“Global oncology companion diagnostics market will cross 1.0 Bn revenue by 2030”, says Visiongain
23 January 2020
Visiongain’s new report the Oncology Companion Diagnostics Market Forecast 2020-2030: Forecasts by Product (Assays, Kits, & Reagents, Software & Technology) By Technology (Polymerase Chain Reaction, In Situ Hybridization, Immunochemistry, Others),by End use (Pharmaceutical & Biopharmaceutical Companies, Reference Laboratories, Contract Research Organizations, Others) plus analysis of leading companies indicates that the global oncology companion diagnostics market will cross 1.0 billion revenue by 2030.
The benefits of oncology companion diagnostics, the need for targeted treatment, the rising importance of personalized medicine, the increasing global incidence of cancer, and the ever-increasing fields of application of companion diagnostics are driving the growth of the global oncology companion diagnostics industry. The increasing demand for sequencing of the next generation, the rising importance of the companion diagnosis. It is estimated that pharmaceutical & biopharmaceutical companies will account for the largest share of the oncology companion diagnostics market.
Because of their growing popularity in drug development and the importance of oncology companion diagnostic biomarkers, the large share of this segment can be largely attributed to the extensive use of companion diagnostics in these industries. The growing demand for personalized medicine as well as the high demand for specific therapies for different diseases and disorders are also expected to drive the demand and acceptance of companion diagnostics among pharmaceutical and biopharmaceutical companies.
During the forecast period, the oncology companion diagnostic market in the APAC is expected to expand at the highest CAGR. It is expected that the high incidence of cancer, increased proteomics & genomics research, increased research funding, increased investment by pharmaceutical and biotechnology companies and increased awareness of personalized therapy in several APAC countries will drive growth in the APAC market.
Hoffmann-La Roche AG is one of the world's leading suppliers of oncology companion diagnostics. It provides pharmaceutical companies and research institutes with a comprehensive portfolio of companion diagnostic products. Roche is well-established in the companion diagnostics industry with a strong brand name and broad geographical coverage in more than 180 countries.
The company focuses on approaches such as product launches & approvals in order to increase its presence in the companion diagnostics industry. In May 2019, the company launched the diagnostic test VENTANA HER2 Dual ISH companion. This test will provide a tool for Roche CDx customers to detect the HER2 biomarker in breast and gastric cancer, thus assisting pharmaceuticals in the production of personalized medicines and targeted therapies.
Agilent Technologies is yet another major provider of professional diagnostics for pharmaceutical companies, reference laboratories, hospitals, and other accredited medical centers. The company offers comprehensive diagnostic assays & kits where the services are mainly based on the technologies of immunohistochemistry (IHC) and in-situ hybridization (ISH). The company provides end-users with companion diagnostic products through its strong worldwide distribution network. The business strategy of Agilent includes product launches and new therapeutic areas approvals.
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