Oncology Companion Diagnostic Market | Economic Benefits Offered by the Assay to Shoot Up its Demand in the Market
Companion diagnostics are developed along with drugs so as to assist in the exclusion or selection of groups for the purpose of treating patients with a certain drug, based on biological characteristics of the selected pool of patients. It is these characteristics that determine who are non-responders and who are the responders to the therapy. The development of the global oncology companion diagnostic market is likely to be driven by the evolution and progress made in the cancer treatment sector. The US-based food and drug administration (FDA) has already given approval for single-agent regimens and ten new combinations, which are being utilized with a certain CDx assay from the beginning of January 2020.
The major players in the global oncology companion diagnostic market are constantly focusing on new product launches and approvals in this market space. This factor is likely to drive the demand for oncology companion diagnostic in the years to come. Immunohistochemistry (IHC) – based CDx assists in the process of rapid drug development and often results in successful approvals.
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Product and service, technology, disease type, and region are the four key parameters based on which the global oncology companion diagnostic market has been divided. The objective of such segmentation is to offer a clearer, 360-degree view of the market.
Global Oncology Companion Diagnostic Market: Notable Developments
The global oncology companion diagnostic market has witnessed significant developments in the recent years. One of such developments pertaining to the market is mentioned below:
- In July 2020, the FDA gave nod to Ventana HER2 Dual ISH DNA Probe Cocktail assay. This newly approved assay is expected to work as a fast and novel method to be used for the detection of HER2 biomarker for breast cancer. This assay is also anticipated to work in the form of companion diagnostic for Herceptin therapy.
Some of the key players in the global oncology companion diagnostic market comprise the below-mentioned:
- Thermo Fisher Scientific, Inc
- Myriad Genetics, Inc
- Agilent Technologies, Inc
- F. Hoffmann-La Roche Ltd
- Abbott Laboratories
- Associated Regional and University Pathologists (ARUP), Inc
Global Oncology Companion Diagnostic Market: Key Trends
The following drivers, restraints, and opportunities characterize global oncology companion diagnostic market over the assessment period, from 2019 to 2029.
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The growth of the global oncology companion diagnostic market is primarily driven by the economic benefits offered by oncology companion diagnostics assays or (CDx). In addition to that, these assays are able to lessen the time taken by clinical trial, which has played an important role in augmenting its uptake by the pharmaceutical manufacturing companies. Companion diagnostics are capable of improving the effects of treatment of various diseases by offering clinicians a crystal clear clinical ground for treatment and diagnosis. In addition to that, it also helps in managing national insurance policies and patient resources more efficiently through reduction of unnecessary treatment with costly drugs of chemotherapy. This cost effective aspect is likely to foster growth of the global oncology companion diagnostic market over the period of analysis, form 2019 to 2027.
Global Oncology Companion Diagnostic Market: Geographical Analysis
North America is anticipated to exert dominance over the global oncology companion diagnostic market and the trend is likely to continue throughout the tenure of assessment. The region is estimated to account for a large chunk of the total market revenue. Such growth of the North America market is ascribed to the increased grants and funding given by bodies like National Cancer Institute (NCI) so as to speed up the development of precision therapy.
The global oncology companion diagnostic market is segmented as:
Product and Service
- Polymerase Chain Reaction (PCR)
- Next-Generation Sequencing (NGS)
- Immunohistochemistry (IHC)
- In situ hybridization (ISH)/Fluorescence in situ hybridization (FISH)
- Breast Cancer
- Non-Small Cell Lung Cancer
- Colorectal Cancer
- Prostate Cancer
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