Companion Diagnostic Tests in Oncology Market Expected to reach US$ 13.6 Billion in 2025: North America to be the most lucrative region by 2025

The global Companion Diagnostic Tests in Oncology Market was valued at USD 3.5 Bn. in 2016 and is estimated to reach a market value of USD 13.6 Bn. by 2025 growing at a CAGR of 16.8% from 2076 to 2025.

Companion Diagnostic tests have enabled the shift of the pharmaceutical industry towards personalized healthcare and targeted therapies. Distinct advantages of the biomarker and the companion diagnostic tests which enable the researchers and healthcare providers to decide the best suitable therapy to the patient population, along with reducing clinical trials duration and effectively resulting into overall R&D cost reduction for the pharmaceutical companies, have propelled the growth of the companion diagnostic tests in the global market.  Major factors attributing to the high growth rate of the companion diagnostic tests in oncology market during the forecast period are rising prevalence of cancer, and other diseases such as Hepatitis, leading to increasing risk of cancer, and increasing demand for personalized medicine, rising adoption of new techniques, and technological advances in the test offerings by medical device companies.

Among the detection technique segment, in 2016, DNA detection techniques segment accounted for the largest market share of the global companion diagnostic tests in oncology market. Major factors attributed to this large share, are increasing technological advances in the genomics sequencing techniques enabling the researchers to identify the genetic mutations responsible for the cancer, and rising adoption of new sequencing techniques such as the Next Generation Sequencing, and major diagnostic companies introducing products/ tests, in companion diagnostics based on the DNA detection techniques. Rising adoption of the techniques, and increasing growth of the companion diagnostic tests in oncology are some factors expected to drive the growth of the DNA detection techniques segment in the global companion diagnostic tests in oncology market during forecast period. The protein detection techniques segment is expected to grow at a moderate CAGR, during the forecast period.

Among the cancer type segment, breast cancer segment accounted for the largest market share in the global companion diagnostic tests in oncology market in 2016, owing to increasing incidence of breast cancer, lack of awareness of the cancer especially in emerging countries, and lack of early screening and detection of breast cancers in these countries due to social stigma. Lung cancer segment is expected to register highest CAGR among the cancer type segment in the global companion diagnostic tests in oncology market during 2017-2025. Increasing smoking prevalence, and poor air quality, especially in the emerging countries, and increasing biomarker research for lung cancer, are some major factors expected to drive the rapid growth of the lung cancer segment during the forecast period. Higher prevalence of colorectal cancer in Europe and Asia Pacific countries is estimated to boost the growth of this segment in the global companion diagnostic tests in oncology market during 2017-2025.

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Among the end users segment in the global companion diagnostic tests in oncology market, pharmaceutical & biotechnology companies accounted for the largest market share in the global companion diagnostic tests in oncology market. Companion diagnostic tests have reduced the overall R&D cost of the drug development and discovery by reducing the length of clinical trials and improving the efficiency of the overall process. This has led to increasing interest of major pharmaceutical players in entering the market. Also increasing number of new drug approvals using companion diagnostic tests has led to increasing collaborations between pharmaceutical and diagnostic companies, to co-develop drug-diagnostics, leading to increasing adoption of companion diagnostic tests by pharmaceutical & biotechnology companies. The research institutes segment is expected to register highest CAGR among the end-users in the global companion diagnostic tests in oncology market, owing to factors such as increasing funding and grants for R&D in oncology, by various governments, and non-profit organizations, and increasing outsourcing of the R&D by pharmaceutical and biotechnology companies.

Major players having presence in the global companion diagnostic tests in oncology market include F. Hoffman LA Roche Ltd., QIAGEN, Illumina, Inc., Abbott, Agilent Technologies, Inc., Genomic Health, Inc., bioMerieux SA, BioGenex, AGENDIA NV, Siemens Healthcare GmBH, and Thermo Fisher Scientific, Inc., among others.

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