Companion Diagnostic Market Size, Share, Outlook, and Opportunity Analysis, 2019– 2027
Author : Sanjay Joshi | Published On : 04 May 2021
Global Companion Diagnostic Market, by Application (Lung Cancer, Breast Cancer, Colorectal Cancer, Gastric Cancer, Melanoma, and Others), by Technology (Real Time-Polymerase Chain Reaction (PCR), Gene Sequencing, Fluorescence in situ Hybridization, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 3,481.2 million in 2020 and is expected to exhibit a CAGR of 19.5% over the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
Key companies are actively focusing on product launches and product approvals for strengthening their position in the global companion diagnostic market. For instance, in 2019, Qiagen N.V announced the launch of therascreen PIk3CA RGQ polymerase chain reaction kit approved by the U.S. Food Drug and Administration, used for identifying the breast cancer patients eligible for treatment with PIQRAY, a therapy developed by Novartis.
Moreover, increasing regulatory actions by government regulating bodies is also a factor assisting the better efficiency of companion diagnostics in diagnostic procedures. For instance, in 2018, the U.S. Food Drug and Administration published a draft named ‘Developing and Labelling In- Vitro Diagnostic Devices for Class of Oncology Therapeutic Products’. According to the draft, companion diagnostic used for specific disease condition, should name companion diagnostic procedure according to specific class of drug or therapeutic API product rather than specific marketed product name.
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Global Companion Diagnostic Market – Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic has drastically affected the whole world. However, companion diagnostic procedures such as polymerase chain reaction are proving better efficiency in diagnosis of coronavirus in patients. Various safety guidelines such as maintaining social distancing and proper management of blood spills during diagnostic procedures are imposed by health regulating bodies.
According to National Library of Medicine report in July 2020, polymerase chain reaction test is efficient in rapid testing due to direct detection of virus genome and RNA sequences of virus such as coronavirus and influenza virus. Thus, rapid polymerase chain reaction testing makes it is easy to detect COVID-19 in patients and limit the spread of COVID-19 infection.
In June 2020, the Centers for Disease Control and Prevention imposed guidelines regarding the safety precautions to be taken during the cancer screening and avoid spread of COVID-19 infections. Some of the important guidelines are as follows:
Clinicians should provide in-clinical services to patients for conditions other than COVID-19 in safest way possible by limiting the contact between patient and clinician
Provide non-emergent care to residents in long-term care facilities
Browse 33 Market Data Tables and 26 Figures spread through 191 Pages and in-depth TOC on “Global Companion Diagnostic Market, by Application (Lung Cancer, Breast Cancer, Colorectal Cancer, Gastric Cancer, Melanoma, and Others), by Technology (Real Time-Polymerase Chain Reaction (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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The market is expected to gain significant growth during the forecast period, as key players in the market are focusing on strategic partnerships and collaborations to achieve significant market position in the global companion diagnostic market. For instance, in 2018, Foundation Medicine Inc. announced its collaboration with Merck & Co., Inc. The collaboration focuses on the development of companion diagnostic test for Foundation Medicine Inc. with Keytruda, an immunological therapy of Merck for large tumors in cancer.
Key Takeaways of the Global Companion Diagnostic Market:
The global companion diagnostic market is expected to exhibit a CAGR of 19.5% over the forecast period, owing to increasing strategic collaboration and partnership among key players and increasing incidence of cancer and neurological disorders, globally
Among application, the cancer segment is estimated to hold a dominant position in the companion diagnostic market in 2020, owing to increasing prevalence of cancer such as breast cancer and prostate cancer. For instance, according to the GLOBOCAN 2018, 11.6% of lung and breast cancer were recorded globally.
Among technology, polymerase chain reaction (PCR) segment is estiamted to hold a dominant position in the companion diagnostic market in 2020 due to higher efficiency and rapid testing analysis in polymerase chain reaction testing
Key players operating in the global companion diagnostic market include F. Hoffmann-La Roche AG, Agilent Technologies, Inc, QIAGEN N.V, Abbott Laboratories, Inc., Almac Group, Danaher Corporation, Illumina, Inc, bioMérieux SA, Myriad Genetics, Inc, Sysmex Corporation, Thermo Fisher Scientific Inc, Abnova Corporation, Guardant Health, Inc., Icon Plc, and Biogenex Laboratories, Inc
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