A new report by Transparency Market Research highlights recent developments in the companion diagnostic tests market in oncology. For many years, drug approval process remained costly, time-consuming, and complex; it still is. However, the adoption of companion diagnostic tests holds much promise to simplify the drug approval procedures. In recent years, companion diagnostic tests have gone through many advancements.

The application of personalized medicines and companion diagnostic tests is increasing in the oncology industry. These tests are being increasingly used in the oncology industry to find somatic mutations in the cells of a tumor. The rising application of these tests in non-small cell lung cancer is expected to propel the global companion diagnostic tests market in oncology. As per the findings of the report, currently, non-small cell lung cancer accounts for 50% of the global companion diagnostic tests market in oncology.

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The report, titled “Companion Diagnostic Tests Market in Oncology - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023,” forecasts many changes in the global market, especially in the oncology area. According to the report, the advent of companion diagnostic tests will enhance patient outcomes evidently, minimize research and development expenditure, and also increase the approval rate of drugs. Although companion diagnostic tests will primarily transform the oncology area, it is also expected to have a positive impact on disease treatments. Advancements in companion diagnostic tests are predicted to increase many cost saving opportunities for companies operating in the global oncology market.

For a competitive analysis, the global companion diagnostic tests market is regionally divided into North America, Europe, the Middle East and Africa, Latin America, and Asia Pacific. The use of companion diagnostic tests is increasing in developing countries such as Brazil, China, and India. This is predicted to boost the global companion diagnostic tests market. The rise in the aging population and the increasing number of cancer patients are two of the primary factors expected to propel the global market in the years to come.

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Some of the prominent players operating in the companion diagnostic tests market in oncology are Roche Diagnostics, Ventana Medical Systems, Inc., Beckman Coulter Inc., Genomic Health Inc., Leica Biosystems, Quest Diagnostics, Inc., Dako, Abbott Laboratories, Epigenomics AG, Qiagen, Celera, Labcorp, and Panacea Pharmaceuticals.

Key companies are focusing on introducing innovative personalized therapies for numerous treatment disorders. The rising government funding and focus towards the development of new companion diagnostic tests and favorable reimbursement policies are also expected to benefit the global market for companion diagnostic tests.