The global companion diagnostic tests in oncology market is anticipated to witness moderate to high growth as numerous market players are collaborating with pharmaceutical manufacturers, reports Transparency Market Research (TMR). Additionally, there is a rise in number of new entrants in the market, thereby putting the position of prominent players at risk. Prominent players in the companion diagnostic tests in oncology market include Illumina Inc., and Agilent Technologies Inc. These companies emphasize on new product developments and account for a substantial share in the global companion diagnostic tests in oncology market market.
As per expert analysts, the global companion diagnostic tests in oncology market is anticipated to garner a stellar CAGR of 16.8%. during the forecast period which is 2017 to 2025. Growing at this pace, the market is expected to reach a valuation of US$13.6 by the end of the forecast period.
Based on biomarker, the global companion diagnostic tests in oncology market is categorized into EGFR, KRAS, HER2, BRAF V600E, and others. Out of these, the EFGR segment has registered the highest growth and is expected to withhold its position throughout the forecast period. This is on account of factors search as rising prevalence of lung cancer and increase in research and development activities.
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On the regional front, the global companion diagnostic tests in oncology market is classified into Asia-Pacific, Europe, Latin America, Middle East and Africa, and North America. Out of these, North America dominates the market and is perceived to hold a 37.5% of the market’s share by the end of the forecast period.
Rising Prevalence of Cancer to Boost Growth
Due to advancements in healthcare facilities and rising awareness, there has been a surge in demand for advanced therapies and personalized medicines. This is a key factor driving the growth of the global companion diagnostic tests in oncology market. Additionally, rising prevalence of cancer and high investment in its treatment have led to a spur in demand for advanced therapies for cancer treatment, thereby expediting the companion diagnostic tests in oncology market’s growth.
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In addition to the aforementioned drivers, an unhealthy lifestyle and increased smoking leading to lung cancer have stimulated the market’s expansion. Moreover, new technological developments and rising research activities pertaining to medical diagnostic devices have resulted in a great adoption of diagnostic tests. This has impacted the companion diagnostic tests in oncology market positively, thereby stirring its growth.
However, there are a few restraints that may cause a downfall in the companion diagnostic tests in oncology market. Complications related to reimbursement and delay in the approvals may dissuade the market’s growth. Nonetheless, rise in funding from governments and numerous cancer welfare organizations may reduce the effects of the restraints. Additionally, recent developments in the pharmaceutical and biotechnology industry may attract consumers to the companion diagnostic tests in oncology market, thereby benefitting its growth.
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Strategic Collaborations to Present New Opportunities for the Market
Key manufacturers of the diagnostic devices are increasingly collaborating with prominent pharmaceutical companies for the development of new devices and solutions that offer better results. For instance, NanoString Technologies collaborated with Astellas and Medivation to enhance PAM50-based Prosigna Breast Cancer Assay. Such collaborations have resulted in the development of enhanced solutions, thereby creating new avenues for the global companion diagnostic tests in oncology market. In addition, reduction in the drug discovery cost has also presented new growth opportunities for the market.
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