Need for Higher Drug Efficacy to Drive Global Companion Diagnostics Market to Us$5.6 Bn by 2019

In current times, rising demand for personalized medicine is largely contributing to the growth of the global companion diagnostics market. The medications currently available are increasingly becoming personalized or targeted for specific patient populations. Hence, development of companion diagnostics along with drugs facilitates a shorter drug development process, as its efficacy is continually charted and monitored. As such, employing companion diagnostics increases the chances of easier drug approval and also avoids the long clinical trial designs, as only the target patient pool needs to participate in the clinical trials.

Additionally, escalating costs associated with drug research and development has led to the need for developing cost-effective solutions. Pharmaceutical companies are currently focusing on developing companion diagnostics along with the drug. This strategy of co-development facilitates the commercial availability of safe and effective drugs. With the emergence of personalized medicine and growing knowledge about the human genome, a large number of pharmaceutical companies are re-working their business models to move away from ill-defined generic therapeutics towards specific, personalized medicine. According to the report, companion diagnostics for breast cancer dominated the global companion diagnostics market in 2012, in terms of revenue. In the coming years, however, lung cancer will lead the market, growing at a CAGR of over 20% from 2013 to 2019, as stated in the report. The segment is poised for rapid growth due to the discovery of biomarkers that are specific to lung cancer, and the discovery of myriad relevant companion diagnostics.

The scope and dynamics of the market are covered in the report and the overall industry is segmented on the basis of tests for various indications and geographical location. Potential growth opportunities, emerging sectors, market drivers, challenges, landmarks, trends, government regulations and...