Increasing Demand for Targeted Therapy is Boosting the Companion Diagnostics Market

(IT-NEWSWIRE.COM, June 14, 2019 ) According to the new market research report "Companion Diagnostics Market by Technology (PCR, IHC, NGS, ISH), Indication (Breast cancer, NSCLC, Colorectal cancer, Neurological disorders, Infectious Diseases), End User (Pharmaceutical & Biopharmaceutical Companies, Reference Lab) - Global Forecast to 2022", published by MarketsandMarkets™, analyzes and studies the major market drivers, restraints/challenges, and opportunities in North America, Europe, Asia-Pacific, and the Rest of the world (RoW).

A companion diagnostic assay is an in vitro diagnostic device (IVD) that is used to identify whether a patient with certain disease could be benefitted by a particular drug through the biomarker assessment. The report analyzes the companion diagnostics market by product & service, technology, indication, end user, and region.

Based on product & service, the assay kits & reagents segment accounted for the largest share in 2016, owing to its wide range of applications in platforms such as PCR, NGS, IHC, and ISH.

The growth of this market is majorly driven by the factors such as improvements in regulatory guidelines, growing need for targeted therapies, rising cancer incidence across the globe, and increasing collaborations and partnerships for companion diagnostics test development.

Companion diagnostic assay kits include test panels that enable the detection of biomarker types. Companion diagnostics assays analyze the efficacy of a drug through the detection of disease biomarker activity against that drug. Companion diagnostic assays are operated on various technology platforms such as polymerase chain reaction (PCR), next-generation sequencing (NGS), immunohistochemistry (IHC), and in situ hybridization (ISH). Reagents include components such as staining solutions, acids, bases, buffers, detergents, solutions, and substrates required while performing various companion diagnostic tests. Reagents are products paired to the diagnostic test procedures and have a single-use.

Reimbursement challenges in different regions could limit market growth to a certain extent. Reimbursements for companion diagnostics vary widely across regions and countries. Currently, in most countries, reimbursement is provided only for treatments that offer better clinical results and evidence of performance.

The prominent players in the global companion diagnostics market are Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche AG (Switzerland), Agilent Technologies, Inc. (U.S.), QIAGEN N.V. (Netherland), Illumina Inc. (U.S.).

Know more about Companion Diagnostics Market - https://www.marketsandmarkets.com/PressReleases/companion-diagnostics.asp

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Increasing Demand for Targeted Therapy is Boosting the Companion Diagnostics Market