THERANOSTICS MARKET ANALYSIS

Market Challenges And Opportunities

Global Theranostics Market Drivers:-

Development of novel companion diagnostic tests to be used with available treatment options is expected to boost the global theranostics market growth over the forecast period. Leading manufacturers are engaged in introduction of novel companion diagnostic tests in market. For instance, Illumina, Inc. announced launch of the U.S. Food & Drug Administration (FDA) approved extended RAS panel for identification of patients eligible for treatment of metastatic colorectal cancer with Vectibix (panitumumab) in 2017.

Increasing adoption of companion diagnostic tests by laboratories is further expected to foster global theranostics market growth over the forecast period. BloodCenter of Wisconsin's Diagnostic Laboratories started offering Abbott RealTime IDH1 assay for patients with acute myeloid leukemia (AML) in July 2018. Moreover, Cancer Genetics, Inc. started offering FDA approved companion diagnostic Thermo Fisher Scientific's Oncomine Dx Target - the first Next-Generation Sequencing (NGS)-based Companion Diagnostic (CDx) test in 2017. Laboratory Corporation of America Holdings launched OmniSeq Advance in partnership with OmniSeq for tumor cancers in June 2018.

Partnerships and collaborations by leading manufacturers to develop innovative companion diagnostics is expected to foster global theranostics market growth over the forecast period. For instance, Foundation Medicine, Inc. and Pfizer, Inc. entered into a partnership for development, regulatory support, and commercialization of companion diagnostics (CDx) in January 2018. Moreover, Qiagen, Inc., and Freenome partnered in June 2018, to accelerate the development and commercialization of Next-Generation Sequencing (NGS) tests to enable precision medicine in cancer treatment.

Pierre Fabre and Roche have been working on development of a robust prototype immunohistochemistry assay as a future companion diagnostic test for W0101 (the drug candidate which they are developing together) and extended this collaboration in May 2018. Abbott Laboratories, Inc. collaborated with Celgene Corporation, and Agios Pharmaceuticals, to develop diagnostic tests on Abbott’s m2000 RealTime system that identifies certain genomic mutations associated with acute myeloid leukemia (AML) in 2016. These factors are expected to support global theranostics market growth over the forecast period.

However, improperly defined regulations for these tests coupled with inadequate reimbursement facilities are expected to hamper growth of the global theranostics market over the forecast period.