Market Highlights
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 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 market growth. The entry of market players in
emerging economies creates growth opportunities for the companion diagnostics for the
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. 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.
Segment Analysis
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.
Regional Analysis
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 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.
Key Players
MRFR recognizes the following companion diagnostics companies — 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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