According to RNCOS, six major trends dominated the Oncology Industry in 2017. Amongst them, interest in developing companion diagnostics in the area of cancer surged recently, driven by the numerous benefits that these tests confer. One advantage includes the potential to provide information related to the safety and efficacy of a therapeutic product which is used for the treatment of cancer. Another major reason includes the ability to determine whether a patient may or may not respond to a given treatment. As a result, these factors enable the selection of the best medicine for that individual, without wasting precious time with trial and error approaches. Companion diagnostics takes into account a wide range of genetic, RNA and protein measurements. It also evaluates cancer cell components and cell activities for determining the efficacy of a drug for the patient. These in-vitro diagnostic devices or imaging tools have become an indispensable tool for oncologists.

As per our recent Oncology Trend, numerous biopharmaceutical companies are forming collaborations to develop companion diagnostic tests. For example, Biocartis signed an agreement with Amgen for the development of companion diagnostic tests. Under this agreement, Biocartis will seek a premarket approval for the Idylla KRAS Mutation Test and the Idylla NRAS-BRAF Mutation Test with the USFDA. These are companion diagnostic tests for Amgen's Vectibix.

In 2017, numerous companion diagnostic tests were approved by the USFDA. Majority of these approved companion diagnostics tests support personalized medicine efforts in oncology. For instance, in November 2017, FDA approved FoundationOne CDx Companion Diagnostic Tests which is being developed by Foundation Medicine, Inc. for solid tumors. In June 2017, FDA approved Oncomine CDx target test developed by Thermo Fisher Scientific for non-small cell lung cancer. These approvals are helping in greater adoption and availability of personalized medicine for the treatment of cancer.

Because of the numerous benefits companion diagnostics hold for patients, physicians, drug developers and our healthcare system, their continued development and use will pave the way for rapid growth of companion diagnostics market for cancer diagnosis.

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RNCOS is a leading industry research and consultancy firm incorporated in 2002. As a pioneer in syndicate market research, our vision is to be a global leader in the industry research space by providing research reports and actionable insights to companies across a range of industries such as Healthcare, IT and Telecom and Retail etc. We offer comprehensive industry research studies, bespoke research and consultancy services to Fortune 1000, Trade associations, and Government agencies worldwide.