Report: Oncology Companion Diagnostics a 1.2 Billion-Dollar Market
NEW YORK, Nov. 20, 2014 /PRNewswire/ -- The market for test and pharmaceutical pairs for cancer treatment, known as companion diagnostics in the testing industry, has grown significantly. The global companion diagnostic market is valued at about $1.14 billion for 2013, up from $910 million the previous year. Kalorama said cancer is the area where personalized approaches. The finding was made in a new report from healthcare market research firm Kalorama Information, Companion Diagnostic Markets.
The report can be found at: http://www.kaloramainformation.com/redirect.asp?progid=86594&productid=8328701.
"Novel biomarkers and subsequent companion diagnostics have the potential to transform the cancer treatment model from a onesize-fits-all approach to a personalized approach," said Mary Ann Crandall, author of the report.
Companion diagnostics increase the probability of clinical success by identifying patients with the presence of biomarkers or disease-specific therapeutic targets that can dramatically improve outcomes. Companion diagnostics can also decrease costs by identifying the patient population that will most likely benefit from the therapy, and ruling out therapies that are not likely to be effective. This is especially critical given the cost of many new cancer therapies. Companion diagnostics also improve patient outcomes by selectively determining which patients will respond to therapy.
According to the report, the growing interest in companion diagnostics is fueling many novel partnerships between big pharma and diagnostic companies.
"In the past, each individual company would develop its own product, many times at great risk and expense," Crandall said. "In many cases, it was viewed by industry participants as too risky to devote resources towards the development of a test that may never be used."
Kalorama suggests this has opened the door for co-development and partnership deals to take center stage. In 2010 there were approximately 25 big pharma and diagnostic companies' deals, up from 19 in 2009 and only 7 in 2008. That number has increased to over 50 since 2011 with oncology as the primary area of companion diagnostic licensing/partnership deals in recent years. The majority of partnerships have been with established diagnostic players such as Roche and Abbott but there seems to be a shift recently moving toward specialized diagnostic companies as seen in the Eli Lilly and PrimeraDx partnership. Most of the partnerships have been exclusive for a limited time period. This provides stability for the diagnostic company and assures it will be the first to market with its diagnostic justifying the investment.
Kalorama's report identifies the best disease markets for companion approaches. Find Companion Diagnostic Markets in addition to other industry leading research from Kalorama Information at: http://www.kaloramainformation.com/.
About Kalorama Information -- Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. We routinely assist the media with healthcare topics. Follow us on Twitter, LinkedIn and our blog.
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