July 13, 2024
Immuno-Oncology Assays Market

An Increasing Demand For Cancer Screening To Drive The Growth Of Immuno- Oncology Assays Market

The global Immuno-Oncology Assays Market is estimated to be valued at US$ 4556.83 Mn or Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Immuno-oncology assays are used for detection, identification, and quantitative measurement of biomarkers that play a key role in immune response against cancer cells. These biomarkers include tumor-associated antigens (TAA), immune cell populations and subpopulations, cytokines, and checkpoints that regulate immune response. Advantages of immuno-oncology assays include personalized treatment decision, identification of immune responses and help in the development of novel immunotherapy agents and combination therapies. Conventional cancer treatments such as chemotherapy, radiation therapy, and surgery do not provide long-term benefits for late-stage cancer patients. Thus, immuno-oncology assays play a vital role in developing precise and personalized immunotherapy against cancer which is driving the market growth.

Market key trends:

One of the key trend witnessed in the immuno-oncology assays market is increased adoption of next-generation sequencing (NGS) based assays. Technological advancements in NGS platforms along with decreased costs have enabled incorporation of NGS assays in clinical settings. NGS based assays provide comprehensive immune profiling by detecting genomic alterations, quantifying tumor mutational burden, detecting microsatellite instability, and analyzing tumor-infiltrating lymphocytes. This helps in development of novel combination immunotherapies and predictive and prognostic biomarkers. Furthermore, due to COVID-19 pandemic, demand for early cancer screening and diagnosis has increased which is expected to boost the adoption of immuno-oncology assays in the coming years.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the immuno-oncology assays market is low due to higher capital requirements and established competitive dynamics of existing players.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of alternative treatment options. However, the specificity of immuno-oncology assays increases buyer dependence on such products.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of alternative raw material suppliers and minimal differentiation in products.
Threat of new substitutes: The threat of new substitutes is low as immuno-oncology assays have few product substitutes that can provide similar accuracy and effectiveness.
Competitive rivalry: High due to the large number of market players focusing on new product launches and geographic expansion.

Key Takeaways

The global Immuno-Oncology Assays Market Growth is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing demand for personalized cancer therapy. The market size for 2023 is estimated to be US$ 4556.83 Mn.

Regional analysis: North America dominated the global immuno-oncology assays market and is expected to continue its dominance during the forecast period. This is attributed to the rising prevalence of cancer, availability of advanced healthcare technologies, and supportive government initiatives in the region. Asia Pacific is anticipated to be the fastest-growing region owing to increasing healthcare spending, rapid urbanization, and growing awareness about cancer diagnostics.

Key players: Key players operating in the immuno-oncology assays market are Charles River, Roche, llumina, and Agilent Technologies, Inc., among others. Charles River and Roche account for the major share of the market due to their robust product portfolios, global footprint, and strong distribution network.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it