Global Companion Diagnostics Market - Segmented by Technology, Indication and Geography - Growth, Trend and Forecast (2018 - 2023)
The global companion diagnostics market has been estimated at USD 5.8 billion in 2017. The market is expected to register a CAGR of 22.7% during the forecast period, 2018 to 2023. North America accounted for the largest market share, accounting for approximately 35% of the global market share in 2017, while Asia-Pacific region was estimated to register the fastest CAGR through the forecast period, 2018-2023.
Personalized Medicines Accelerating Market Demand
One of the major factors driving the growth of the companion diagnostic market is the increasing demand for personalized medicines and awareness for the same, among the population. The rising cases of adverse drug reactions related to the drugs due to the lack of efficacy drive the need for companion diagnostics. With companies increasing their collaborations for better biomarkers and diagnostics to focus on cost regulations, there has been a significant number of opportunities of its applications in indications other than cancer, like cardiovascular, neurological, etc. The high rise in the capital is the basis for the prosperous future of this market.
High Cost of Therapeutics Development
One of the major hurdles restraining this market includes high cost involved in the development of therapeutics and diagnostic tests. With the high risk of failure in clinical trials, many companies prefer collaborations, to minimize their failure rate but co-development is also expected to be highly expensive. So for many individual manufacturers, this markets looks like a high-risk investment market. Apart from this, several diagnostic companies feel uncertain over an eventual agreement on the reimbursement status. All these factors restrict this market’s growth globally.
North America Dominates this Market
The global market for companion diagnostics is segmented based on technology type, by indication and geographical regions. By geography, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa and South America.
North America accounted for the largest market share, accounting for approximately 35% of the global market share in 2017. The efficacy of several drugs range between 30-75% and there have rising cases of side effects related to therapeutics such as Vioxx and Avandia, which has prompted the people for alternatives and raised their awareness regarding the benefits of personalized medicine driving this market. Apart from this, Asia-Pacific region was estimated to register the fastest CAGR through the forecast period, 2018-2023.
Recent Key Developments in the market
January 2018: Myriad Genetics received FDA approval for BRACAnalysis CDx as Companion Diagnostic for Lynparza (olaparib).
January 2018: A new companion diagnostics agreement between Biocartis Group and Amgen was signed for the development of Idylla(TM) CDx biomarker tests used in the treatment of certain solid tumors.
December 2017: HTG Molecular Diagnostics signed master collaboration with Merck KGaA complementing companion diagnostics agreement for biomarker research program.
Current and future global companion diagnostics market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The treatment type that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players.
3 months analyst support along with the Market Estimate sheet in excel.
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