Global Companion Diagnostics Market Explore Future Growth 2018-2026 by Top Players – Abbott Laboratories, Agilent Technologies, Danaher Corporation, GE Healthcare, Roche Diagnostics, Myriad Genetics, bioMérieux SA, Illumina, Siemens Healthcare

Coherent Market Insights has announced the addition of the “Companion Diagnostics Market Size Status and Forecast 2026”, The report classifies the global Companion Diagnostics Market in a precise manner to offer detailed insights about the aspects responsible for augmenting as well as restraining market growth.

This report studies the global Companion Diagnostics Speaker market, analyzes and researches the Companion Diagnostics Speaker development status and forecast in North America, Europe, Asia Pacific, Latin America and Rest of the World. This report focuses on the top players in global market, like Abbott Laboratories, Agilent Technologies, Danaher Corporation, GE Healthcare, Roche Diagnostics, Myriad Genetics, bioMérieux SA, Illumina, Siemens Healthcare

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The ecosystem of pharmaceuticals industry is one of the major factors driving growth of the companion diagnostics market. The providers of healthcare products and services, and patients who utilize these products and services is expected to be benefitted by a collaborative approach. The innovation of CDx helped drug developers in reducing the development costs, developing highly effective therapeutic products, and improving the time to market by identifying the effectiveness of a drug against particular biomarkers. Moreover, better treatment outcomes and lower morbidity risk are benefits offered to the patients. Also, accurate diagnosis and determination of targeted cancer therapy has become much easier due to advanced technologies such as PCR, immunohistochemistry, and gene sequencing.

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.

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.

Global Companion Diagnostics Market, By Application:

Breast Cancer
Lung Cancer
Colorectal Cancer
Gastric Cancer
Melanoma
Others

Global Companion Diagnostics Market, By Technology:

Immunohistochemistry
Real-time PCR
Gene Sequencing
FISH
Others

Global Companion Diagnostics Market, By Geography:

North America
Latin America
Europe
Asia Pacific
Middle East
Africa

Increasing number of research collaborations is expected to improve the time to market of highly effective targeted drug therapies. This would in-turn augment the growth of companion diagnostics market.

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.

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This release was published on openPR.