NEW YORK, Aug. 27, 2014 /PRNewswire-USNewswire/ -- The market for test and pharmaceutical pairs, known as companion diagnostics in the testing industry, has grown significantly. The global companion diagnostic market is valued at about $1.2 billion for 2013. This is up from $950 million in 2011, an increase of 12.5%. This statistic was cited in a new report from healthcare market research firm Kalorama Information, Companion Diagnostic Markets.
The report can be found at: http://www.kaloramainformation.com/redirect.asp?progid=86594&productid=8328701.
Companion diagnostics increase the probability of clinical success by identifying patients with the presence of biomarkers or disease-specific therapeutic targets that can dramatically improve outcomes. Companion diagnostics can also decrease costs by identifying the patient population that will most likely benefit from the therapy, and ruling out therapies that are not likely to be effective. This is especially critical given the cost of many new cancer therapies. Companion diagnostics also improve patient outcomes by selectively determining which patients will respond to therapy.
"One of the faster-growing testing areas in terms of revenues is drug/test pairs," according to Mary Ann Crandall, analyst for Kalorama Information. "The emergence of new technology has opened doors for companion diagnostic research, discovery, development and commercialization."
This market is a small part of several larger markets including the IVD market, the immunoassay market and the biomarker market, as all of these markets are intertwined. Kalorama made its market projection from extensive literature reviews and discussions with experts in the field, including microbiologists, pathologists, hospital authorities, reimbursement specialists, research scientists, business development managers and marketing managers.
"There had been a slow market uptake of companion diagnostics because companion tests lacked FDA approval, which prevented pharmaceutical companies from promoting the diagnostic," said Crandall. "But the realization that companion diagnostics can decrease costs by identifying the patient population that will most likely benefit from a therapy and ruling out those therapies not likely to be effective has made companion diagnostics important to the delivery of care."
Kalorama expects even more rapid revenue growth in this area of IVD over the next five years. Companion diagnostic development has become a primary area of focus for developers and many companion diagnostics are now successfully marketed with several of them part of a routine diagnostic and treatment plan.
Find Companion Diagnostic Markets in addition to other industry leading research from Kalorama Information at: http://www.kaloramainformation.com/.
About Kalorama Information -- Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. We routinely assist the media with healthcare topics. Follow us on Twitter, LinkedIn and our blog.
SOURCE Kalorama Information