Report Code: A13864 | Pages: NA | ||
Tables: NA | Charts: NA |
|
Companion diagnostics is a part of a comprehensive field of pharmacogenomics, which utilizes a person's genetic makeup to predict response to a therapeutic approach or design therapy personalized for the patient. The FDA defines CDx as a medical device, frequently an in-vitro device that provides information that is vital for safe and effective use of a biological product or corresponding drug. Oncology drugs are toxic and have a positive effect on a limited number of patients, primarily depending upon their phenotype or diseases. Companion diagnostics can be used to differentiate patients who will benefit from the drug and patients who can have an adverse effect of the drug. In oncology, CDx plays a major role in narrowing the population to offer the best treatment with the lowest risk.
COVID-19 Impact analysis
Top Impacting Factors
The companion diagnostics market is expected to experience substantial growth due to the development of new biomarkers for various cancers, increase in demand for customized medicine with increased recognition in developing markets, rise in R&D, and high number of unmet cancer care requirements.
The shift in trend toward personalized medicine and rise in the prevalence of improved treatment procedures by properly analyzing diagnosis results propel the growth of the oncology companion diagnostics market.
In addition, stringent policies by the regulatory bodies to align the development timelines of diagnostics and drugs, result in the diagnostic companies broadening their scope of CDx.
The growth is expected to continue in the future owing to a substantial number of CDx associated oncology drugs in clinical trials. CDx plays an important role in clinical trial participant selection, in addition to serving as exclusive or inclusive testing for medicines. This is because if the patient has the biomarker target, a novel treatment candidate has a higher chance of showing a better response rate.
In addition, an increased focus on next-generation sequencing technology and diagnostics procedures plays a significant role in drug development, potentially influencing market growth.
Moreover, increase in number of diagnostic centres with the latest equipment with the help of private and public organisations, as well as rise in healthcare spending, contribute toward market demand.
However, lack of awareness and qualified specialists, as well as the expense of installing and maintaining the equipment, require large sums of money those small businesses cannot afford, thus hindering the Companion Diagnostics for Oncology market growth.
Market Trends
New product launches to flourish the market
Key Benefits of the Report
Questions answered in the Companion Diagnostics for Oncology Report
Companion Diagnostics for Oncology Market Report Highlights
Aspects | Details |
---|---|
By Product |
|
By Technology |
|
By Disease |
|
By End User |
|
By Region |
|
Key Market Players | F. Hoffmann-La Roche Ltd., Myriad Genetics, Inc., Abbott, Invivoscribe, Inc., Agilent Technologies, Inc., QIAGEN N.V., Thermo Fisher Scientific, Inc, bioMérieux SA, ARUP Laboratories, Illumina, Inc. |
Loading Table Of Content...
Start reading.
This Report and over 71,295+ more Reports, Available with Avenue Library. T&C*.
Enterprise
License/PDF
Library
Membership
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of the scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time for readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of the scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save the time of readers