Global Companion Diagnostics for Oncology Market was valued at USD 1,603.16 Million in 2019 and is expected to register a CAGR of 22.57% during the forecast period of 2020 to 2027.
Companion diagnostic (CDx) is a diagnostic testing kit majorly used by pharmaceutical companies for the development of personalized medicine. CDx tests provide information about the effective use of a corresponding therapeutic product by analyzing the genetic material. With the rise in cancer prevalence, coupled with increasing strategic initiatives, there has been a huge demand for companion diagnostics in the oncology area. The growing prevalence of cancer across the globe is increasing the preference for targeted therapy, which is affecting the demand for CDx tests. According to Cancer Research UK, there were 17 million new cases of cancer across the world in 2018, in which lung and breast cancer accounted for the largest share, followed by colorectal and prostate cancer.
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Segment Analysis
Global Companion Diagnostics for Oncology Market has been segmented based on products & services, technology, indication, and end user. The market, on the basis of products & services, has been segmented into assays, kits & reagents and software & services.
Based on technology, the global companion diagnostics for oncology market is segmented into polymerase chain reaction (PCR) and next-generation sequencing (NGS). The global market, on the basis of indication, has been segmented into breast cancer, lung cancer, colorectal cancer, gastric cancer, melanoma, and others.
Regional Analysis
Global Companion Diagnostics for Oncology Market, based on region, is segmented into four main regions, including the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is accounted for a major market share in 2019, whereas Asia-Pacific is projected to be the fastest-growing regional market during the forecast period.
In the global companion diagnostics for oncology market, the Americas held the largest companion diagnostics for oncology market share of 37.3% in 2019. The market growth in the Americas is due to the high prevalence rate of cancer and rising healthcare expenditure. According, to the National Institutes of Health, it was estimated that 1,735,350 new cases of cancer were diagnosed in the US in 2018. Europe acquired the second-largest market share in 2019. The Europe market is expected to register a sturdy growth rate during the forecast period due to the presence of a large number of companies, growing research and development activity to develop targeted drug therapy for a cancer patient, and the rising per capita income increasing the preference for personalized medicine. According to the European Journal of Cancer, there were around 3.9 million new cases and 1.9 million deaths from cancer in Europe in 2018. The increasing cancer population supports market growth in this region.
Asia-Pacific is anticipated to be the fastest-growing regional market during the forecast period. The rapid growth of the Asia-Pacific market is due to the growing number of cancer patients and rising presence of market players. According to the Global Cancer Observatory, around 1,157,294 cases of cancer were reported in India in 2018. Additionally, increasing research funding, rising investments by pharmaceutical and biotechnology companies, and growing awareness about personalized therapeutics in several APAC countries are expected to drive the growth of the regional market. The Middle East and Africa accounted for the least market of USD 82.64 million in 2019. The companion diagnostics for oncology market in countries such as Kuwait, the UAE, and Saudi Arabia are likely to show steady growth due to increasing cancer cases, rising drug discovery, and increasing preference for personalized medicines. Also, the growing number of hospitals, research laboratories, and increasing investment by healthcare companies in this region drives the growth of CDx in the Middle East & African countries.
Key Players
MRFR recognizes the following companies as the Key Players in the global Companion Diagnostics for Oncology Market— Agilent Technologies Inc. (US), Illumina, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), BioMérieux SA (France), Foundation Medicine (US), Archer Dx (US), Qiagen (Germany), Thermo Fisher Scientific Inc. (US), and Amoy Dx (China) and Abbott Laboratories (US).
Key Findings of the Study
- Global Companion Diagnostics for Oncology Market was valued at USD 1,603.16 Million in 2019 and is expected to register a CAGR of 57% during the forecast period of 2020 to 2027
- The Americas accounted for the largest share of the global market due to the high prevalence rate of cancer and other chronic disorders and rising healthcare expenditure. These factors are driving the growth of companion diagnostics for oncology market in the region.
- Based on the products & services, the market is divided into the assays, kits & reagents and software & services is expected to account for a major share in the global companion diagnostics for oncology market share of 62.11% in 2019
- On the basis of indication, the others segment dominated the global companion diagnostics for oncology market by revenue in 2019. The treatment segment accounted for the largest value of USD 73 in 2019; it is expected to register a CAGR of 22.57% during the forecast period.
- Based on end-user, the pharmaceutical & biopharmaceutical companies accounted for the largest market share of 38.19% in 2019
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