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)
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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:
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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