Global CompanionDiagnostic Market, by Application (Lung Cancer, Breast Cancer, ColorectalCancer, Gastric Cancer, Melanoma, and Others), by Technology (RealTime-Polymerase Chain Reaction (PCR), Gene Sequencing, Fluorescence in situHybridization, and Others), and by Region (North America, Latin America,Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued atUS$ 3,481.2 million in 2020 and is expected to exhibit a CAGR of 19.5% over theforecast period (2020-2027), as highlighted in a new report published by CoherentMarket Insights.
Key companies are activelyfocusing on product launches and product approvals for strengthening theirposition in the global companion diagnostic market. For instance, in 2019,Qiagen N.V announced the launch of therascreen PIk3CA RGQ polymerase chainreaction kit approved by the U.S. Food Drug and Administration, used foridentifying the breast cancer patients eligible for treatment with PIQRAY, atherapy developed by Novartis.
Moreover, increasing regulatoryactions by government regulating bodies is also a factor assisting the betterefficiency of companion diagnostics in diagnostic procedures. For instance, in2018, the U.S. Food Drug and Administration published a draft named ‘Developingand Labelling In- Vitro Diagnostic Devices for Class of Oncology TherapeuticProducts’. According to the draft, companion diagnostic used for specificdisease condition, should name companion diagnostic procedure according tospecific class of drug or therapeutic API product rather than specific marketedproduct name.
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Global Companion DiagnosticMarket – Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic hasdrastically affected the whole world. However, companion diagnostic proceduressuch as polymerase chain reaction are proving better efficiency in diagnosis ofcoronavirus in patients. Various safety guidelines such as maintaining socialdistancing and proper management of blood spills during diagnostic proceduresare imposed by health regulating bodies.
According to National Library ofMedicine report in July 2020, polymerase chain reaction test is efficient inrapid testing due to direct detection of virus genome and RNA sequences ofvirus such as coronavirus and influenza virus. Thus, rapid polymerase chainreaction testing makes it is easy to detect COVID-19 in patients and limit thespread of COVID-19 infection.
In June 2020, the Centers forDisease Control and Prevention imposed guidelines regarding the safety precautionsto be taken during the cancer screening and avoid spread of COVID-19infections. Some of the important guidelines are as follows:
Clinicians should providein-clinical services to patients for conditions other than COVID-19 in safestway possible by limiting the contact between patient and clinician
Provide non-emergent care toresidents in long-term care facilities
Browse 33 Market Data Tables and26 Figures spread through 191 Pages and in-depth TOC on “Global CompanionDiagnostic Market, by Application (Lung Cancer, Breast Cancer, ColorectalCancer, Gastric Cancer, Melanoma, and Others), by Technology (RealTime-Polymerase Chain Reaction (PCR), Gene Sequencing, Fluorescence in situHybridization, and Others), and by Region (North America, Latin America,Europe, Asia Pacific, Middle East, and Africa).
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The market is expected to gainsignificant growth during the forecast period, as key players in the market arefocusing on strategic partnerships and collaborations to achieve significantmarket position in the global companion diagnostic market. For instance, in2018, Foundation Medicine Inc. announced its collaboration with Merck &Co., Inc. The collaboration focuses on the development of companion diagnostictest for Foundation Medicine Inc. with Keytruda, an immunological therapy ofMerck for large tumors in cancer.
Key Takeaways of the GlobalCompanion Diagnostic Market:
The global companion diagnosticmarket is expected to exhibit a CAGR of 19.5% over the forecast period, owingto increasing strategic collaboration and partnership among key players andincreasing incidence of cancer and neurological disorders, globally
Among application, the cancersegment is estimated to hold a dominant position in the companion diagnosticmarket in 2020, owing to increasing prevalence of cancer such as breast cancerand prostate cancer. For instance, according to the GLOBOCAN 2018, 11.6% oflung and breast cancer were recorded globally.
Among technology, polymerasechain reaction (PCR) segment is estiamted to hold a dominant position in thecompanion diagnostic market in 2020 due to higher efficiency and rapid testinganalysis in polymerase chain reaction testing
Key players operating in theglobal companion diagnostic market include F. Hoffmann-La Roche AG, AgilentTechnologies, Inc, QIAGEN N.V, Abbott Laboratories, Inc., Almac Group, DanaherCorporation, Illumina, Inc, bioMérieux SA, Myriad Genetics, Inc, SysmexCorporation, Thermo Fisher Scientific Inc, Abnova Corporation, Guardant Health,Inc., Icon Plc, and Biogenex Laboratories, Inc
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