Article -> Article Details
|Title||Companion Diagnostics for Oncology Market Analysis and Trends - Industry Forecast to 2027|
|Category||Fitness Health --> Health Articles|
|Meta Keywords||Companion Diagnostics for Oncology Market|
The rising significance of oncology companion diagnostics in the world of next-generation omics has been crucial for the global market, in terms of growth. Since January 2020, FDA has given approval for around ten combinations as well as single-agent regimens that have applications in a specific CDx assay. For instance, in June 2021, FDA gave green signal to two companion diagnostics with sotorasib that help detect KRAS G12C mutation in a patient. One is Guardant Health's Guardant360 CDx and the second one is Qiagen's Therascreen KRAS RGQ PCR kit. Qiagen's PCR test helps detect tumor tissue, while Guardant's next-generation sequencing test identifies mutations in the plasma samples.
Market Research Future (MRFR) expects the companion diagnostics for oncology market to capture a striking growth rate of 22.57% during the analysis period (2020 to 2027).
Economic advantages of oncology companion diagnostics assays and their potential to cut down clinical trial timelines have raised their adoption rate among the pharmaceutical companies. Companion diagnostics help elevate the effectiveness of the treatment with respect to different disorders and diseases as they offer the clinician with seamless clinical foundation for diagnosis as well as treatment. It also facilitates smoother handling of patient resources and the availability of insurance policies by bringing down unnecessary need for high priced chemotherapy drugs.
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Qiagen, Illumina, Inc., BioMérieux SA, Amoy Dx, Archer Dx, Thermo Fisher Scientific Inc., Agilent Technologies Inc., Abbott, Foundation Medicine, F. Hoffmann-La Roche Ltd, are the market leaders profiled in the MRFR report.
Products & Services, Technology, Indication, and End user are the top segments covered in the MRFR report.
Companion diagnostics for oncology market is regionally split into the Americas, APAC/Asia Pacific, MEA/Middle East & Africa and Europe.
The American market, with the highest share of 37.3% captured in 2019, is in the lead, because of the escalating cases of various chronic disorders. The high healthcare spending along with the thriving pharmaceutical sector present in the region also act in favor of the business. The alarming pace at which cancer cases is rising in the region has pushed the need for effective oncology companion diagnostics in the region. The National Institutes of Health reveals that in 2018, a total of 1,735,365 cancer cases were diagnosed in the United States. Meanwhile, the American Cancer Society suggests that close to 1.9 million new cases in the country are expected to be diagnosed in 2021.
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Second in the lead is the European market, which has been growing relentlessly backed by the strong presence of several pharma companies. The surge in research & development activities to introduced more effective targeted drug therapy to treat cancer and the soaring demand for personalized medicine could also amplify the market growth in the years ahead.
The Asia Pacific market can procure the fastest growth rate in the years to come, backed significantly by the rapidly emerging economies like India and China. Improving healthcare infrastructure and the escalating number of people opting for early diagnosis in view of mounting awareness levels coupled with the growth in the prevalence of cancer also benefit the APAC market. Growth in research funding by biotechnology and pharmaceutical companies combined with mounting awareness regarding personalized therapies should be favorable for the APAC market between 2020 and 2027.