Global Companion
Diagnostic Market, by Application (Lung Cancer, Breast Cancer, Colorectal
Cancer, Gastric Cancer, Melanoma, and Others), by Technology (Real
Time-Polymerase Chain Reaction (PCR), Gene Sequencing, Fluorescence in situ
Hybridization, and Others), and by Region (North America, Latin America,
Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at
US$ 3,481.2 million in 2020 and is expected to exhibit a CAGR of 19.5% over the
forecast period (2020-2027), as highlighted in a new report published by Coherent
Market Insights.
Key companies are actively
focusing on product launches and product approvals for strengthening their
position in the global companion diagnostic market. 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, increasing regulatory
actions by government regulating bodies is also a factor assisting the better
efficiency of companion diagnostics in diagnostic procedures. 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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Global Companion Diagnostic
Market – Impact of Coronavirus (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
Browse 33 Market Data Tables and
26 Figures spread through 191 Pages and in-depth TOC on “Global Companion
Diagnostic Market, by Application (Lung Cancer, Breast Cancer, Colorectal
Cancer, Gastric Cancer, Melanoma, and Others), by Technology (Real
Time-Polymerase Chain Reaction (PCR), Gene Sequencing, Fluorescence in situ
Hybridization, and Others), and by Region (North America, Latin America,
Europe, Asia Pacific, Middle East, and Africa).
Browse Research
Report: https://www.coherentmarketinsights.com/market-insight/companion-diagnostics-market-109
The market is expected to gain
significant growth during the forecast period, as key players in the market are
focusing on strategic partnerships and collaborations to achieve significant
market position in the global companion diagnostic market. 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 of the Global
Companion Diagnostic Market:
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
Among 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.
Among technology, polymerase
chain reaction (PCR) segment is estiamted 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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report: https://www.coherentmarketinsights.com/insight/buy-now/109
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Coherent Market Insights:
Coherent
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action-ready syndicated research reports, custom market analysis, consulting
services, and competitive analysis through various recommendations related to
emerging market trends, technologies, and potential absolute dollar
opportunity.
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