Increasing Prevalence of Cancer and Commercialization and Distribution of New Products to Augment Growth of Companion Diagnostics Market

 

Companion diagnostics is a clinically established diagnostic tool used in conjunction with a therapeutic agent to identify the applicability of that drug to an individual patient. Companion diagnosis is generally the last step of drug management and usually involves a process of screening, evaluating, and prescribing medication based on the findings of companion diagnostics. A companion diagnose determines whether a particular drug therapy is suitable for the patient in terms of safety, toleration, and response to treatment. It is basically an advanced form of drug management that focuses on evaluating and implementing personalized treatment plans based 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 instance, according to the American Cancer Society, in 2020, around 276,480 new cases of invasive breast cancer will be diagnosed in women and the disease will lead to around 42,170 deaths, in the U.S. Moreover, increasing development and commercialization of new products is also expected to aid in growth of the market. For instance, in November 2020, LabCorp announced an expanded agreement with BML, a leading Japanese provider of clinical laboratory testing services, to provide development and delivery of companion diagnostics in Japan.

Increasing commercialization and distribution of new products is expected to offer lucrative growth opportunities for players in the global companion diagnostics market. For instance, 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 based 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 new products to expand their product portfolio. For instance, in November 2020, Qiagen N.V. collaborated with BioNTech to develop and commercialize a tissue-based companion diagnostic, to be used with investigational cancer treatment BNT113, which identifies patients with squamous cell carcinoma of the head and neck (SCCHN) that are caused by specific infections by human papilloma virus.