Seattle, WA -- (SBWire) -- 11/07/2019 --Companion diagnostics is an advanced technology that is used to target biomarker identification, reducing clinical trial cost, and time to market the product. Moreover, growing initiatives from regulatory bodies such as the U.S Food and Drug Administration (FDA) for providing a defined structure of companion diagnostic development is driving research activities in companion diagnostics.
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The global companion diagnostics market size was valued at US$ 2,040.0 million in 2017 and is expected to exhibit a CAGR of 19.5 % over the forecast period (2018–2026).
Rising incidences of cancer are projected to propel the growth of the global companion diagnostics market
Growing incidences of cancer cases are expected to drive the global companion diagnostics market growth. For instance, according to GLOBOCAN 2018, around 18.1 million new cancer cases and 9.6 million cancer deaths were recorded worldwide in 2018. Furthermore, according to the same source, in 2018, around 2,093,876 new lung cancer cases were recorded.
Moreover, growing government initiatives for the development of companion diagnostics and therapies used in the treatment of cancer patients is projected to augment the growth of the global companion diagnostics market. For instance, in 2015, the U.S. government announced the launch of the Precision Medicine Initiative, which has led to novel discoveries and several new treatments that are tailored for a specific characteristic such as person's genetic makeup or genetic profile of an individual tumor that helps to transform the way of treatment.
On the other hand, narrow labeling of companion diagnostics is projected to hamper the market growth
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The rising number of cancer cases and the presence of well-established key vendors which are engaged in providing advanced companion diagnostics in North America are projected to foster the market growth
North America holds a dominant position in the global companion diagnostics market, owing to the strong presence of key players in the region which are focused on product introduction for offering advanced companion diagnostic. For instance, in June 2018, Agilent Technologies Inc. announced that the U.S. Food and Drug Administration (FDA) has approved its Dako PD-L1 IHC 22C3 pharmDx assay. PD-L1 IHC 22C3 pharmDx is now the first FDA-approved IHC test for determining PD-L1 expression in cervical cancer and is the first FDA-approved companion diagnostic to identify patients with cervical cancer for treatment with KEYTRUDA. Moreover, rising cases of cancer in the region are further propelling the growth of the market. For instance, according to the National Cancer Institute (NCI), in April 2018, an estimated around 1,735,350 new cancer cases and 609,640 deaths due to cancer in the U.S. were recorded. Moreover, according to the same source, the most common cancers in 2018, were breast cancer, prostate cancer, melanoma, bladder cancer, pancreatic cancer, liver cancer, and other cancers, and the number of new cancer cases reported were around 439.2 per 100,000 men and women per year in the U.S. (based on 2011 to 2015 cases).
Key Players
Major players operating in the global companion diagnostics market include Abbott Laboratories, Agilent Technologies Inc., Danaher Corporation, Qiagen N.V., F. Hoffmann-La Roche AG, bioMerieux S.A., Illumina, Inc., GE Healthcare, Myriad Genetics Inc., and Siemens Healthineers.
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