Growing burden of cancer, rising demand for personalized medicine, and increasing collaborations to co-develop drug and diagnostic technologies are key factors driving market growth.
Growing burden of cancer, rising demand for personalized medicine, and increasing collaborations to co-develop drug and diagnostic technologies are key factors driving market growth
The global oncology companion diagnostics market size is expected to reach USD 6.60 Billion by 2028 and register a CAGR of 13% over the forecast period, according to the latest report by Reports and Data. Increasing incidence of cancer across the globe, rising application of companion diagnostic in cancer management, and increasing advancements in personalized medicine are key factors expected to drive market revenue growth over the forecast period. In addition, increasing importance of oncology companion diagnostics in next-generation omics and growing use of CDx to ensure safety and efficacy of drugs and treatment are also expected to drive revenue growth of the market going ahead.
Companion diagnostics is a crucial part of pharmacogenomics which leverages genetic makeup of an individual to predict response to a therapeutic approach or to design a personalized therapy for the patient. Companion diagnostics has been widely applied in personalized medicine to assist in shaping up the development process for a particular drug. The FDA regulates a companion diagnostics based on how it will be used in delivering therapeutics and care in medicine. Companion diagnostics are also useful in determining the appropriate and effective use of a therapeutic. It also plays a pivotal role in screening patients who will benefit from the drug and who should not be treated with the specific drug. In oncology, companion diagnostic plays a crucial part in narrowing the population for a treatment to ensure better outcomes and decrease risk of treatment. In addition, advent of high-throughput and sensitive approaches such as Next-Generation Sequencing (NGS) and quantitative histopathology, among others have resulted in rapid development of platforms for CDx. This is also expected to contribute to market growth going ahead.
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Increasing advancements in companion diagnostics has resulted in rising number of collaboration and partnerships in biotechnology and pharmaceutical companies to expand product portfolio and this is expected to fuel market growth. However, complicated clinical diagnostic scenario, limitations of clinical application of CDx, and low awareness in developing and underdeveloped countries are expected to restrain market growth to a certain extent over the forecast period.
Some Key Highlights From the Report:
- Product segment is expected to account for largest revenue share in the global market owing to increasing application of companion diagnostics in treatment and management of cancer, development of improved consumables and reagents, and advancements in diagnostic technologies.
- Immunohistochemistry segment is expected to register considerable revenue growth over the forecast period, attributable to availability of a broad range of IHC-based diagnostic solutions for cancer, growing product approvals, and increasing progress of drug discovery and research.
- Non-small cell lung cancer accounted for largest revenue share in 2020 and is expected to register significant revenue growth owing to increasing prevalence of non-small cell lung cancer, increasing research for companion diagnostics, and growing need for personalized medicine.
- Hospitals segment is expected to register robust revenue CAGR over the forecast period owing to increasing availability of advanced healthcare infrastructure, development of accurate and sensitive cancer screening and diagnostic assays, and favorable reimbursement scenario.
- North America accounted for a revenue share of 39.7% in the global market in 2020, attributable to rising research and development activities, increasing awareness about oncology companion diagnostics, and progress in precision medicine. In addition, rising prevalence of cancer, increasing number of product approvals, and robust presence of key market players in the region.
- Major companies in the global market include Agilent Technologies, Inc., Illumina, Inc., QIAGEN N.V., Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche Ltd., ARUP Laboratories, Abbott Laboratories, Myriad Genetics, Inc., bioMérieux SA, and Invivoscribe, Inc.
- In April 2021, Illumina, Inc. and Kartos Therapeutics joined forces to co-develop an NGS-based TP53 companion diagnostic based on TruSight Oncology 500, which is Illumina’s comprehensive genomic profiling assay. The collaboration will primarily focus on co-developing CDx for blood cancers for KRT-232, which is a potent and highly selective oral MDM2 inhibitor developed by Kartos that activates p53 to cause tumor cell death in TP52 wild-type cancer.
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For the purpose of this report, Reports and Data has segmented the oncology companion diagnostics market based on product & service, technology, disease type, end-use, and region:
Product & Service Outlook (Revenue, USD Billion; 2018-2028)
- Products
- Consumables
- Instrument
- Software
- Services
Technology Outlook (Revenue, USD Billion; 2018-2028)
- Polymerase Chain Reaction (PCR)
- Next-Generation Sequencing (NGS)
- Immunohistochemistry (IHC)
- In situ hybridization (ISH)/Fluorescence in situ hybridization (FISH)
- Others
Disease Type Outlook (Revenue, USD Billion; 2018-2028)
- Breast Cancer
- Non-Small Cell Lung Cancer
- Colorectal Cancer
- Leukemia
- Melanoma
- Prostate Cancer
- Others
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Hospitals
- Pathology/Diagnostic Laboratory
- Academic Medical Centers
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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