Companion Diagnostics Market byTechnology (Polymerase Chain Reaction, In-situ hybridization, Immunohistochemistry), Application (Breast, Lung cancer), & by End-user (Pharmaceutical Companies, Reference Lab)] - Global Trends & Forecasts to 2019

NEW YORK, Sept. 15, 2014 /PRNewswire/ -- The global companion diagnostics market is expected to grow at a CAGR of 22.7% from 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 its 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.

Reasons to Buy the Report

The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms garner a greater market share. Firms purchasing the report can use any one or a combination of the below mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.

The report provides insights on the following pointers:

• Market Penetration: Comprehensive information on product portfolios of the top players in the companion diagnostics market. The report analyzes the companion diagnostics market by technology, application, end-user, and geography
• Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the companion diagnostics market
• Competitive Assessment: In-depth assessment of the market strategies, geographical and business segments, and product portfolios of the leading players in the companion diagnostics market
• Market Development: Comprehensive information about the emerging markets. The report analyzes the market for various companion diagnostics tests/kits across geographies
• Market Diversification: Exhaustive information about new products and services, untapped geographies, recent developments, and investments in the companion diagnostics market

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