Companion diagnostics offers a set of tools that facilitates biological and clinical information to the pharmaceutical companies that they have to overcome. Companion diagnostics help physicians to improve the treatment decisions for the patients depending on their response to current treatments. Companion diagnostics approach to medication is transforming the healthcare industry by eliminating unfavorable reactions, improving treatment outcomes, and reducing the cost and time difficulties associated with conventional methods of medication. Companion diagnostic is basically a bio-analytical method designed to evaluate whether the patient will respond favorably to the specific medical treatment or not. The market is fully dependent on discovery of biomarkers, and research and development of new $@!#%. With the surge in research and development of targeted rehabilitations and innovation of new biomarkers for a range of conditions, the global companion diagnostics market is growing at healthy rate.
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Regulatory agencies, such as FDA, are encouraging the use of companion diagnostics in the development and use of prescribed $@!#%. The guidance started in 2004 in the form of FDA critical path initiative and was followed by the drug diagnostic co-development concept in 2005.
North America had the largest companion diagnostics market because of the increasing incidence of cancer and increased healthcare awareness. Whereas, Asia-Pacific is the fastest growing market of companion diagnostics owing to the strengthening healthcare services and increasing medical tourism in developing countries such as India and China.
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Some of the major competitors in companion diagnostics market are Biogenex Laboratories Inc, Agilent Technologies, Inc., Abbott Laboratories, Inc., Beckman Coulter, Inc., Danaher Corporation, Myriad Genetics, Inc., Qiagen N.V., bioMérieux SA, F. Hoffmann-La Roche AG, and General Electric Company.
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