The rising incidence of various types of cancers, especially breast and prostate cancer, has created new opportunities for growth within the global companion diagnostic tests for oncology market. There is tremendous demand for improved technologies within the field of oncology, and advancements in companion diagnostics has supported the growth of this domain. Medical research has continually focused on finding antidotes to the development of fatal cancers or tumours in the human body. Several of these researchers have tasted success in their endeavours. However, there lie several unmet needs within the domain of oncology. Considering this fact, it is expected that the investments of the medical industry in companion diagnostic tests would increase.
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· In addition to the stellar demand for cancer drugs, people are also demanding improved medical care and diagnostic facilities. A large population of people gets to know of their know during the last stages, and this leaves minimal scope for treatment. Therefore, the use of companion diagnostic tests for oncology help in diagnosing and detecting the presence of cancerous cell during the early stages of development. In times of current disruptions within healthcare, the relevance of oncology drugs and new diagnostic lines cannot be underestimated. The revenues index of the global companion diagnostic tests for oncology market is slated to improve in the years to follow.
· Based on geography, the global companion diagnostic tests for oncology market is led by the medical fraternity of the US. The US has been at the forefront of advancements in medical and oncological testing. Furthermore, the medical and healthcare budget of the country has constantly increased.
· The outbreak of the novel corona virus across the global have led several other medical diagnostic domains at the backseat. However, the constant need for proper cancer treatment has created humongous opportunities for market growth and maturity.
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Global Companion Diagnostic Tests in Oncology Market: Snapshot
The global companion diagnostic tests in oncology market is expected to register phenomenal pace owing to increasing adoption of new tests, and rising shift from blockbuster drugs to personalized medicines, and targeted therapies. Increasing incidence of cancer, rising cost burden of cancer treatment, and increasing mortalities due to cancer, are some of the major reasons for increasing demand for new and technologically advanced treatment options, therapies, and drugs for the treatment of cancer. Increasing focus on research and development by various pharmaceutical and biotechnology companies, along with medical device companies, and increasing funding and grants for cancer research by various government agencies have led to high adoption of companion diagnostic tests in oncology. According to the research report, the global companion diagnostic tests in oncology market is expected to be worth US$13.6 bn by the end of 2025 from US$3.5 bn in 2016. During the forecast period of 2017 and 2025, the global market is projected to rise at a CAGR of 16.8%.
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EGFR Biomarker to Remain Popular Amongst Pharmaceutical Companies
Among the biomarker segment, the EGFR biomarker segment accounted for the largest share of the global companion diagnostic tests in oncology market in 2016. It is expected to register highest CAGR during the forecast period of 2017-2025, owing to major factors such as increasing incidence of lung cancer, and rising R&D in biomarker segment. The HER2 and KRAS biomarkers are expected to register high CAGR during the forecast period, due to increasing incidence of cancer, and rising adoption of biomarker by pharmaceutical companies and research institutes. Analysts expect that the EGFR biomarker segment will register a CAGR of 18.4% over the forecast period.
Among the cancer types segment, the breast cancer segment accounted for the largest share of the global companion diagnostic tests in oncology market in 2016. However lung cancer segment is expected to register highest CAGR during the forecast period of 2017-2025, owing to increasing incidence of lung cancer in developing countries. This shift is attributable to the increased smoking and rising biomarker research for the lung cancer treatment. According to statistics from the World Health Organization (WHO), in 2013, an estimated 1.9 million new cases of lung cancer were diagnosed, and the stats reveled that less developed regions including the emerging countries such as China, India, and other countries, had the highest incidence of lung cancer, owing to rising smoking habits and poor air quality in these countries.
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North America to Remain Dominant with Higher Acceptance of Technologies
Geographically, the global companion diagnostic tests in oncology market is segmented into North America, the Middle East and Africa, Asia Pacific, Europe, and Latin America. Analysts expect that North America will continue to dominate the global market due to the higher acceptance of technology in the region. Furthermore, better rate of diagnoses in the region is also likely to favor the regional market’s growth. By the end of 2025, the regional market is projected to account for a share of 37.5% in the global market. On the other hand, Asia Pacific is also expected to offer lucrative opportunities due to high rate of unmet medical needs in the emerging economies of the region.
Major players having presence in the global companion diagnostic tests in oncology market include F. Hoffman LA Roche Ltd., QIAGEN, Illumina, Inc., Abbott, Agilent Technologies, Inc., Genomic Health, Inc., bioMerieux SA, BioGenex, AGENDIA NV, Siemens Healthcare GmBH, and Thermo Fisher Scientific, Inc., among others.
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