Portland, OR -- (ReleaseWire) -- 07/03/2014 -- The report forecasts that the global companion diagnostic market would attain a market size of $3.5 billion, registering a CAGR of 20% during 2014-2020. North America would continue to generate maximum revenue during the analysis period; however, the LAMEA region would witness the fastest growth rate with a CAGR of 22.7% during the estimated period.
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Companion diagnostics enable patients to find the most effective treatment for their disease. This in turn would enhance treatment procedures and cut down healthcare expenditure. The technique would also help in identifying the best therapeutic treatment for patients thereby eliminating ineffective treatments. Rising incidences of cancer, personalized treatment approach and an increase in the dangerous side effects of drugs is compelling R&D to develop targeted therapies. New biomarker discoveries and technological strides are contributing to the growth of the CD market. Although a smooth co-ordination of therapeutic products and companion diagnostics remains a challenge. Nonetheless, the increasing incidences of cancer, central nervous system conditions and cardiovascular conditions have boosted the CD market growth.
In terms of indication, the companion diagnostics market is segmented into oncology, CNS, autoimmune & inflammation, cardiovascular, virology and others. At present, the maximum revenue for the companion diagnostics market is generated by the oncology segment.
Under oncology, treatments for breast cancer generate maximum revenue due to its rising incidence. Currently, companion diagnostics for central nervous system conditions, inflammation and autoimmune diseases, cardiovascular conditions, and viral diseases are minimal, with most of it being in the emerging stage.
In terms of technology, companion diagnostics market is segmented based on immunohistochemistry and molecular diagnostics. Molecular diagnostics has been the most favored technology and it is expected that next generation sequencing and real-time PCR would contribute to the growth of this market due to recent advancements in these technologies.
The market is led by North America followed by Europe due to healthcare awareness, noteworthy investments in research & development and prevalence of cancer and other conditions in these regions. However, LAMEA is anticipated to grow fastest due to rising incidences of cancer.
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The ten most important firms in the companion diagnostics market have been featured in the report. They are Qiagen, Dako (Agilent Technologies), Abbott Laboratories, Inc., Roche, bioMerieux, Myriad Genetics, Inc., Leica Microsystems, Ventana Medical Systems, Life Technologies and Resonance Health Ltd.
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