Companion diagnostics are tests to understand which patient can be benefited from a certain drug or what dosage should be prescribed based upon patient’s clinical diagnosis, which provides evidence required for the successful and harmless use of an equivalent drug or biological product to treat the medical condition. These are medical instruments that support doctors to elect which treatment and dosage should be given to patients personalized to their necessity.
Companion Diagnostics is utilized to ascertain who would benefit from treatment and it comes in handy to identify if someone cannot be cured, but also conversely can be harmed by use of specific drug used for their ailment. Technological advancements has brought a lot of changes in the method of disease treatment. Companion diagnostics is characterized by growing requirement for enhancedpersonalized patient treatment that gives healthcare providers and their patients an assurance about the treatment result in a positive way, contrary to traditional treatment procedure. Major impact of companion diagnostic will been on oncology therapy area.
Presently, companion diagnostics global market is driven by the technological advancement in healthcare industry, increase in various treatment procedures. Number of companion diagnostics can be given approval for a single drug as scientific knowledge advances with practical application of treatment. Although, cost related with latest technology acts as a key barrier for the growth of global companion diagnostics market.
With rapid technological advancement, increase in the incidence of chronic disease, rise in aging population, increasing adoption rate of treatment of chronic disease, increase in number of prevalence of chronic disease around the globe are the factors expected to boost the companion diagnostics market over the forecast period.
Depending on geographic regions, global companion diagnostics market is segmented into seven key regions: North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan, Japan and Middle East & Africa.
North America is the leading market for companion diagnostics because of rapid technical inventions, huge investment on research and development in this region. Whereas, Asia-Pacificand Europeis projected to grow at a significant growth due to large consumer base, rising government initiatives for enhancing healthcare infrastructure, and high disposable income.
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Some of the key participating global players in companion diagnostics market global market are ARUP Laboratories, Roche Molecular Systems Inc., Dako Inc., Qiagen Ltd., bioMérieux Inc.,Ventana Medical Systems Inc., Abbott Molecular Inc., Myriad Genetics Inc.,Biogenex Laboratories, Inc., Thermo Fisher Scientific Inc., Leica Biosystems Nussloch GmbH and others.