Global Companion Diagnostics for Oncology Market is expected to register a CAGR of 22.57% during the forecast period and is expected to hit USD 5,064.17 Million by 2027.
A companion diagnostic is an in vitro diagnostic medical kit. Through this test, healthcare professionals can determine whether a particular therapeutic product is effective for the patient or possess any serious side effects or risks. The key factors driving the market growth are increasing RD and drug-diagnostic co-development, growing preference for personalized medicine, increasing global incidence of cancer, and increasing product approvals by major players. However, the lack of reimbursement in developing regions may hamper the market growth. The entry of market players in emerging economies creates growth opportunities for the companion diagnostics for the oncology market size.
Major market players are focusing on various growth strategies such as product launches, product advancements, and business expansions to cater to the growing need for personalized medicine. These product launches and business expansion drive the growth of the companion diagnostics for oncology market. For instance, in March 2020, Thermo Fisher signed a strategic agreement with Janssen Services to co-develop a companion diagnostic product related to oncology, which will support clinical trial enrollment globally. Similarly, in March 2019, Roche launched the Ventana PD-L1 (SP142) Assay in Europe as the first companion diagnostic to identify triple-negative breast cancer patients eligible for treatment with Tecentriq. Furthermore, in March 2019, Roche received the US FDA approval for its Ventana PD-L1 (SP142) assay approved as the first companion diagnostic to identify triple-negative breast cancer patients eligible for the treatment with Tecentriq in combination with Abraxane.
Global Companion Diagnostics for Oncology Market has been segmented based on products services, technology, indication, and end user. The market, on the basis of products services, has been segmented into assays, kits reagents and software services.
Based on technology, the global companion diagnostics for oncology market is segmented into polymerase chain reaction (PCR) and next-generation sequencing (NGS). The global market, on the basis of indication, has been segmented into breast cancer, lung cancer, colorectal cancer, gastric cancer, melanoma, and others.
Global companion diagnostics development Market, based on region, is segmented into four main regions, including the Americas, Europe, Asia-Pacific, and the Middle East Africa. The Americas is accounted for a major market share in 2019, whereas Asia-Pacific is projected to be the fastest-growing regional market during the forecast period.
In the global companion diagnostics for oncology market, the Americas held the largest share of 37.3% in 2019. The market growth in the Americas is due to the high prevalence rate of cancer and rising healthcare expenditure. According, to the National Institutes of Health, it was estimated that 1,735,350 new cases of cancer were diagnosed in the US in 2018. Europe acquired the second-largest market share in 2019. The Europe market is expected to register a sturdy growth rate during the forecast period due to the presence of a large number of companies, growing research and development activity to develop targeted drug therapy for a cancer patient, and the rising per capita income increasing the preference for personalized medicine. According to the European Journal of Cancer, there were around 3.9 million new cases and 1.9 million deaths from cancer in Europe in 2018. The increasing cancer population supports market growth in this region.
Asia-Pacific is anticipated to be the fastest-growing regional market during the forecast period. The rapid growth of the Asia-Pacific market is due to the growing number of cancer patients and rising presence of market players. According to the Global Cancer Observatory, around 1,157,294 cases of cancer were reported in India in 2018. Additionally, increasing research funding, rising investments by pharmaceutical and biotechnology companies, and growing awareness about personalized therapeutics in several APAC countries are expected to drive the growth of the regional market. The Middle East and Africa accounted for the least market of USD 82.64 million in 2019. The companion diagnostics for oncology market in countries such as Kuwait, the UAE, and Saudi Arabia are likely to show steady growth due to increasing cancer cases, rising drug discovery, and increasing preference for personalized medicines. Also, the growing number of hospitals, research laboratories, and increasing investment by healthcare companies in this region drives the growth of CDx in the Middle East African countries.
MRFR recognizes the following companies as the Key Players in the global Companion Diagnostics for Oncology Market— Agilent Technologies Inc. (US), Illumina, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), BioMérieux SA (France), Foundation Medicine (US), Archer Dx (US), Qiagen (Germany), Thermo Fisher Scientific Inc. (US), and Amoy Dx (China) and Abbott Laboratories (US).
Key Findings of the Study
- Global Companion Diagnostics for Oncology Market was valued at USD 1,603.16 Million in 2019 and is expected to register a CAGR of 57% during the forecast period of 2020 to 2027
- The Americas accounted for the largest share of the global market due to the high prevalence rate of cancer and other chronic disorders and rising healthcare expenditure. These factors are driving the growth of companion diagnostics for oncology market in the region.
- Based on the products services, the market is divided into the assays, kits reagents and software services is expected to account for a major share in the global companion diagnostics for oncology market share of 62.11% in 2019
- On the basis of indication, the others segment dominated the global companion diagnostics for oncology market by revenue in 2019. The treatment segment accounted for the largest value of USD 73 in 2019; it is expected to register a CAGR of 22.57% during the forecast period.
- Based on end-user, the pharmaceutical biopharmaceutical companies accounted for the largest market share of 38.19% in 2019
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