Immuno-oncology assays are laboratory tools that utilize immune response biomarkers for cancer testing, detection, diagnosis, and monitoring treatment responses. Some key products in this market include ELISA assays, multiplex immunoassays, and flow cytometry assays. ELISA assays are widely used for detection of proteins related to tumor progression or response to therapy. Multiplex immunoassays allow simultaneous measurement of multiple analytes which helps in comprehensive immune profiling. Flow cytometry helps in identification and characterization of immune cells. The global immuno-oncology assays market is driven by increasing cancer prevalence worldwide and rising demand for precision medicine in oncology. Immuno-oncology is transforming cancer treatment landscape with therapeutic approaches that harness the power of patient’s immune system. Immune checkpoint inhibitors have shown promising results in some cancers and more such therapies are in pipeline. This is contributing to growth of companion diagnostics to identify patients most likely to benefit.
The global immuno-oncology assays market is estimated to be valued at US$ 4,556.83 million 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 Dynamics
Rising demand for cancer diagnostics and therapeutics is one of the major drivers of this market. According to WHO, cancer burden has risen to 18.1 million new cases and 9.6 million deaths in 2018. The development of personalized medicine approach has fueled the need for immuno-oncology assays to select best treatment options for individual patients. The growing numbers of immunotherapy drug approvals is another key factor driving the need for companion diagnostic assays. Some examples includeimmune checkpoint inhibitors like Keytruda, Opdivo etc. Further, progress in fields like liquid biopsy offering non-invasive options for immune profiling using blood samples is expected to bring more growth opportunities over the forecast period.
Segment Analysis
The global Immuno-Oncology Assays market is dominated by the Diagnostic segment. Within diagnostics, IHC (immunohistochemistry) assays sub-segment holds the major market share currently. This is because IHC assays are among the most widely used diagnostic methods for cancer detection and biomarker analysis. IHC assays are commonly used to identify cellular markers in tissue samples, along with their distribution and relative abundance. This helps doctors determine appropriate treatment plans for cancer patients.
PEST Analysis
Political: Funding for cancer research from government organizations as well as private foundations have increased in the past decade. This is positively impacting the development and adoption of novel immuno-oncology assays in the market.
Economic: The rising incidence of cancer globally has significantly boosted healthcare spending on diagnostics and treatment. This growing cancer economics is driving demand for better diagnostic tools like immuno-oncology assays.
Social: With rising awareness, people are increasingly seeking early and accurate cancer diagnosis. Immuno-oncology assays that help detect even the early-stage cancers are gaining preference.
Technological: Continuous innovations are allowing development of assays with higher specificity and sensitivity. Advancements like multiplex assays, next-generation sequencing integration are further enhancing the clinical potential of immuno-oncology assays.
Key Takeaways
The Global Immuno-Oncology Assays Market Demand 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.
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.
The North American region currently dominates the global immuno-oncology assays market. This is attributed to factors such as presence of leading market players, rising cancer incidence, growing funding for cancer research from private and public organizations in the US and Canada. However, the Asia Pacific region is poised to witness highest growth during the forecast period. This is due to rising healthcare spending, increasing focus on early cancer diagnosis in populous countries like China and India.
Key players related content 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. AptarGroup is one of the leading suppliers of dispensing components for the pharmaceutical and consumer goods industries. Weener Plastics Group is a renowned manufacturer of injection molded plastic components and closures.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it