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.


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