Transparency Market Research (TMR) observes that the degree of competition in the global companion diagnostic tests in oncology market is moderate to high with several manufacturers vying to collaborate with pharmaceutical manufacturers. Furthermore, the growing number of players in the global market with breakthrough technologies are also expected raise the stakes for existing players. The top three players, Illumina, Inc., Abbott Laboratories, and Agilent Technologies, Inc., held a share of 23% in the global market in 2016. These players are expected to focus on product innovation and partnerships to stay of the competition in the coming years.
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Companion Diagnostic Testing to be Extensively Used for Detecting Breast Cancer
According to the research report, the global companion diagnostic tests in oncology market is expected to be worth US$13.6 bn by the end of 2025 from US$3.5 bn in 2016. During the forecast period of 2017 and 2025, the global market is projected to rise at a CAGR of 16.8%. Companion diagnostic tests in oncology will be predominantly used for detection of breast cancer. This expected to provide the breast cancer segment a definitive boost in the coming years, helping it rise at a CAGR of 17.0% between 2017 and 2025. From a geographic point of view, North America is expected to remain dominant, accounting for a share of 37.5% by the end of 2025.
The growing demand for personalized healthcare along with targeted therapies have augmented the growth of the global companion diagnostic tests in oncology market. The pharmaceutical industry is gradually moving toward developing specific therapies to treat varying types of chronic diseases and disorders such as cancer. The uptake of biomarkers and companion diagnostic tests have enabled healthcare providers to offer a range of well-suited therapies to the patients, thereby ensuring faster healing time. High prevalence of cancer, increasing risk of cancer, lifestyle changes, and frequent occurrence of diseases such as Hepatitis are expected to drive the global market.
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Reduction in Cost of Drug Discovery Augments Demand for Companion Diagnostic Tests in Oncology
The global market is also benefitting from the remarkable reduction of drug discovery costs due to adoption of companion diagnostics. These diagnostics are used in the process of drug discovery as they reduce the time spent in clinical trials by delivery faster results in an efficient and effective manner. This factor is assessed to play an instrumental role in defining the trajectory of the global companion diagnostic tests in oncology market. The growing concerns about unmet medical needs are also expected to drive the demand for companion diagnostic tests in oncology market in the coming years as pharmaceutical companies will focus on research and development to introduce new drugs.
The delayed processes of approvals for targeted therapies are expected to hamper the growth of the global companion diagnostic tests in oncology market. Furthermore, the complication reimbursement scenario has also dissuaded the global market over the past few years. The scattered interests of stakeholders in the global market is also acting as an impediment to the overall market.
This review is based on Transparency Market Research’s report, titled “Companion Diagnostic Tests in Oncology Market (Detection Technique - Protein Detection, DNA Detection (Polymerase Chain Reaction, Next Generation Sequencing, and In Situ Hybridization (Fluorescence In Situ Hybridization, and Chromogenic In Situ Hybridization)); Biomarker - EGFR, BRAF V600E, KRAS, and HER2; Cancer Type - Breast Cancer, Lung Cancer, Colorectal Cancer, Liver Cancer, and Melanoma; End User - Pharmaceutical and Biotechnology Companies, Medical Device Companies, and Research Institutes) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025.”