Companion Diagnostics Market
Key companies are involved in product launched and approvals, in order to enhance the market presence. 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, supportive government policies to improve efficiency of companion diagnostics is expected to boost the market growth in the near future. 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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Impact of 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
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Major players are involved in adopting inorganic strategies such as partnership and collaboration, in order to enhance the market presence. 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
- 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
- On the basis of 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.
- On the basis of technology, polymerase chain reaction (PCR) segment is estimated 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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Table of Contents
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Application
- Market Snippet, By Technology
- Market Snippet, By Region
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Impact Analysis
- Market Opportunities
- New Product Launches
- Mergers and Acquisitions
- Regulatory Scenario
- Pest Analysis
- Porters Five Forces Model
- Market Dynamics
- Global Companion Diagnostic Market, Impact of COVID-19 Pandemic
- Post COVID-19 Impact
- Implementation diagnosis/testing guidelines
- Implementation of Testing Guidelines in Case of Companion Diagnostics
- Global Companion Diagnostic Market, By Application, 2016–2027 (US$ Mn)
- Introduction
- Market Share Analysis, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, 2017–2027
- Segment Trends
- Lung Cancer
- Introduction
- Market size and forecast, and Y-o-Y Growth, 2020-2027, (US$ Mn)
- Breast Cancer
- Introduction
- Market size and forecast, and Y-o-Y Growth, 2020-2027, (US$ Mn)
- Colorectal Cancer
- Introduction
- Market size and forecast, and Y-o-Y Growth, 2020-2027, (US$ Mn)
- Gastric Cancer
- Introduction
- Market size and forecast, and Y-o-Y Growth, 2020-2027, (US$ Mn)
- Melanoma
- Introduction
- Market size and forecast, and Y-o-Y Growth, 2020-2027, (US$ Mn)
- Others
- Introduction
- Market size and forecast, and Y-o-Y Growth, 2020-2027, (US$ Mn)
- Cardiovascular Disease
- Introduction
- Market size and forecast, and Y-o-Y Growth, 2020-2027, (US$ Mn)
- Neurological Disease
- Introduction
- Market size and forecast, and Y-o-Y Growth, 2020-2027, (US$ Mn)
- Others
- Introduction
- Market size and forecast, and Y-o-Y Growth, 2020-2027, (US$ Mn)
- Lung Cancer
- Introduction
- Global Companion Diagnostic Market, By Technology, 2016 – 2027, (US$ Mn)
- Introduction
- Market Share Analysis, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, 2017– 2027
- Segment Trends
- Real Time -Polymerase Chain Reaction ( PVR)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020 – 2027, (US$ Mn)
- Gene Sequencing
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020 – 2027, (US$ Mn)
- Fluorescence in- situ Hybridization
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020 – 2027, (US$ Mn)
- Others
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020 – 2027, (US$ Mn)
- Real Time -Polymerase Chain Reaction ( PVR)
- Introduction
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