.), QIAGEN N.V. (Germany), and Thermo Fisher Scientific Inc. (U.S.).
December, 2016 Agilent Technologies announced the acquisition of Multiplicom N.V., a Leading European Diagnostics Company. The acquisition of Multiplicom significantly strengthens our presence in the genomics market
August, 2016 Abbott announced the introduction of its new “Alinity”, a family of next generation systems across immunoassay, clinical chemistry, point of care, haematology, blood and plasma screening and molecular diagnostics.
May, 2016 Myriad completes acquisition of Sividon Diagnostics. With this deal, company believes to strengthen its market leading oncology portfolio of high value personalized medicine products.
April, 2016 Abbott received FDA approval for its companion diagnostics “Vysis CLL FISH probe kit” in Leukemia. The kit is used to detect the 17p deletion in chronic lymphocytic leukemia patients, the target population of a new drug from AbbVie.
August 2015 Roche Holdsing AG Roche acquires GeneWEAVE to strengthen offerings in microbiology diagnostics. Roche will pay GeneWEAVE shareholdsers $190 million upfront and up to $235 million in contingent product related milestones.
Sep. 2017 – Thermo Fisher Scientific (US) a leading global provider of biotechnology product development announced partnership with the Institute of Pathology Heidelberg (IPH). The initiative focuses on forging strategic collaborations with leading, European-based organizations that can lead studies using Thermo Fisher’s Oncoming portfolio of research panels destined for development as Companion Diagnostics to help drive precision oncology in the region.
Globally, Americas is the largest market for companion diagnostics. In Americas, North America is the major contributor to the companion diagnostics market owing to an expensive use of advanced diagnostics devices, and alarming need for cancer diagnosis and treatment. According to the American Cancer Society, 1,688,780 new cases are expected to be diagnosed in 2017 in the U.S. It also stated that cancer is the second most common cause of death in the U.S. Furthermore, nearly 41 out 100 men and 38 out of 100 women are expected to develop cancer in their lifetime.
Europe is the second largest market after Americas. Factors attributing to the growth of this market in Europe are rising demand for efficiency in healthcare and strengthening healthcare system. Germany is the largest market in Europe due to the presence of major market players in this regions and growing demand for technological advancement. Furthermore, the prevalence of cancer is also found to be increasing among European population.
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Asia Pacific market is expected to be the fastest growing market for companion diagnostics due to continuous development in countries such as India and China, and increasing healthcare expenditure in these countries. Rising prevalence of lifestyle disease such as diabetes, obesity and cancers also boost the market growth in Asia Pacific.
Middle East & Africa are expected to have a limited but steady growth owing to low healthcare expenditure and demand for primary healthcare services in this region.
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