Easing of Regulatory Policies to Drive Global Demand for Companion Diagnostics, reports TMR Date: 02-24-2017 08:45 PM CET Category: Health & Medicine Press release from: Transparency Market Research - Biotechnology
Due to the dominance of the top three players in the global companion diagnostics market, the nature of the market is highly oligopolistic, says Transparency Market Research in a new study. The leading companies operating in the market are focusing on protecting their patent rights to retain exclusivity. The top three companies in the companion diagnostics market are Roche Holdings followed by Qiagen N.V., and Agilent Technologies. Together they comprise approximately 80.4% of the overall global market in 2012. In order to rake in a greater share of revenues, many small and large players are competing to co-develop companion diagnostics by collaborating with pharmaceutical manufacturers. In this regard, companies are also seeking defensive patents for their technology, products, and tests to restrain other companies from the usage of their exclusive tests. Browse Global Strategic Business Report: www.transparencymarketresearch.com/companion-diagnostics-... Regulatory Changes to Ensure Adoption of Companion Diagnostics Companion diagnostics include two types of tests namely tests which are developed along with target drugs and the other developed after the commercialization of drugs. Companion diagnostics combined with targeted therapeutics are being seen as a major breakthrough in the personalized medicine field. Companies operating in the companion diagnostics market are seeking an effective growth strategy in the development of this concept drug-diagnostic interaction as the healthcare sector is shifting its focus towards personalized medicine. According to TMR analyst, the implementation of well-structured regulatory policies will help in the development of effective companion diagnostics leading to a growth in the market. As a result of the FDA guideline in the U.S. regarding the approval of targeted therapeutic along with its companion drug, two targeted therapeutics, one of Abbott Laboratories and the other of Roche Holdings, were approve along the line. Currently, various regulatory agencies around the world are in support for the use of companion diagnostics for the development and commercialization of prescription drugs used in targeted therapeutics. Thus, the change in regulatory policies is expected to boost the adoption of companion diagnostics globally.
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