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Global Companion Diagnostic Market Worth $19.3 billion by 2023: What it Takes to Become a Major Companion Diagnostic Player
Date:1/24/2013

FARMINGTON, Conn., Jan. 24, 2013 /PRNewswire-iReach/ -- The companion diagnostics market has experienced significant growth in recent years and has become one of the most promising areas within the IVD market. A myriad of pharmaceutical and diagnostic companies are now entering the highly attractive market of companion diagnostics, many of them entering into collaborations for developing a combination product. The explosive M&A trend in the companion diagnostics market is expected to continue as most pharmaceutical companies do not have an in-house diagnostic capability for either the development of a companion diagnostic or the commercialization of the test once the drug is approved. However, it takes smart timing, the right technology and strategic relationships for companies to become a major companion diagnostic player.

(Photo: http://photos.prnewswire.com/prnh/20130124/CG47987)

In the last few years, most pharmaceutical companies have adopted new projects and strategies to develop companion diagnostic products. It seems most of these companies have begun to shift away from the blockbuster business model and realized that in order to be more effective, and save money, new drugs will have to be more personalized. Oncology remains the dominant field in the market; however, many of the leading companies are now reported to be working to develop companion diagnostics in other therapeutic areas including neurological, autoimmune, inflammatory and cardiovascular diseases

Technological advancements in the field, including the discovery of new biomarkers and the development of new molecular tests, has helped propel the companion diagnostics market which is clearly evidenced by the vast number of drugs in development that have an associated biomarker program. The market will be driven by the increasing development and use of biomarkers as well as the pro
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SOURCE Global Information, Inc.
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