Global Companion Diagnostics Market Analysis and Forecast till 2026
Personalized medicine is the new segment in discussion among healthcare experts around the globe. Also, encouragement from the regulatory bodies such as the FDA and EMEA in erms of providing a defined structure for companion diagnostic development is driving research activities in personalized medicine. Diagnosis at molecular level for each individual is of prime importance to identify the target biomarker before deciding the therapy. Companion diagnostic is one such emerging field for target biomarker identification reducing clinical trial cost and time to market the product.Request Sample Copy of this Business Report @ https://www.coherentmarketinsights.com/insight/request-sample/109
Pharmaceutical companies need to constantly innovate and integrate latest technological breakthroughs in order to sustain in the companion diagnostics market, given the looming threat of new technologies posing threat to existing product portfolio and research pipeline. Novartis AG focuses on R&D for biomarkers with the help of its partner SomaLogic, Inc., once they begin the process of finalizing the drug candidate. Such pre-work is now part of the routine of drug development, something that was an alien practice till around a decade ago. The U.S. FDA released a draft guideline for companion diagnostics in July 2016, providing a structure for the pharmaceutical companies to co-develop CDx test along with the drug therapies.
The global companion diagnostics market was valued at US$ 1,614.5 million in 2015 and is expected to witness a robust CAGR of 12.0% during the forecast period (2016 – 2024).
Companion diagnostic (CDx) is a diagnostic tool used to determine the suitability of a drug therapy to the patient. It has become a critical part of targeted cancer therapy that allows for development of personalized therapy can be developed and administered to the patient. Whole blood samples, tissues samples, or buccal samples are collected and tested for diagnosis and identification of targeted disease biomarker. CDx is usually utilized in identifying genetic mutations and the health and treatment approach implications. In July 2016, the U.S. FDA released a draft guideline for development of a therapeutic product accompanying an IVD companion diagnostic. Companion diagnostics include Gleevec (imatinib mesylate) and BCR-ABL LDT and DAKO C-KIT PharmDx, Herceptin (trastuzumab) and DAKO Herceptest; and Nolvaldex (tamoxifen) and laboratory-developed estrogen receptor positive test.
Market Dynamics
Companion diagnostics are beneficial for pharmaceutical companies who face challenges with respect to high drug development cost, safety and outcome of clinical trials, and long product approval time. Companion diagnostics lowers development costs, improves time to market and enhances drug safety by enabling rapid identification of target biomarker and the most effective drug therapy. For patients, the technology provides better treatment outcomes and lower morbidity risk. Use of technologies such as PCR, immunohistochemistry, and gene sequencing has enabled accurate diagnosis and determination of targeted cancer therapy. As the CDx tests also aid in revealing the off-target effects of a drug along with identification of a molecular target, CDx have become and indispensable tool for oncologists.
Potential lowering of cost and clinical benefits driving the companion diagnostics market
Growth of companion diagnostics market relies on the ecosystem of pharmaceuticals industry. A more collaborative approach would benefit payors and providers of healthcare products and services. CDx supports drug developers in reducing development costs, develop highly effective therapeutic product, and improve the time to market by identifying the effectiveness of a drug against particular biomarkers. The payors (patients) benefit from better treatment outcomes and lower morbidity risk. Moreover, with the advent of advanced technologies such as PCR, immunohistochemistry and gene sequencing, accurate diagnosis, and determination of targeted cancer therapy is much easier.
Ask for customization @ https://www.coherentmarketinsights.com/insight/request-customization/109
Advancements in technology and increasing research on CDx has resulted in increasing approval of drug therapies with diagnostic tests alongside it. As per the Regulatory Affirms Professionals Society (RAPS), the share of drugs and biologics approved alongside a diagnostic test, by the U.S. FDA, increased from 20% in 2014 to 28% in 2015.
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
Mr. Shah
Coherent Market Insights
1001 4th Ave, #3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Global Companion Diagnostics Market Analysis and Forecast till 2026 here
News-ID: 1217081 • Views: …
More Releases from Coherent Market Insights
Magnesium Oxide Market Size 2024: New Opportunities, Geographical Analysis, and …
The latest report published by Coherent Market Insights highlights the growth prospects of the Magnesium Oxide Market from 2024 to 2031. In-depth research on Industry Size, Share, Business Analysis, Growth Factors, and Regional Forecast. The market report gives a purposeful depiction of the area by the practice for research, amalgamation, market size, overview, and review of data taken from various sources. The market study includes information on market factors such…
Colostrum Market Key Growth Drivers, Latest Opportunities, Increasing Demand, an …
The latest report published by Coherent Market Insights highlights the growth prospects of the Colostrum Market from 2024 to 2031. In-depth research on Industry Size, Share, Business Analysis, Growth Factors, and Regional Forecast. The market report gives a purposeful depiction of the area by the practice for research, amalgamation, market size, overview, and review of data taken from various sources. The market study includes information on market factors such as…
Steam Turbine Market Size 2024: Industrial Insights including Manufacturing Deta …
The latest report published by Coherent Market Insights highlights the growth prospects of the Steam Turbine Market from 2024 to 2031. In-depth research on Industry Size, Share, Business Analysis, Growth Factors, and Regional Forecast. The market report gives a purposeful depiction of the area by the practice for research, amalgamation, market size, overview, and review of data taken from various sources. The market study includes information on market factors such…
Protein Supplements Market Share: Size, Growth, Key Vendors, Trends, and Forecas …
The latest report published by Coherent Market Insights highlights the growth prospects of the Protein Supplements Market from 2024 to 2031. In-depth research on Industry Size, Share, Business Analysis, Growth Factors, and Regional Forecast. The market report gives a purposeful depiction of the area by the practice for research, amalgamation, market size, overview, and review of data taken from various sources. The market study includes information on market factors such…
More Releases for Companion
Companion Animal Drugs - Key Market Statistics
Companion animals are pets kept primarily for company, entertainment, and safety. Owners of companion animals consider them to be family, friends, and confidants. Dogs, cats, birds, rabbits, horses, goats, gerbils, rats, mice, and amphibians, others are considered as companion animals.
Read Report Overview - https://www.transparencymarketresearch.com/companion-animal-specialty-drugs-market.html
According to the American Society for the Prevention of Cruelty to Animals (ASPCA) defines companion animal to be domesticated or domestically-bred whose emotional, physical, social, and behavioral…
Companion Animal Vaccine – Improving The Health Of Companion Animals In A Cost …
The companion animal vaccines market is expected to witness significant growth during the forecast period due to launch of vaccines for companion animals. For instance, in December 2017, Zoetis Inc. announced the launch of Vanguard CIV H3N2/H3N8, the latest vaccine in the company’s canine influenza virus (CIV) portfolio. The new bivalent vaccine helps protect dogs against the two strains of the virus known to be circulating in the U.S.
Moreover, the…
Companion Diagnostics Market - Easing of Regulatory Policies to Drive Global Dem …
Companion diagnostics include two types of tests namely tests which are developed along with target drugs and the other developed after the commercialization of drugs. Companion diagnostics combined with targeted therapeutics are being seen as a major breakthrough in the personalized medicine field. Companies operating in the companion diagnostics market are seeking an effective growth strategy in the development of this concept drug-diagnostic interaction as the healthcare sector is shifting…
Global Companion Diagnostics Market
The Global Companion Diagnostics (CDx) Market was valued at US$ 1,614.5 million in 2015 and is projected to expand at a CAGR of 12.0% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Development of multiple biomarkers and targeted drug therapy is boosting research and development collaboration among the industry players. This is expected to improve the time to market for companion diagnostic (CDx) test…
Global Companion Diagnostics – Growth Companion for Personalized Medicine
Companion Diagnostics: Growth Companion for Personalized Medicine
Personalized medicine is the new segment in discussion among healthcare experts around the globe. Also, encouragement from the regulatory bodies such as the FDA and EMEA in erms of providing a defined structure for companion diagnostic development is driving research activities in personalized medicine. Diagnosis at molecular level for each individual is of prime importance to identify the target biomarker before deciding the therapy.…
Companion diagnostics Market: Companion diagnostic are used to determine patient …
The few companion diagnostics are already available in the market for specific types of cancer and many are already under clinical development. Companion diagnostics test depends on finding a specific biomarker in the patient and hence biomarker presence or absence determines whether or not the patient will respond to the treatment. This test require a biopsied tissue to access the expression of biomarker protein or mutant or aberrant genes. Companion…