Companion Diagnostics Market at a CAGR of 20.1%

(IT-NEWSWIRE.COM, September 14, 2019 ) A companion diagnostic assay is an in vitro diagnostic device (IVD) that is used to identify whether a patient with certain diseases could be benefitted by a particular drug through the biomarker assessment. The key factors driving the growth of this market include the increasing lung cancer cases, growing number of genetic testing, rising need for personalized medicines, and regulatory guidelines that support the companion diagnostics market. The base year considered for the study is 2016, and the forecast has been provided for the period between 2017 and 2022.

The global companion diagnostics market is expected to reach USD 6.51 billion by 2022 from USD 2.17 billion in 2016, at a CAGR of 20.1%.

Market Dynamics

+ Drivers
+ Improvements in regulatory guidelines
+ Growing need for targeted therapies
+ Rising cancer incidence worldwide
+ Increasing collaborations and partnerships for companion diagnostics test development

Increasing collaborations and partnerships for companion diagnostics test development

Owing to the advantages of companion diagnostics in drug approval processes, an increasing number of pharmaceutical companies have entered into partnerships and collaborations with different companion diagnostic companies to develop and commercialize companion diagnostics tests for their drugs. For instance, in 2016, Agilent Technologies, Inc. and Applied Spectral Imaging (ASI) entered into a marketing agreement. ASI's most advanced GenASIs imaging platforms and Agilent's fluorescence in situ hybridization (FISH) products and solutions will be marketed by them. Simalarly in 2016, QIAGEN collaborated with Array BioPharma to develop and commercialize a companion diagnostic test. The test will be developed for Array BioPharma's binimetinib, an MEK inhibitior.

Download PDF - https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=155571681

Software and Services

Companion diagnostics software is used to streamline the research and analysis of diagnostic results. Software offers various functions such as the identification of driver vs. passenger mutations, prediction of novel biomarkers, and identification of genes that cause cancer. Companion diagnostic services include the development and commercialization of companion diagnostic (CDx) kits, biomarker assay development, analytical and clinical validation, regulatory registration/approval, cGMP manufacturing, GCP/CLIA certified laboratory, and project management. There are many companies offering end-to-end companion diagnostic services from development to commercialization.

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.

View Complete Press Release - https://www.marketsandmarkets.com/PressReleases/companion-diagnostics.asp

MarketsandMarkets™

Mr. Shelly Singh

1-888-600-6441

raviraj.tak@marketsandmarkets.com

Source: EmailWire.Com

Source: EmailWire.com

Technology News & Search Engine

Companion Diagnostics Market at a CAGR of 20.1%