DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/txtn28/companion) has announced the addition of the "Companion Diagnostics Market by Technology, Application , & by End-user - Global Trends & Forecasts to 2019" report to their offering.
The global companion diagnostics market is expected to reach $8,730.7 million by 2019 from $3,136.9 million in 2014, growing at a CAGR of 22.7% during the forecast period (2014 to 2019).
Factors such as rising need for personalized medicine in cancer treatment, growing adoption of companion diagnostics by the pharmaceutical industry, support from regulatory authorities, and emerging technologies such as next-generation sequencing (NGS) are expected to boost the global companion diagnostics market.
Among technologies, PCR is the most preferred test in the companion diagnostics market, which accounted for a share of 65.5% in 2014. This large share can be attributed to its ease of use, better results, faster turnaround time, and cost-effective solutions. The companion diagnostics market is expected to gain a larger market share in neurology and new oncology applications (leukemia, prostate cancer, and ovarian cancer) due to its efficient detection of biomarkers. Moreover, with the advancement in the bioinformatics field, NGS-based tests have the capability to target multiple genomes simultaneously and are likely to take over the existing technologies in the companion diagnostics market. The need for personalized medicine is increasing and it has gained importance in the research and medical centers, hospitals, and CROs. In the coming years, Asia is expected to be the key growth area in this market.
However, growth of this market is hampered by the non-validated home brew tests that account for a large market share due to low costs and minimal approval procedures. Moreover, uncertain reimbursement and coverage policies restrict the growth of the global companion diagnostic market, thus limiting the commercialization process.
Scope of the Report
- Polymerase Chain Reaction
- In-situ hybridization
- Lung cancer
- Pharmaceutical Companies
- Reference Lab
- Abbott Laboratories, Inc.
- Agilent Technologies, Inc.
- Biogenex Laboratories
- Danaher Corporation
- Ge Healthcare
- Myriad Genetics, Inc.
- Qiagen N.V.
- Roche Diagnostics
- Thermo Fisher Scientific, Inc.
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