July 23, 2024
Immuno-Oncology Assays Market

The Rising Incidence Of Cancer Is Driving Growth In The Immuno-Oncology Assays Market

Immuno-Oncology assays are used to detect cancer biomarkers in patients which help in cancer diagnosis and for determining treatment options. These assays analyze cancer cell biomarkers using immunology methods such as flow cytometry, polymerase chain reaction (PCR), and immunohistochemistry (IHC). Immuno-oncology assays aid healthcare professionals in identifying patients that are candidates for immuno-oncology therapy that uses the body’s own immune system to fight cancer.

The global Immuno-Oncology Assays Market is estimated to be valued at US$ 4,556.83 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:

One of the major trends witnessed in the immuno-oncology assays market is the increasing adoption of next-generation sequencing (NGS) based assays. NGS based assays provide insights into how a patient’s genetics may affect their response to immunotherapy. These assays enable understanding of how variants in genes important for immunotherapy like PD-L1 may influence treatment response. They also enable monitoring of mutation dynamics during therapy which provides insights into mechanisms of response and resistance. Many companies are focusing on developing NGS based assays to analyze biomarkers in immuno-oncology which is expected to drive the market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: Low barrier to entry in terms of technology and capital required however established players have strong brand recognition and distribution networks.

Bargaining power of buyers: Buyers have moderate bargaining power as there are many established suppliers but proprietary technologies and brand loyalty increase switching costs.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes and less differentiation in raw materials and reagents.

Threat of new substitutes: Threat of substitution is low as immuno-oncology assays have distinct advantages over conventional cancer diagnostic methods but new technologies pose a potential threat.

Competitive rivalry: Intense competition among major players to gain market share through new product launches, acquisitions and partnerships.

Key Takeaways

The Global Immuno-Oncology Assays Market Size is expected to witness high growth. The global Immuno-Oncology Assays Market is estimated to be valued at US$ 4,556.83 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030.

North America dominates the market currently due to presence of leading players and higher adoption of advanced cancer diagnostic technologies. Europe and Asia Pacific markets are also growing at a rapid pace led by increasing healthcare spending, rising cancer incidence and growing collaborations between research institutes and market players in countries like Germany, U.K., China and Japan.

Key players: Key players operating in the Immuno-Oncology Assays market are AptarGroup, Weener Plastics Group, Bormioli Rocco Pharma, Pacific Packaging Components, PCC Exol, SHL Group, O.Berk Company, Winfield Laboratories, O.Berk, Comar, RPC Group, Alpha Packaging, Pretium Packaging, Silgan Holdings, Origin Pharma Packaging, Vidchem pty ltd, Mold-Rite Plastics, Berry Global, Amcor, Gerresheimer. They are focusing on new product approvals and partnerships to strengthen their market position.

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