Companion Diagnostics Market Share, Trends Analysis: 2017-2021
The U.S. FDA has defines companion diagnostics as tool or imaging device that provides information that is essential for safe and effective corresponding treatment. In 2015 the regulatory agency approved Tagrisso (osimertinib) by AstraZeneca or treatment of lung cancer patients. The agency also approved a corresponding test by Roche Cobas EGFR Mutation Test v2 for identification of EGFR exon 19 deletions or L858R mutations that are target patients for the newly approved drug. Pharmaceutical companies globally are trying to develop targeted therapies for efficient cancer treatment. According to an article published by Forbes, over 85% of the drugs in AstraZeneca?s developmental pipeline are directed towards personalized care. Various biotechnology companies are also engaged in collaborative agreements with pharmaceutical companies for development of companion diagnostic tests. In 2016, NanoString Technologies collaborated with Medivation and Astellas for development of novel companion diagnostic test. These factors would leverage companion diagnostics market growth globally.
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Cancer has become a global crisis with increasing mortality rate in mid- and low-income countries. National Cancer Institute, U.S. estimates over 1.68 million new cancer cases diagnosed in the U.S. in 2016. In U.K. 0.35 million new cancer cases were recorded according to Cancer Research U.K. Globally more than 8 million patients die due to cancer. Breast cancer prevalence studies in India indicate that the breast cancer incidence rate has increased dramatically from 7% in 1990 to 16% in 2015 among age group 30 to 40 years. China also records high prevalence of breast cancer with over 187,000 new breast cancer cases diagnosed in 2012, which accounts for 12% of the global breast cancer cases. Increasing cancer prevalence, rise in cost of treatment and increasing inconvenience from side effects of chemotherapy drugs has demanded targeted therapy that can be improve treatment outcomes with fewer side effects. These unmet needs are accurately targeted by personalized medicine, thus boosting the companion diagnostics market.
Key players in the companion diagnostics market include Abbott Laboratories, BioGenex Laboratories Inc., GE Healthcare Ltd., bioM?rieux SA, Agendia N.V., Qiagen N.V., Roche Holdings AG, Siemens Healthcare, Thermo Fisher Scientific, Inc., and PerkinElmer, Inc. among others.
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