Albany, New York (PRWEB) October 23, 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% 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 t
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