Absolute Market Insights recent analysis of the Companion Diagnostics For Oncology finds that the increasing demand from the personalized medication, discovery of improved biomarkers for various illnesses, and expanding unmet medical requirements is expected to witness maximum growth in the Companion Diagnostics For Oncology during the forecast period. The global Market revenue stood at a value USD 5.5 Bn in the year 2021.
Market Synopsis
Companion diagnostic, or CDx, for oncology guides the use of personalized therapy options for advanced cancer patients by identifying FDA-approved treatment alternatives that may be appropriate depending on the unique drivers of the cancer. Companion diagnostic tests are currently used for a variety of cancers to aid in the identification of specific genetic/somatic alterations in patient samples that are targets for targeted therapy.
Companion Diagnostics For Oncology on the basis of different parameters, such as forward/backward integration, economies of scale, the share of various distribution channels, various factors affecting consumer behaviour such as brand loyalty, price, and product availability among others, capital investments, regulatory landscape, production rights and patents, promotional strategies, and other customer preferences. This data is likely to help the industry stakeholders and stimulate the decision-making process.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Companion Diagnostics For Oncology is predicted to grow at a CAGR of 12.60% during the forecast period.
- The Companion Diagnostics For Oncology was estimated to be worth roughly 5 Bn in 2021 and is expected to reach USD 9.9 Bn by 2028; based on primary research.
- On the basis of region, Companion Diagnostics For Oncology is projected to dominate the worldwide.
Market Dynamics:
Industry Analysis:
The report covers exhaustive analysis on the global Companion Diagnostics For Oncology. Industry, which includes market trends, drivers, restraints, opportunities, segmental analysis, regional trends, and competitive landscape among others. It includes an extensive competitive landscape covering key players in the industry and their comparative study on the basis of different parameters such as company overview, product portfolio, market revenue, business, and marketing strategies. Moreover, the report covers a thorough analysis drivers, restraints, and opportunities considering regional growth factors, technological advancements, and availability of substitute, regulatory norms, and such other growth impacting factors.
Drivers:
The increasing need for personalized medication, discovery of improved biomarkers for various illnesses, and expanding unmet medical requirements are significant drivers of companion diagnostics for oncology market..With the fast growth of precision medicine and more than half of pipeline medicines expected to eventually have an associated biomarker, there seems to be positive growth prospects for companion diagnostics for oncology market over the projection period.
Restraint
The increased pressure due to the growing rate of hospitalization of COVID-19 patients had led to the re-profiling of many hospitals and departments for treating patients with COVID-19. The COVID-19 outbreak led to curfews and lockdown worldwide, leading to many diagnostic and treatment procedures had been cancelled or postponed around the world, including as many as 2.3 million cancer surgeries according to one study. Clinical trials in oncology have also been affected, with about 170 studies suspended due to Covid-19, according to study.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments worldwide implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities worldwide were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pervasive might lead to a significant delay in the commercial roll-out of the packaging industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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The Report on Companion Diagnostics For Oncology Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historical Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America accounted for the largest share in the global companion diagnostics for oncology market in 2021 owing to significant increase in FDA approval of the companion diagnostics products for oncology. Medical device manufacturers continue to spend in diagnostics device R&D, resulting in continuous advancements in medical technology. Some of the companies in the region are aiding the market expansion by introducing new products in the market. For instance, Labcorp, a global life sciences company, announced the release of therascreen KRAS PCR Mutation Analysis in July 2021. It is a companion diagnostic to identify patients with non-small cell lung cancer (NSCLC) who are eligible for diagnosis with LUMAKRAS (sotorasib), an Amgen-developed new treatment option. In late May 2021, the U.S. Food and Drug Administration (FDA) approved the therapy and thus indicated usage of the test as a companion diagnostic.
List of Prominent Players in Companion Diagnostics For Oncology:
- Abbott Laboratories, Amgen Inc., ARUP Laboratories, Inc., AstraZeneca, bioMérieux Inc., Hoffmann-La Roche Ltd, FOUNDATION MEDICINE, INC., Guardant Health, Inc., ICON plc, Illumina, Inc., Invivoscribe Technologies, Inc., Leica Biosystems, Myriad Genetics, Inc., Pillar Biosciences, Inc., Resonance Health Analysis Services Pty Ltd, Thermo Fisher Scientific Inc., Other Market Participants
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Companion Diagnostics For Oncology?
- How will the Companion Diagnostics For Oncology change in the upcoming six years?
- Which application and product will take a lion’s share of the Companion Diagnostics For Oncology?
- What is the Companion Diagnostics For Oncology drivers and restrictions?
- What will be the CAGR and size of the Companion Diagnostics For Oncology throughout the forecast period?
This market titled Companion Diagnostics For Oncology will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size Provided for Years – 2016-2028
Base Year – 2021
Historic Years – 2016-2020
Forecast Years – 2022-2028
Segments Covered
- Offering
- Assay Kits & Reagents,
- Software,
- Services
- Technology
- In Situ Hybridization (ISH),
- Polymerase Chain Reaction (PCR),
- Immunohistochemistry (IHC),
- Next-Generation Sequencing (NGS),
- Others
- Disease Indication
- Breast Cancer,
- Ovarian Cancer,
- Colorectal cancer,
- Non-small Cell Lung Cancer,
- Blood Cancer,
- Others
- End Users
- Hospitals,
- Diagnostics Laboratories,
- Others
Region & Counties Covered
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Report Coverage
- Market growth drivers
- restraints, opportunities
- Porter’s five forces analysis
- PEST analysis
- Value chain analysis
- Regulatory landscape
- Technology landscape
- Patent analysis
- Market attractiveness analysis by segments and Regional
- Company market share analysis
- COVID-19 impact analysis
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