Worldwide Prevalence of Cancer to Fuel Global Companion Diagnostics Market from 2013 to 2019

Companion diagnostics refer to tests or procedures which help physicians in making improved treatment decisions regarding patients depending on their response to ongoing treatments. The rising demand for personalized medicine has largely driven the global companion diagnostics market. The market research report offers apt insights on the industry, tracking its growth, development and success during the forecast period of 2013 to 2019. 

The scope and dynamics of the market are covered in the report and the overall industry is segmented on the basis of tests for various indications and geographical location. Potential growth opportunities, emerging sectors, market drivers, challenges, landmarks, trends, government regulations and competitive landscape are also highlighted in the research report. 

In addition, the study discusses the value chain as well as Porter’s five forces analysis, highlighting the impact of suppliers, buyers, substitutes, new entrants and competitors on the global market.

The worldwide market for companion diagnostics was worth $1.8 billion in 2012 and is expected to reach $5.6 billion by 2019, growing at a compound annual growth rate (CAGR) of 18.1% during the period. 

The mounting R&D efforts in the field of diagnostics, advances in technologies, increasing focus on targeted therapies, and the constant attempts on the part of pharmaceutical manufacturers to lower the cost of drugs development has greatly benefited the industry. Moreover, favorable regularity changes on the part of governments, and the focus of pharmaceutical companies on in-house development of companion diagnostics or collaborating with diagnostics firms for the same are expected to further propel the market.

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On the other hand, the factors which hamper the growth, as identified by the research report, are unfavorable reimbursement scenario, lengthy phases of development and approval of diagnostic technologies, and the rising influence of clinical societies and advocacy groups.

The global companion diagnostics market was led by North America in 2012, contributing more than 35% of the total revenue share. The major driving forces in the North American regional markets include widening consumer base owing to rising number of cancer cases, rising awareness regarding personalized healthcare, increased affordability of expensive procedures, and high-quality medical equipment and technology available. Increasing healthcare infrastructure and greater acceptance of innovative medical procedures will boost the regional markets in Asia and Latin America.

There are numerous established manufacturers and small players operating in the companion diagnostics market and they have been profiled in this research report. The major companies include Qiagen N.V., Roche Holdings AG, Agilent Technologies, Inc., Abbott Laboratories, Agendia N.V., Genomic Health, Inc., Life Technologies Corporation, and GE Healthcare Ltd.

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