Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The rising global incidence of cancer has significantly spurred the inclination towards targeted therapy, consequently impacting the demand for companion diagnostic (CDx) tests. Statistics from Cancer Research UK highlight a staggering 17 million new cancer cases worldwide in 2018, with lung and breast cancers dominating the share, followed by colorectal and prostate cancers. This escalating prevalence underscores the pressing need for more precise and effective treatment approaches in oncology.
In response to this mounting challenge, healthcare organizations are actively rolling out programs and platforms aimed at advancing treatment options. An exemplary initiative is the National Institute of Health's "All of Us Research Program," enlisting at least a million volunteers from the US to contribute inherited data, biological samples, and comprehensive health information. The colossal pool of data collected in this program serves multifaceted purposes, including the exploration of correlations between health, environmental factors, and lifestyle choices. This data reservoir aids in identifying potential new biomarkers and refining disease classifications, thereby establishing a robust platform to facilitate trials for targeted therapies.
The surge in research and development activities, coupled with the implementation of diverse healthcare programs geared towards fostering personalized or targeted medicine, is poised to escalate the demand for companion diagnostic products, particularly in the domain of oncology. These initiatives are instrumental in steering the medical landscape towards more tailored and precise treatment methodologies that align with individual patient profiles. The collaborative efforts of healthcare organizations, research institutions, and volunteer participants in amassing comprehensive data sets hold the promise of driving innovations in treatment paradigms, ultimately aiming for more effective and personalized approaches in combating cancer and other complex diseases.
Key market players are strategically prioritizing growth through diverse avenues including product launches, continual advancements in their offerings, and expansive business ventures. This strategic focus is geared towards meeting the escalating demand for personalized medicine. Through consistent product launches featuring innovative diagnostic solutions and expansions into new markets or segments, these industry leaders are propelling the expansion of the companion diagnostics for oncology market.
The significance of product launches in driving market growth cannot be overstated. Major players are incessantly introducing cutting-edge diagnostic products tailored specifically for oncology, catering to the evolving needs of healthcare providers and patients. These launches not only widen the array of available diagnostic tools but also underscore the commitment of these market giants to stay at the forefront of innovation within the companion diagnostics sector.
Furthermore, continuous advancements and refinements in existing products also play a pivotal role in sustaining market growth. Through rigorous research and development efforts, market leaders enhance the performance, accuracy, and applicability of their diagnostic offerings. These advancements bolster the efficacy of companion diagnostics in oncology, fostering confidence among healthcare professionals in their use and driving market expansion.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Products & Services, Technology, Indication, End User |
Companion Diagnostics Oncology Market Highlights:
Global Companion Diagnostics for Oncology Market Overview
Companion Diagnostics for Oncology Market was valued at USD 2.5 Billion in 2032 and is expected to register a CAGR of 21.1% during the forecast period of 2023 to 2032.
Companion diagnostic (CDx) is a diagnostic testing kit majorly used by pharmaceutical companies for the development of personalized medicine. CDx tests provide information about the effective use of a corresponding therapeutic product by analyzing the genetic material. With the rise in cancer prevalence, coupled with increasing strategic initiatives, there has been a huge demand for companion diagnostics in the oncology area. The growing prevalence of cancer across the globe is increasing the preference for targeted therapy, which is affecting the demand for CDx tests. According to Cancer Research UK, there were 17 million new cases of cancer across the world in 2018, in which lung and breast cancer accounted for the largest share, followed by colorectal and prostate cancer.
Market Dynamics
The key factors driving the companion Diagnostics for Oncology market growth are increasing R&D 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 companion Diagnostics for Oncology market growth. The entry of market players in evolving economies creates an opportunity to drive the companion diagnostics for oncology market.
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. 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. Similarly, 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. Furthermore, in April 2018, Illumina entered a collaboration with Bristol Myers Squibb Company to utilize Illumina’s next-generation sequencing technology to develop and globally commercialize companion diagnostics for Bristol-Myers Squibb Company’s oncology immunotherapies, and the growing prevalence of cancer across the globe is increasing the preference for targeted therapy which is affecting the demand for CDx tests.
Companion Diagnostics for Oncology Market Share, By Products & Services, 2019 (%)
Source: MRFR Analysis
Companion Diagnostics for Oncology Market Segment Insights
Global Companion Diagnostics for Oncology Market has been divided based on Products & Services, Technology, Indication, and End User.
Companion Diagnostics for Oncology Product & Service Insights
Global Companion Diagnostics for Oncology Market, on the basis of product & service, has been segmented into assays, kits & reagents and software & services. The assays, kits, & reagents segment is expected to be the largest of 62.1% in 2019 and is projected to be the fastest market owing to their continuous requirement by end users.
Companion Diagnostics for Oncology Technology Insights
Based on technology, the global companion diagnostics for oncology market is segmented into polymerase chain reaction (PCR) and next-generation sequencing (NGS). By technology, polymerase chain reaction (PCR) held a larger market share of 53.8% in 2019, whereas the NGS segment accounted for a CAGR of 25.05% during the forecast period of 2020 to 2027.
Companion Diagnostics for Oncology Indication Insights
The global companion diagnostics for oncology market, on the basis of indication, has been segmented into breast cancer, lung cancer, colorectal cancer, gastric cancer, melanoma, and others. The breast cancer segment accounted for the largest market share in 2019, owing to the huge population suffering from cancer across the globe.
Companion Diagnostics for Oncology End-User Insights
The global companion diagnostics for oncology market, on the basis of end user, is segmented into pharmaceutical & biopharmaceutical companies, laboratories, contract research organizations, and others. The pharmaceutical & biopharmaceutical companies segment accounted for the largest share of 38.2% in 2019, owing to the rising adoption of companion diagnostics for oncology techniques among researchers and clinicians.
Companion Diagnostics for Oncology Market Share, By Region, 2019 (%)
Source: MRFR Analysis
Companion Diagnostics for Oncology Regional Insights
Global Companion Diagnostics for Oncology Market based on region is segmented into four main regions, including the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas accounted for the major share in 2019, whereas Asia-Pacific is projected to be the fastest-growing region 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 other chronic disorders 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. Additionally, the American Cancer Society estimated that 1.8 million new cancer cases would be diagnosed in 2020 in the US.
Europe acquired the second-largest market share in 2019. The 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 activities to develop targeted drug therapy for a cancer patient, and rising per capita income increases 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 regional market is due to the rising number of cancer patients and the growing presence of market players. According to the Global Cancer Observatory, around 1,157,294 cases of cancer were reported in India in 2018. Additionally, growing 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 Asia-Pacific market.
The Middle East & Africa accounted for the least value 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 and research laboratories and increasing investment by healthcare companies in this region drives the growth of the market in Middle East & Africa.
Key Players
The Prominent Players in the Global Companion Diagnostics for Oncology Market are
- Agilent Technologies Inc.
- Illumina, Inc.
- F. Hoffmann-La Roche Ltd
- BioMérieux SA
- Foundation Medicine
- Archer Dx
- Qiagen
- Thermo Fisher Scientific Inc.
- Amoy Dx
- Abbott.
Companion Diagnostics for Oncology Market Segmentation
Companion Diagnostics for Oncology Products & Services Outlook
- Assays, Kits & Reagents
- Software & Services
Companion Diagnostics for Oncology Technology Outlook
- Polymerase Chain Reaction (PCR)
- Next-Generation Sequencing (NGS)
Companion Diagnostics for Oncology Indication Outlook
- Lung Cancer
- Breast Cancer
- Colorectal Cancer
- Gastric Cancer
- Melanoma
- Others
Companion Diagnostics for Oncology End User Outlook
- Pharmaceutical & Biopharmaceutical Companies
- Contract Research Organizations
- Laboratories
- Others
Companion Diagnostics for Oncology Regional Outlook
- Americas
- North America
- US
- Canada
- Latin America
- North America
- Europe
- Western Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Western Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Middle East
- Africa
Intended Audience
- Medical device companies
- Contract research organizations
- Research & development organizations
- Academic institutes
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
