February 25, 2024
Immuno-Oncology Assays Market

Immuno-Oncology Assays Market Witnessing Strong Growth Owing to Increasing Cancer Prevalence

The immuno-oncology assays market has seen immense growth in recent years due to the increasing prevalence of cancer worldwide. Immuno-oncology assays are laboratory techniques used to determine the abundance or concentration of biomarkers linked to the immune system’s response to cancer cells. These biomarkers play a vital role in personalizing cancer treatment regimens and monitoring their effectiveness. Rapid diagnostics using immuno-oncology assays enables timely treatment decisions and better patient outcomes.

The Global Immuno-Oncology Assays Market is estimated to be valued at US$ 5,249.47 million in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period from 2024 to 2030.

Key Takeaways
Key players operating in the immuno-oncology assays market are Medtronic plc, EndoGastric Solutions, Inc., Johnson & Johnson, and Torax Medical, Inc.

The key opportunities in the market include the development of companion diagnostic assays to guide immuno-oncology drug development and commercialization. Growing R&D investments by pharmaceutical companies in immuno-oncology is fueling the demand for advanced assay technologies.

Major players are actively pursuing global expansion strategies through collaborations and acquisitions to solidify their presence across developed markets in North America and Europe as well as emerging markets in Asia Pacific and Latin America.

Market Drivers

The increasing cancer prevalence coupled with rising healthcare expenditure is a major growth driver for the immuno-oncology assays market. According to the National Cancer Institute, cancer accounts for nearly 10 million deaths annually worldwide. This widespread cancer burden has accelerated the adoption of advanced immuno-oncology diagnostics and therapeutics in recent years.

PEST Analysis
Political: The growing initiatives by governments and regulatory bodies across the globe to increase awareness and funding for cancer research is expected to support market growth. Various countries have implemented national cancer control programs that includesimmunotherapy including IO assays as an important part of cancer management.

Economic: Rising incidences of cancer coupled with improving economic conditions across emerging economies enabling greater affordability and access to advanced diagnostic and treatment options including IO assays is a key growth driver. However, pricing pressures and regulatory uncertainties pertaining to reimbursement remains a challenge.

Social: Increasing public and private investments in creation of cancer registry databases and biobanks along with growing patients’ acceptance and preference for personalized medicine is fueling the demand for companion diagnostics including IO assays. Wide social media coverage is also creating greater awareness about newer treatment options and diagnostic technologies.

Technological: Continuous innovations and advancements in fields of bioinformatics, genomics and proteomics are supporting the development of novel multiplex IO assays with high sensitivity and specificity. Automation and digitization of assays is helping achieve faster turnaround times at reduced costs. Integration of AI and machine learning offers potential for real-time analysis of large and complex immunology biomarker datasets.

The North American region currently dominates the immuno-oncology assays market in terms of value, accounting for the largest share. This can be attributed to factors such as growing cancer burden, rising healthcare expenditure, availability of favorable insurance and reimbursement policies, and presence of leading market players in the region. The Asia Pacific region is poised to witness the fastest growth over the forecast period driven by improving accessibility to advanced diagnostic and treatment options among large patient pool, increasing healthcare investments by regional governments and expansion efforts by foreign players.

While North America holds the major market share currently, the Asia Pacific region presents lucrative growth opportunities. Factors such as rising health awareness, growing per capita incomes, improving access and infrastructure are expected to support higher adoption of novel assays and diagnostics including IO assays. Governments in various Asia Pacific countries have implemented initiatives to promote localized manufacturing and support product development activities which is attracting greater investments by global as well as local players. Countries like China and India with their huge population base and growing medical needs present high growth potential.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it