The global oncology companion diagnostic market size was valued at USD 2.45 billion in 2020 and is anticipated to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing cases of cancer as well as increasing importance of oncology companion diagnostics due to wide adoption of next generation technology.
The companion diagnostics (CDx) is a technique that helps to offer a specific drug or therapy to determine whether the drug is suitable for the treatment of patients or to match patients’ health conditions. This technique is used to identify if the medical product is safe as well as effective for the patient. According to US Food and Drug Administration (FDA), the CDx includes a range of drugs or in-vitro devices that offer insights about the best possible treatment decision for medical professionals and doctors. The oncology CDx are used to determine the effectiveness of the drugs on the patients before they are administered to them directly. The diagnostics also help to separate the patients who is likely to have adverse effects of the drugs, which ensures that drugs once adopted on the patients is assumed to have effectiveness of therapy against cancer.
Cancer remains one of the most common healthcare problems across the globe and is responsible for the death of millions of people in both developed and developing countries. According to the report of Globocan published in 2020, as many as 19.3 million new cancer cases were diagnosed worldwide and nearly 10 million people died due to cancers. Furthermore, as per the evaluations from the International Agency for Research on Cancer (IARC), the global burden of cancer is expected to rise significantly as the new cancer cases is projected to reach 27.5 million new cancer cases and 16.3 million deaths by 2040. World Health Organization (WHO) also made similar estimation that the new cancer cases is going to rise from 18 million in 2018 to more than 27 million by 2040.
Market Trends, Drivers, Restraints, and Opportunities
- Growing prevalence of cancer with a rapid development of various private and public diagnostic clinics or healthcare centers are expected to boost the market during the forecast period.
- Introduction of latest diagnostic equipment for cancer and evolving focus on next generation sequencing technology present major factors for the market expansion.
- Increased collaboration with pharmaceutical and biotech companies to produce easy yet effective diagnostic technique and procedures is anticipated to drive the market growth.
- High cost of equipment and expensive installation and maintenance charge of diagnostic devices is projected to hinder the growth opportunities of the market.
- Technological development and ongoing R&D programs to develop innovative CDx devices are offering lucrative opportunities for the market expansion.
Scope of the Report
The report on the global oncology companion diagnostics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Oncology Companion Diagnostics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Products & Services (Products [Instrument, Consumables, and Software] and Services), Technology (Immunohistochemistry (IHC), In Situ Hybridization (ISH)/Fluorescence In Situ Hybridization (FISH), Polymerase Chain Reaction (PCR), Next-generation Sequencing (NGS), and Others), Disease Types (Colorectal Cancer, Leukemia, Melanoma, Breast Cancer, Non-small Cell Lung Cancer, Prostate Cancer, and Others), and End-users (Hospital, Pathology/Diagnostic Laboratory, Academic Medical Center),
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Agilent Technologies, Inc.; Illumina, Inc.; QIAGEN N.V.; Thermo Fisher Scientific, Inc.; F. Hoffmann-La Roche Ltd.; ARUP Laboratories; Abbott; Myriad Genetics, Inc.; bioMérieux SA; and Invivoscribe, Inc.
Market Segment Insights
Products segment is expected to grow at a rapid pace
Based on products and services, the global oncology companion diagnostics market is bifurcated into products and services. The products segment is further sub-segmented into instrument, consumables, and software. The products segment is expected to grow at a rapid pace in the coming years due to the development of highly sensitive technologies such as next-generation sequencing (NGS) for cancer diagnosis. Among products, the consumables segment is anticipated to account for a key market share during the forecast period as many major players are investing in this segment. For example, seven novel IVD IHC antibody markers were launched by Biocare Medical, in Feb 2020. However, the services segment is anticipated to constitute a considerable share of the market during the forecast period owing to wide availability of Covance, Q2 Solutions, and Lab Corp. investment in the services.
Immunohistochemistry segment is projected to expand at a considerable CAGR
On the basis of technology, the market is divided into immunohistochemistry (IHC), In situ hybridization (ISH)/fluorescence in situ hybridization (FISH), polymerase chain reaction (PCR), next-generation sequencing (NGS), and others. The IHC segment is projected to exhibit a considerable GAGR during the forecast period owing to the large availability of IHC-based companion diagnostics solutions, increasing product approvals, and progress in clinical trials in the oncology companion diagnostics market. Antibody therapies such as immune checkpoint blockade, antibody drug conjugates (ADC), antibody-dependent cell-mediated cytotoxicity (ADCC), and signal transduction blockade are valuable features of IHC technology of CDx. These therapies offer pivoting marketing procedures and clinical trials. However, the next-generation sequencing (NGS) segment is anticipated to expand at a rapid pace during the forecast period as NGS are more precise and provide detailed study on biomarkers.
Non-small cell lung cancer segment is expected to constitute a large share
Based on disease types, the global oncology companion diagnostics market is segmented into colorectal cancer, leukaemia, melanoma, breast cancer, non-small cell lung cancer, prostate cancer, and others. The non-small cell lung cancer segment is expected to constitute a major share of the market during the projected period owing to the increasing cancer patient and advancements in the diagnostics test. On the other hand, the breast cancer segment is anticipated to grow significantly during the forecast period due to wide prevalence of breast cancer cases. As per a data of National Cancer Institute, nearly 271,270 new cases of breast cancer were reported in the US and around 42,260 people died in 2019.
The hospital segment is expected to show growth with significant pace
On the basis of end-users, the market is categorized as hospital, pathology/diagnostic laboratory, and academic medical centre. The hospital segment is anticipated to account for a large market share during the projected period as the rising cases for hospitalization of cancer patients, availability of skilled medical professionals along with advanced equipment and critical care. Development of precise diagnostics and early detection techniques available in the hospital is propelling the segment growth.
North America is anticipated to dominate the market
In terms of regions, the global oncology companion diagnostics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market in the coming years due to increase in the healthcare funding from agencies such as the National Cancer Institute. Moreover, increasing accuracy therapy development as well as wide funding for the production of novel technologies and products from key players in the region are anticipated to positively influence the market in North America. Meanwhile, the market of Asia pacific is anticipated to expand at a rapid pace during the forecast period owing to the increasing awareness of advanced diagnostic methods, healthcare funding especially from NGOs, and growing cancer cases in the region.
Segments Covered in the Report
The global oncology companion diagnostics market has been segmented on the basis of
Product & Service
- Immunohistochemistry (IHC)
- In Situ Hybridization (ISH)/Fluorescence in Situ Hybridization (FISH)
- Polymerase Chain Reaction (PCR)
- Next-generation Sequencing (NGS)
- Colorectal Cancer
- Breast Cancer
- Non-Small Cell Lung Cancer
- Prostate Cancer
- Pathology/Diagnostic Laboratory
- Academic Medical Centre
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Agilent Technologies, Inc.
- Illumina, Inc.
- QIAGEN N.V.
- Thermo Fisher Scientific, Inc.
- F. Hoffmann-La Roche Ltd.
- ARUP Laboratories
- Myriad Genetics, Inc.
- bioMérieux SA
- Invivoscribe, Inc.
Key players competing in the market include Agilent Technologies, Inc.; Illumina, Inc.; QIAGEN N.V.; Thermo Fisher Scientific, Inc.; F. Hoffmann-La Roche Ltd.; ARUP Laboratories; Abbott; Myriad Genetics, Inc.; bioMérieux SA; and Invivoscribe, Inc.