Increasing Growth of Companion Diagnostics Market: Increasing Prevalence of Cancer

 


Companion diagnostics is a clinically established diagnostic tool used together with a therapeutic agent to identify the applicability of this drug to someone patient. Companion diagnosis is generally the last step of drug management and usually involves an activity of screening, evaluating, and prescribing medication based on the findings of companion diagnostics. by Companion Diagnostics Market report it determines whether a particular drug therapy is ideal for the patient when it comes to safety, toleration, and response to treatment. It is basically a sophisticated form of drug management that is targeted on evaluating and implementing personalized treatment plans centered on known medical issues and considerations.

Market Dynamics

Increasing prevalence of cancer is expected to propel growth of the global Companion Diagnostics Market over the forecast period. For example, in line with the American Cancer Society, in 2020, around 276,480 new cases of invasive breast cancer is likely to be diagnosed in women and the illness will lead to around 42,170 deaths, in the U.S. Moreover, increasing development and commercialization of services is also expected to assist in growth of the market. For example, in November 2020, LabCorp announced an extended agreement with BML, a respected Japanese provider of clinical laboratory testing services, to offer development and delivery of companion diagnostics in Japan.

Increasing commercialization and distribution of services is expected to offer lucrative growth opportunities for players in the global companion diagnostics market. For example, in August 2020, HTG Molecular Diagnostics, Inc., a life science company, signed a commercialization and distribution agreement with QIAGEN Manchester Limited, a wholly owned subsidiary of QIAGEN N.V., for distribution and commercialization of companion diagnostic assays centered on HTG EdgeSeq, HTG's novel RNA platform.



Competitive Analysis



Major players in the global Companion Diagnostics Market include, Abbott Laboratories, Agendia N.V., Agilent Technologies, Inc., BioGenex Laboratories Inc., bioMérieux SA, LabCorp, GE Healthcare Ltd., Genomic Health, Inc., Life Technologies Corporation, Qiagen N.V., Resonance Health Analysis Services Pty Ltd., F. Hoffmann-La Roche AG, Danaher Corporation, Qiagen N.V., Illumina, Inc., Myriad Genetics Inc., Myriad Genetics, Inc., Foundation Medicine, Inc., and Siemens Healthineers.



Major players in the global companion diagnostics market are focused on development and commercialization of services to expand their product portfolio. For example, in November 2020, Qiagen N.V. collaborated with BioNTech to develop and commercialize a tissue-based companion diagnostic, to be used in combination with investigational cancer treatment BNT113, which identifies patients with squamous cell carcinoma of the head and neck (SCCHN) which are due to specific infections by human papilloma virus.


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