by Immuno-oncology assays are used in cancer immunotherapy that helps to enhance the body’s natural defenses to fight against cancer. These assays help in the identification and monitoring of cancer cells and biomarkers associated with cancer and assists in developing targeted cancer therapies. Immuno-oncology assays analyze immune cells, serum proteomics, and tumor genomics to evaluate tumor immune microenvironment and patient’s response to immunotherapy.
The global Immuno-Oncology Assays Market is estimated to be valued at US$ 4556.83 Mn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The rising prevalence of various types of cancers such as lung cancer, breast cancer, prostate cancer, colorectal cancer, melanoma, and other cancers globally has increased the demand for advanced treatment methods including cancer immunotherapy. According to the World Cancer Research Fund International, around 18 million new cancer cases were reported globally in 2018. Growing R&D investments by biotechnology and pharmaceutical companies in developing novel cancer immunotherapies is also boosting the growth of the immuno-oncology assays market. The ability of immuno-oncology assays to aid in developing personalized immunotherapy based on patient’s tumor profile is further augmenting their demand.
Market key trends
The development of next-generation sequencing (NGS)-based assays allows comprehensive tumor genetic and immune profiling. NGS is being increasingly used for cancer genomic profiling along with RNA sequencing and whole-exome sequencing to assess tumor mutational burden (TMB), microsatellite instability (MSI), and PD-L1 expression. This is due to advantages such as ability to interrogate a large number of genes simultaneously, providing more complete assessment of tumor landscape. Growing preference for NGS-based assays for immuno-oncology research and clinical use is a major trend in this market. Advancements in multiplex immunoassay technologies is another key trend, allowing measurement of multiple analytes from small sample volume to gain deeper insight into tumor-immune system interaction.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to the presence of some intellectual property protection. However, the cost of equipment, facilities, and training also hinders new companies from entering the market.
Bargaining power of buyers: The bargaining power of buyers is moderate since the market consists of a number of global players. Buyers can negotiate on price, availability of multiple brand options provides choices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are a large number of raw material suppliers. However, the switching cost from one supplier to another is low.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitute products for Immuno-Oncology Assays.
Competitive rivalry: The competitive rivalry is high owing to the presence of global and regional players competing on the basis of pricing, innovation, and service.
Key Takeaways
The global Immuno-Oncology Assays Market Demand is expected to witness high growth. The global Immuno-Oncology Assays market is estimated to be valued at US$ 4556.83 Mn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030.
North America is expected to dominate the market during the forecast period owing to growing use of companion diagnostics along with targeted therapy and increasing demand for precision medicine-based diagnostics. Factors such as growing healthcare expenditure, increasing prevalence of cancer, developing research infrastructure, and presence of global players are expected to boost market growth in this region.
Key players related content comprises: Key players operating in the Immuno-Oncology Assays market are Medtronic plc, EndoGastric Solutions, Inc., Johnson & Johnson, and Torax Medical, Inc. Medtronic plc is focused on developing biomarker-based assays for cancer immuno-oncology and companion diagnostics. EndoGastric Solutions, Inc. offers esophageal brachytherapy and therapeutics to treat cancers.
