Companion diagnostics is a part of a comprehensive field of pharmacogenomics, which utilizes a person's genetic makeup to predict response to a therapeutic approach or design therapy personalized for the patient. The FDA defines CDx as a medical device, frequently an in-vitro device that provides information that is vital for safe and effective use of a biological product or corresponding drug. Oncology drugs are toxic and have a positive effect on a limited number of patients, primarily depending upon their phenotype or diseases. Companion diagnostics can be used to differentiate patients who will benefit from the drug and patients who can have an adverse effect of the drug. In oncology, CDx plays a major role in narrowing the population to offer the best treatment with the lowest risk.
COVID-19 Impact analysis
- The oncology companion diagnostic market growth is negatively impacted during the first quarter of 2020 and WHO announced the COVID-19 as healthcare emergence. The nationwide lockdown was imposed by governments of many countries as the spread of disease accelerated. The oncology companion diagnostic market is significantly affected due to the ban on transportation and flights. The supply chain of this market has been disrupted due to sudden lockdown and stringent government guidelines and social distancing implementation.
Top Impacting Factors
The companion diagnostics market is expected to experience substantial growth due to the development of new biomarkers for various cancers, increase in demand for customized medicine with increased recognition in developing markets, rise in R&D, and high number of unmet cancer care requirements.
The shift in trend toward personalized medicine and rise in the prevalence of improved treatment procedures by properly analyzing diagnosis results propel the growth of the oncology companion diagnostics market.
In addition, stringent policies by the regulatory bodies to align the development timelines of diagnostics and drugs, result in the diagnostic companies broadening their scope of CDx.
The growth is expected to continue in the future owing to a substantial number of CDx associated oncology drugs in clinical trials. CDx plays an important role in clinical trial participant selection, in addition to serving as exclusive or inclusive testing for medicines. This is because if the patient has the biomarker target, a novel treatment candidate has a higher chance of showing a better response rate.
In addition, an increased focus on next-generation sequencing technology and diagnostics procedures plays a significant role in drug development, potentially influencing market growth.
Moreover, increase in number of diagnostic centres with the latest equipment with the help of private and public organisations, as well as rise in healthcare spending, contribute toward market demand.
However, lack of awareness and qualified specialists, as well as the expense of installing and maintaining the equipment, require large sums of money those small businesses cannot afford, thus hindering the Companion Diagnostics for Oncology market growth.
Market Trends
New product launches to flourish the market
- In July 2020, the FDA approved the Ventana HER2 Dual ISH DNA Probe Cocktail assay as a quick novel method to detect HER2 biomarker for breast cancer and as a companion diagnostic for Herceptin therapy.
- In August 2020 witnessed FDA approvals of Guardant360 CDx assay; an NGS test that uses circulating cell-free DNA as a CDx; and FoundationOne Liquid CDx; a pan-tumor liquid biopsy test.
- In June 2020, ThermoFisher Scientific expanded its partnership with Agios Pharmaceuticals for the co-development of a companion diagnostic for vorasidenib; an investigational drug for low-grade glioma.
Key Benefits of the Report
- This study presents the analytical depiction of the Companion Diagnostics for Oncology along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Companion Diagnostics for Oncology market share.
- The current market is quantitatively analyzed to highlight the Companion Diagnostics for Oncology market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Companion Diagnostics for Oncology market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the Companion Diagnostics for Oncology Report
- Who are the leading market players active in the Companion Diagnostics for Oncology market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What is "Companion Diagnostics for Oncology "?
- What is "Companion Diagnostics for Oncology " Market prediction in the future?
- Who are the leading global players in the "Companion Diagnostics for Oncology " Market?
- What are the current trends and predicted trends?
- What are the key benefits of the "Companion Diagnostics for Oncology " Market report?
Companion Diagnostics for Oncology Market Report Highlights
| Aspects | Details |
 By Product |
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 By Technology |
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 By Disease |
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 By End User |
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 By Region |
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 Key Market Players | Agilent Technologies, Inc., Thermo Fisher Scientific, Inc, Invivoscribe, Inc., ARUP Laboratories, F. Hoffmann-La Roche Ltd., Abbott, bioMérieux SA, QIAGEN N.V., Illumina, Inc., Myriad Genetics, Inc. |
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