San Francisco, 05 September 2024: The Report Oncology Companion Diagnostic Market Size, Share & Trends Analysis Report By Product & Service, By Technology (IHC, NGS), By Disease Type (Breast Cancer, Leukemia), By End Use, By Region, And Segment Forecasts, 2024 - 2030
The global oncology companion diagnostic market size is expected to reach USD 8.38 billion by 2030, expanding at a CAGR of 8.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. Expanding access to important genomic information with the aid of companion diagnostics enables informed decision making for designing the targeted treatment approaches for their patients, thereby increasing demand for comprehensive genomic testing and oncology companion diagnostics.
The commercial launch of drugs including Gleevec (imatinib) and Herceptin (trastuzumab) that require Companion Diagnostics (CDx) testing before prescription has increased revenue generation in the oncology companion diagnostics field. This growth is expected to continue in the future owing to a substantial number of CDx associated oncology drugs in clinical trials. Apart from functioning as exclusive or inclusive tests for therapies, CDx also plays a crucial role during participant selection in clinical trials. This is because there is an increased potential for a novel drug candidate to show a better response rate if the patient has its biomarker target.
The economic incentives associated with the use of CDx have encouraged drug developers to combine their drugs with diagnostic tests. However, the diagnostic manufacturers face conflicting demands from payers/providers on one hand and drug manufacturers on the other hand. The regulatory bodies also have stringent policies to align the development timelines of diagnostics and drugs. Therefore, the diagnostic companies are expected to broaden their scope of CDx development instead of focusing on the attainment of a match between a single diagnostic with a specific drug.
The growth of the market is attributed to the increasing prevalence of cancer, the growing adoption of companion diagnostics, and a rising emphasis on personalized medicine. The demand for oncology companion diagnostic tests and technologies is driven by the rising prevalence of cancers worldwide. According to the Pan American Health Organization (PAHO), around 20 million new cancer cases and 10 million deaths were expected in 2023, and the annual reported cases of cancer are likely to reach 30 million by 2040. The need to develop diagnostic options that can detect cancer at an early stage, which can help improve disease management & reduce mortality, is anticipated to propel the overall market growth.
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Companion diagnostics can enhance the treatment effects of different diseases by providing doctors with clear clinical grounds for diagnosis & treatment, as well as proper management of patient resources and national insurance policies by reducing unnecessary treatment of costly targeted chemotherapy drugs. The application of companion diagnostics, in combination with the therapy, can enable patients to benefit from individualized treatment. Due to the growing demand for targeted agents and the reduction in the cost of new drug development, this market is anticipated to witness lucrative growth over the forecast period.
Oncology Companion Diagnostic Market Report Highlights
• The motor prosthetic devices segment dominated in terms of revenue share and accounted for over 42.8.0% of the market in 2023, followed by visual cochlear implants. Whereas, retinal neuroprosthetics were identified as one of the fastest growing market segment owing to the rising penetration and the increasing R&D efforts pertaining to product innovation. • The Spinal Cord Stimulation (SCS) segment held the largest share at over 49.2% owing to the analgesic property of the SCS therapy used in the treatment of ischemic pain, failed back surgery syndrome, and complex refractory pain syndrome. Furthermore, it finds applications in intraspinal and epidural microstimulation for inducing leg movements. In addition, technological advancements in this segment is expected to further boost market growth in the near future. The sacral Nerve Stimulation (SNS) is expected to be the fastest growing segment over the forecast period due to its applications in chronic intractable pelvic ache and neurogenic bladder. • In the applications segment, motor neuron disorders held the largest segment due to the rising incidences of Parkinson’s disease and epilepsy. For instance, as per the report published by Parkinson’s disease Foundation in 2012, approximately 60,000 Americans were diagnosed with Parkinson’s disease each year and the number is expected to grow further over the forecast period thereby fueling this segment’s growth. • In 2023, North America dominated the overall neuroprosthetics market at over 42.5% owing to the large presence of neural implants manufacturers, higher R&D investments, and the availability of funds from both government and private institutes. For instance, the Defense Advanced Research Project Agency (DARPA) and National Institute of Neurological Disorders and Stroke (NIH)in collaboration with the federal agencies are instrumental in providing funds to support R&D initiatives for the further development of neural implants. • Asia Pacific is anticipated to be the fastest growing segment due to the introduction of multinational healthcare establishments promoting safe and effective medical procedures along with the rising awareness levels amongst consumers. • Strategic collaborations and mergers & acquisitions are expected to keep the industry rivalry level high over the forecast period.
Key beneficiaries of theranostics include patients, pharmaceutical companies, regulatory agencies, and clinicians. Theranostics aid in reducing time, targeted recruitment of patients, and clinical trial costs. Comorbid diagnostics impact regulatory agencies by curtailing healthcare costs as it reduces cost and time. This enables the government to monitor the share of healthcare GDP. Recently, in March 2024, the Radiological Society Of North America highlighted the use of theranostic agents in cancer treatment, which combine diagnostics and therapeutics to personalize care. Theranostics is particularly beneficial for neuroendocrine tumors and prostate cancer, improving outcomes through targeted approaches. The approach enables physicians to detect tumors with high precision and deliver treatment directly to cancer cells, minimizing adverse effects.
Furthermore, a growing focus on the development of new companion diagnostic tests for early-stage cancer detection and treatment is another factor expected to boost the market. For instance, in June 2022, GRAIL and AstraZeneca announced a strategic collaboration to develop companion diagnostic tests for early-stage cancer treatment. This partnership aimed to leverage GRAIL's multi-cancer early detection technology with AstraZeneca’s expertise in targeted therapies. The goal was to create diagnostic tools that could identify cancer at earlier stages, enabling more effective and personalized treatment options. The collaboration focused on improving outcomes for cancer patients by integrating cutting-edge diagnostics with innovative therapeutic approaches.
Oncology Companion Diagnostic Market Report Scope
Report Attribute Details Market size value in 2024 USD 5.09 billion Revenue forecast in 2030 USD 8.38 billion Growth rate CAGR of 8.7% from 2024 to 2030 Historical data 2023 Forecast period 2024 - 2030
Precision medicine tailors treatment plans based on a patient’s unique biological makeup, environment, and lifestyle. It uses biomarkers to reveal specific pathological processes or responses to interventions, shifting from a “one size fits all” to a “targeted testing and treatment” approach. This involves pairing targeted treatments with companion diagnostic tests to determine patient suitability and response. Companion diagnostics are crucial for the success of precision medicine, enabling timely treatment of diseases by identifying suitable candidates for targeted therapies and allowing early initiation of effective treatments.
Key Oncology Companion Diagnostic Companies:
The following are the leading companies in the oncology companion diagnostic market. These companies collectively hold the largest market share and dictate industry trends.
• Agilent Technologies, Inc. • Illumina, Inc. • QIAGEN • Thermo Fisher Scientific Inc. • Foundation Medicine, Inc. • Myriad Genetics, Inc. • F. Hoffmann-La Roche Ltd. • BioMérieux • Abbott • Leica Biosystems • Guardant Health, Inc. • EntroGen, Inc.
