Increasing Prevalence of Cancer to Prompt the Need for Effective Companion Diagnostics

Sat, 18 July 2020 12:12

Companion diagnostics play a significant role in advanced healthcare as it helps to target the identification of biomarkers and reduce the cost and time of clinical trials and marketing the drug product. Additionally, the U.S. Food and Drug Administration (FDA) is actively working to provide a defined structure for the development of companion diagnostics, further driving the market growth. As per the GLOBOCAN 2018, in 2018, about 18.1 million new cancer cases and 9.6 million cancer deaths were recorded across the globe. Thus, the growing prevalence of cancer cases prompts the need for effective companion diagnostics.

Increasing government initiatives for the development of companion diagnostics and therapies fosters the market growth. For instance, the U.S. government announced plans to launch Precision Medicine Initiative in 2015, which has led to powerful new discoveries and several new treatments that are developed for specific characteristics, such as person’s genetic makeup.

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Key Highlights

  • The companion diagnostics market was valued at USD 3,560 million in 2019 and is anticipated to grow with a CAGR of 15.5% on account of increasing R&D activities and rising prevalence of cancer
  • The molecular diagnostics segment holds the highest market share
  • The oncology segment dominates the market on account of growing collaboration activities by market players for the development of effective companion diagnostics solutions  
  • Geographically, North America dominates the companion diagnostics market owing to the presence of well-established manufacturers and growing market authorization for diagnostic products

Key Players

  • Abbott
  • Agilent Technologies
  • Hoffmann-La Roche Ltd
  • Biomerieux SA
  • Qiagen NV
  • Almac Group
  • Danaher Corporation
  • Illumina, Inc.
  • Myriad Genetics, Inc.
  • Sysmex Corporation
  • Thermo Fisher Scientific Inc.
  • Abnova Corporation
  • Guardant Health, Inc.

Companion Diagnostics Market: Segmentation

By Technology

  • Immunohistochemistry
  • Molecular Diagnostics
  • In Situ Hybridization
  • Real Time PCR
  • Gene Sequencing

By Indication

  • Oncology
  • Autoimmune Diseases
  • Cardiovascular Diseases
  • Central Nervous System Disorders
  • Virology Diseases

By Region

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • The Middle East and Africa

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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