Companion Diagnostics Market will exceed USD 6.5 billion by 2025; as per a new research report.
Increasing incidences of cancer across the globe will prove beneficial for companion diagnostics market growth over the forthcoming years. Lung, breast, colorectal and skin are some of the most common forms of cancer. According to WHO, in 2018 nearly 9.6 million people died of cancer. Mortality and burden associated with cancer can be drastically reduced if diagnosed at early stages and patient specific treatment is provided. As a result, demand for targeted therapies is prevailing the field of oncology thereby augmenting the companion diagnostics market growth.
Increasing cases of adverse drug reactions (ADRs) will escalate companion diagnostics industry growth. Adverse drug reaction occurred due to incompatibility of certain patients to standard therapy and can have life threatening consequences. As companion diagnostics enables prevention of ADRs and associated complications by development of personalized therapy, its demand will increase with growing incidences of adverse drug events. However, high cost of companion diagnostics may hamper business growth to certain extent.
Consumables segment will witness around 19% CAGR over the forecast period owing to availability of advanced consumable kits, reagent and associated advantages. For instance, Roche diagnostics developed VENTANA ALK (D5F3) CDx Assay portfolio that provides reliable results enabling timely diagnostic decisions and therapeutic choices. Moreover, consumables are bought frequently and needed in large quantity that should augment the segment growth in the coming years.
Breast cancer segment accounted for more than 30% revenue share in 2018. As reported by WHO, in 2018, around 627,000 women died of breast cancer and the number is predicted to increase in near future. Changing lifestyle, favorable demographic trends are predicted to contribute to growing incidences. In such scenario companion diagnostic tests serve the best purpose by allowing efficient treatment of breast cancer by analyzing individual needs and response to different drugs.
Polymerase chain reaction (PCR) is projected to experience more than 18% growth in foreseeable future. Polymerase chain reaction is well suited and most widely used DNA replication technique. In companion diagnostic test, patient?s genomic makeup is analyzed to predict drug response. PCR provides promising result by rapid amplification of DNA fragment. Aforementioned factor application of PCR along with ease of use associated with this technique will drive the segment growth.
Hospital segment was valued around USD 800 million in 2018. Availability of advanced infrastructure and skilled healthcare professionals for drug diagnostic co-development will augment the segment growth. Rising government support for curbing the cost associated with chronic diseases such as cancer will further impact the hospital end user segment growth.
North America companion diagnostic market will experience more than 18% CAGR over the analysis time frame owing to increasing research and development practices and growing prevalence of chronic diseases. Furthermore, increased levels of patient awareness regarding benefits of targeted therapies and availability of advanced healthcare facilities will enhance demand of companion diagnostic tests augmenting regional growth.
Some of the notable industry players operational in the companion diagnostic market include Abbott, Agilent Technologies, bioM?rieux, Foundation Medicine, Illumina, MolecularMD (ICON), Myriad Genetic Laboratories, Johnson & Johnson, Qiagen, Roche, Thermo Fisher Scientific and Ventana Medical Systems. These industry players adopt strategic initiatives such as acquisitions and new product launches to sustaining industry competition. For instance, in July 2019, Foundation Medicine received FDA approval for FoundationOneCDx that will be used for LYNPARZA, a first line maintenance treatment in ovarian cancer.