Companion Diagnostics Market to Surpass US$ 10.07 Billion by 2026

Published On : Jul 10, 2019

Global Companion Diagnostics Market, by Application (Lung Cancer, Breast Cancer, Colorectal Cancer, Gastric Cancer, Melanoma, and Others), by Technology (Real Time PCR, Gene Sequencing, Fluorescence In Situ Hybridization, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 2,040.0 million in 2017, and is projected to exhibit a CAGR of 19.5% over the forecast period (2018–2026), as highlighted in a new report published by Coherent Market Insights.

Increasing research and development by market players to augment the market growth

Key players in the market are focused on research and development, in order to develop novel products to address the critical unmet needs of patients. For instance, in January 2017, Singulex, Inc., collaborated with QIAGEN N.V., to develop companion diagnostics using Singulex's proprietary single molecule counting (SMC) immunodiagnostic platform.

Moreover, the product approvals by the regulatory authorities is expected to boost the market growth. For instance, in January 2018, Myriad Genetics, Inc., received the U.S. Food and Drug Administration (FDA) approval for BRACAnalysis CDx, which is used as companion diagnostic to identify patients with HER2-negative metastatic breast cancer who have germline BRCA mutation and are eligible for therapy of Lynparza (olaparib). Similarly, in March 2019, F. Hoffmann-La Roche Ltd received the U.S. Food and Drug Administration (FDA) approval of the VENTANA PD-L1 (SP142) Assay, as the first companion diagnostic to aid in identifying triple-negative breast cancer (TNBC) patients eligible for treatment with the Roche cancer immunotherapy Tecentriq (atezolizumab) plus chemotherapy.

Browse 33 Market Data Tables and 26 Figures spread through 191 Pages and in-depth TOC on ‘Companion Diagnostics Market’- Global Forecast to 2026, by Application (Lung Cancer, Breast Cancer, Colorectal Cancer, Gastric Cancer, Melanoma, and Others), by Technology (Real Time PCR, Gene Sequencing, Fluorescence In Situ Hybridization, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

To know the latest trends and insights prevalent in the companion diagnostics market, click the link below:

https://www.coherentmarketinsights.com/market-insight/companion-diagnostics-market-109

Furthermore, rising incidences of cancer cases, is expected to drive the market growth. For instance. according to the Globocan 2018, Europe held the second position in new cancer cases and accounted for 23% and around 3,911,317 new cases of cancer in 2018.

Moreover, according to the same source, breast cancer held the second position from other cancers and accounted for 11.8% new cases in Germany in 2018.

Key players in the market are focused on adopting strategies such as partnerships, mergers, and acquisitions to enhance their product portfolio. For instance, in 2016, Leica Biosystems and Advanced Cell Diagnostics, Inc. (ACD) entered into a partnership to develop and commercialize tissue-based diagnostic tests based on ACD's RNAscope in situ hybridization (ISH) assays on Leica Biosystems' BOND clinical advanced staining instruments. The agreement supports Leica Biosystems' development and commercialization of fully automated RNAscope-based companion diagnostic (CDx) tests in the market.

Key Takeaways of the Global Companion Diagnostics Market:

  • The global companion diagnostics market is expected to exhibit a CAGR of 19.5% over the forecast period, owing to increasing incidences of cancer cases. According to the World Cancer Research Fund International, around 17,036,901 new cancer cases were reported in 2018, globally
  • Among application, others segment held a dominant position in the global companion diagnostics market in 2018, owing to high prevalence of cancers, which included ovarian cancer, prostate cancer, head & neck cancers, etc. For instance, according to the GLOBOCAN 2018, around 7,753,946 new cases of other cancers were recorded, accounting for around 42.9%, which was relatively high as compared to lung and breast cancer, which was around 11.6%, globally.
  • Among technology, real time PCR segment held a dominant position in the global companion diagnostics market in 2018, as key players in the market are focused on gaining approval for real-time PCR kits. For instance, in May 2014, QIAGEN N.V. received the U.S. Food and Drug Administration (FDA) approval for Therascreen KRAS RGQ PCR Kit, which is a real time qualitative PCR assay used to guide the treatment of metastatic colorectal cancer patients with Vectibix (panitumumab).
  • Key players operating in the global companion diagnostics market include Abbott Laboratories, Agilent Technologies Inc., Danaher Corporation, F. Hoffmann-La Roche AG, Qiagen N.V., bioMerieux S.A., Illumina, Inc., GE Healthcare, Myriad Genetics Inc., and Siemens Healthineers

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