Albany, New York, USA (PRWEB) November 09, 2013
According to a new market report published by Transparency Market Research "Companion Diagnostics Market (Breast Cancer, Lung Cancer, Colorectal Cancer, Gastric Cancer, Melanoma and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the global companion diagnostics market was valued at USD 1.8 billion in 2012 and is expected to grow at a CAGR of 18.1 percent from 2013 to 2019, to reach an estimated value of USD 5.6 billion in 2019.
Browse the full report with complete TOC at http://www.transparencymarketresearch.com/companion-diagnostics-market.html.
Companion diagnostics are the tests or assays which assist physicians in making efficient treatment decisions depending on the patient response to the ongoing treatment. These tests are developed either once the drug is commercialized or along with the drug in development. The diagnostic test acts as a companion to the drug under investigation and ensures the commercialization of a safer and efficient targeted therapeutic in a very cost-effective manner. The most important factors favoring growth of the global companion diagnostics market include the increasing focus of pharmaceutical manufacturers on cost reduction in drug discovery and development, and the rising demand for targeted therapies. Also, continuous exploration of biomarkers and advances in diagnostic technologies will drive the growth and acceptance of companion diagnostics worldwide.
Factors such as lack of compact regulatory guidelines for the development and commercialization of companion diagnostics, high cost of procedures, lengthy developmental and approval phases, and lack of proper reach and availability (particularly in the low income countries) are expected to hamper the ready acceptance of companion diagnostics. Currently, many in vitro diagnostics companies are focusing on the development of accurate and reliable companion diagnostics for various biomarkers.
Pharmaceutical companies are either focusing on in-house development of companion diagnostics or development in collaboration with diagnostics companies. This strategy focusing on the co-development of a drug and its companion diagnostic will prove to be advantageous over the conventional development process occurring in isolation.
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This report studies the global market for companion diagnostics from two perspectives – companion diagnostics by indication and by geography. The market for companion diagnostics by indication includes sub-segments such as breast cancer, lung cancer, colorectal cancer, gastric cancer, melanoma and others (HIV, Thalassemia). By geography, the companion diagnostics market has been divided into four regions, namely, North America, Europe, Asia-Pacific and RoW. Market size and forecast for each segment and sub-segment has been provided for the period 2011 to 2019 in terms of USD million, with 2012 as the base year.
The compounded annual growth rate (CAGR) for each market segment has been provided for the forecast period (2013 to 2019). The report also contains a section on market overview which consists of a detailed qualitative analysis of various market dynamics, such as drivers, restraints and opportunities. A section on market attractiveness analysis and Porter’s five force analysis for the companion diagnostics market has also been included.
Read the full story at http://www.prweb.com/releases/2013/11/prweb11311896.htm.
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