LONDON, January 22, 2013 /PRNewswire/ --
A new report by visiongain, a London-based business information provider, predicts that the global market for companion diagnostics will be worth $19.3bn by 2023. The market generated sales of $1.6bn in 2011.
The companion diagnostics market has experienced significant growth in recent years and has become one of the most promising areas within the IVD market. The number of partnerships between pharmaceutical companies and diagnostic manufacturers will continue to increase significantly over the forecast period given the array of benefits that these tests offer, visiongain predicts. Technological advancements in the field, including the discovery of new biomarkers and the development of new molecular tests, has helped propel the companion diagnostics market which is clearly evidenced by the vast number of drugs in development that have an associated biomarker programme. The market will be driven by the increasing development and use of biomarkers as well as the progressive decrease in costs of sequencing technologies. Biomarkers are now being employed at early stages of drug discovery and development, with many being increasingly developed in to companion diagnostic tests.
Rodrigo Gutierrez Gamboa, healthcare industry analyst, says "M&A activity in the companion diagnostics market has experienced explosive growth in recent years, and we expect this trend to continue as most pharmaceutical companies do not have an in-house diagnostic capability for either the development of a companion diagnostic or the commercialisation of the test once the drug is approved. Furthermore, in the last few years, most pharmaceutical companies have adopted new projects and strategies to develop companion diagnostic products. It seems most of these companies have begun to shift away from the blockbuster business model and realised that in order to be more effective, and save money, new drugs will have to be more personalised. Oncology remains the dominant field in the market; however, many of the leading companies are now reported to be working to develop companion diagnostics in other therapeutic areas including neurological, autoimmune, inflammatory and cardiovascular diseases."
Visiongain's research also suggests that the world companion diagnostics market will benefit from a positive reimbursement outlook in key regional markets, primarily due to the cost-effective nature of the tests. Visiongain predicts that this market will grow fast to 2023. The future of companion diagnostics appears promising and has significant potential for growth owing to the increasing demand for safer and more effective therapies. This new report adds to visiongain's wide range of analytical reports in healthcare and other industry areas.
For further information concerning the Visiongain's Medical Device Leader Series - Top Companion Diagnostic Companies 2013-2023 report please visit http://www.visiongain.com/Report/962/Medical-Device-Leader-Series-Top-Companion-Diagnostic-Companies-2013-2023
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Brain Resource Company
Caris Life Sciences
Clearstone Central Laboratories
Clinical Reference Laboratory
Johnson and Johnson
Laboratory for Personalized Molecular Medicine
Medco Health Sciences
Quintiles Transnational Corporation
Randox Pharma Services
Weisenthal Cancer Group
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Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, visiongain produces a host of business-2-business conferences, newsletters, management reports and e-zines focusing on the Energy, Telecoms, Pharmaceutical, Defence, Materials sectors.
Visiongain publishes reports produced by its in-house analysts, who are qualified experts in their field. Visiongain has firmly established itself as the first port-of-call for the business professional, who needs independent, high quality, original material to rely and depend on.