Global Companion Diagnostics Market to Grow to US$5.6 bn by 2019, Propelled by Increasing Need for Higher Drug Efficacy
Companion diagnostics are used by physicians to make precise decisions regarding specific drug treatments by considering the patient’s response during every stage of the treatment. Companion diagnostics indicate adverse reactions and favorable reactions to a specific line of treatment and also assist in optimizing dosage of drugs.
Research Projects in Companion Diagnostics to Boost Global Market
Companion diagnostics are sophisticated tools or medical devices used to evaluate medications in advance. Companion diagnostics help determine which patients can benefit from a particular treatment. For example, it is possible to treat HER2-positive breast cancer by using antibody therapy. However, merely 20% of breast tumors are HER2-positive, for which the treatment is expensive. Companion diagnostics can thus be used before initiating the therapy, to determine whether a person is HER2-positive.
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Recently, an international team of experts from four European countries planned to use an innovative methodology to enhance the use of companion diagnostics. The idea was to combine the use of radionuclides with a short half-life and nano-medicines as antibodies for the purpose of imaging. The second stage involved delivery of radioactive substances. The team found out that as the substance encountered nanoparticles, a chemical reaction occurred to bind half-life radionuclides and the nanoparticles. With such innovations in the companion diagnostics, the experts could bring about new innovations, thus adding value to the services. Most of the market leading companies are doing their best to add innovations in their companion diagnostics services.
The new project has received funding close to EUR6 mn. Clinicians and physicians from Copenhagen, Johannes Gutenberg University Mainz (JGU), and chemists at TU Wien participated in the new project to enhance the use of companion diagnostics. The research project was aimed at enhancing companion diagnostics and reduce patient exposure to radioactivity.
The global companion diagnostics market was valued at US$1.8 bn in 2013 and is predicted to reach US$5.6 bn by 2019 at a steep CAGR of 18.10%. The increasing need to attain higher drug efficacy is the major factor expected to drive the global companion diagnostics market during the period from 2013 to 2019.
North America to Remain Largest Market for Companion Diagnostics
The global companion diagnostics market is segmented on the basis of geography and indication. Based on geography, the global companion diagnostics market is divided into Asia Pacific, North America, Europe, and Rest of the World. In 2012, in terms of revenue, North America dominated the global companion diagnostics market. North America accounted for 35% of the total revenue in 2012 and is expected to maintain its dominant position till 2019. Quagen N.V., GE Healthcare Ltd, Abbott Laboratories, Roche Holdings AG, Agendia N.V., Life Technologies, Agilent Technologies, Inc., and Genomic Health are some of the prominent companies in the global companion diagnostics market.
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Based on indication, the global companion diagnostics market is classified into breast cancer, lung cancer, colorectal cancer, gastric cancer, melanoma, and others. In terms of revenue, in 2012, the breast cancer segment dominated the global companion diagnostics market. However, the lung cancer segment is expected to expand at a 20% CAGR during the period from 2013 to 2019. Discovery of biomarkers specific to lung cancer is expected to boost the growth prospects of the lung cancer segment in the years to come.