Global Companion Diagnostics Market to Surpass US$ 10.07 Billion by 2026

Key Trends and Analysis of the Global Companion Diagnostics Market:

Key trends in the market are rising incidence of cancer cases, increasing initiatives by the government for precision medicine, and rising merger and acquisition activities by key players.

Increasing incidences of cancer cases is expected to augment the market growth. For instance, according to the Cancer Research UK, in 2014, around 357,000 new cancer cases were recorded in the U.K., accounting for 980 cases recorded per day. Breast, prostate, lung, and bowel cancers together accounted for over 53% of the total cancers in the U.K. according to the same source.

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According to the World Health Organization, in 2012, cancer was the second leading cause of morbidity and mortality worldwide, with around 14 million new cases registered in 2012. Furthermore, the WHO also stated that the number of new cases is expected to increase by around 70% by 2030. Moreover, in 2015, cancer was responsible for 8.8 million deaths globally, accounting for around 1 in 6 deaths majorly in low- and middle-income countries according to the same source.

Increasing government initiatives to support development of companion diagnostics for treatment of cancer patients. For instance, in 2015, the U.S. government announced the launch of Precision Medicine Initiative that aimed to revolutionize the treatment to improve health. Precision medicine provides an innovative approach that is based on individual differences in people’s genes and offer the tailored treatment.

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Furthermore, key players operating in the market are focused on adopting acquisition and collaboration strategies, in order to expand their product offerings in the potential market. For instance in October 2018, Foundation Medicine, Inc., announced strategic collaboration with Novartis for the development of companion diagnostic (CDx) test for Novartis portfolio on oncology and immune oncology therapeutics. Furthermore, in June 2016, MolecularMD Corporation announced collaboration with Illumina, Inc. for the development and commercialization of sequencing-based companion diagnostics. The agreement combines MolecularMD’s companion diagnostic development with Illumina’s NGS technology.

However, narrow labelling of companion diagnostics is the major factor hindering the market growth. For instance, in December 2018, the U.S. Food and Drug Administration (FDA) Commissioner, stated the major problem of narrow labelling of companion diagnostics, which compels use of therapeutic drugs with a specific diagnostic test, even if the companion diagnostic tests are applicable to all drugs of a specific class of cancer medicines.

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Key Market Takeaways:

• The companion diagnostics market is expected to exhibit a CAGR of 19.5% during the forecast period (2018–2026), rising incidence of cancer cases, increasing initiatives by the government for precision medicine, and rising merger and acquisition activities by key players. According to the Globocan Report 2018, an estimated 87,50,932 new cancer cases were reported in 2018 in Asia Pacific.
• Key players in the market are focused on adopting merger and acquisition strategies to enhance their product portfolio, which in turn is expected to propel the market growth over the forecast period. For instance in October 2017, Abbott Laboratories acquired Alere Inc., in order to increase its products portfolio and geographic presence. With the acquisition, Abbott acquired the rapid diagnostics segment from Alere, which includes H.pylori detection kits.
• 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.

Report Segmentation:

• Global Companion diagnostics market, By Application:
  • Lung Cancer
  • Breast Cancer
  • Colorectal Cancer
  • Gastric Cancer
  • Melanoma
  • Others
• Global Companion diagnostics market, By Technology:
  • Real Time PCR
  • Gene Sequencing
  • Fluorescence In Situ Hybridization (FISH)
  • Others
• Global Companion diagnostics market, By Region:
  • North America
    • By Country:
      • U.S.
      • Canada
  • Latin America
    • By Country:
      • Brazil
      • Mexico
      • Argentina
      • Rest of Latin America
  • Europe
    • By Country:
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
      • Russia
      • Rest of Europe
  • Asia Pacific
    • By Country:
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
  • Middle East
    • By Country/Region:
      • GCC
      • Israel
      • Rest of Middle East
  • Africa
    • By Country/Region:
      • South Africa
      • Central Africa
      • North Africa
• Company Profiles

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View source version on businesswire.com: https://www.businesswire.com/news/home/20190716005533/en/