April 20, 2024
Immuno-Oncology Assays Market

The Rapidly Growing Immuno-Oncology Assays Market is Revolutionizing Cancer Treatment

The immuno-oncology assays market has emerged as an innovative approach in cancer treatment by leveraging the human body’s natural defenses against tumors. Immuno-oncology assays aid in identification and treatment by determining the presence of specific proteins, genes or mutations in patient samples that help assess their suitability for immunotherapies. Immuno-oncology enables development of new therapeutics like checkpoint inhibitors, tumor-infiltrating lymphocytes, and novel combinations that stimulate the immune system to fight cancer in a more targeted manner with improved efficacy and fewer side effects.

The Global Immuno-Oncology Assays Market is estimated to be valued at US$ 5249.47 Mn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2030.

Increased adoption of precision medicine, rising cancer incidence worldwide, robust clinical pipeline of immunotherapies and companion diagnostics are driving substantial growth in this market.

Key Takeaways
Key players operating in the Global Immuno-Oncology Assays Market are Medtronic plc, EndoGastric Solutions, Inc., Johnson & Johnson, and Torax Medical, Inc.

The growing demand for immuno-oncology assays can be attributed to rising incidence of cancer globally and growing awareness about personalized medicine and biomarkers. Development of novel immuno-oncology drug candidates is also driving the need for companion diagnostics to identify suitable patient populations.

Manufacturers are focusing on geographic expansion into emerging markets of Asia Pacific, Latin America, and Middle East & Africa through regulatory approvals, partnerships and clinical trials to tap the largely untapped market potential in these regions.

Market key trends
One of the key trends witnessed in the immuno-oncology assays market is development of novel multiplex assays that enable simultaneous detection of multiple biomarkers. This assists in comprehensive tumor profiling, detection of minimal residual disease, and monitoring of treatment response through a single test. Leading players are focusing on development of versatile multiplex platforms with high sensitivity and throughput which can analyze varied sample types. This transition from single-analyte tests to multi-marker panels is expected to drive the immuno-oncology assays market.

Porter’s Analysis

Threat of new entrants: The large capital requirement and need for extensive R&D make it difficult for new players to enter the market.

Bargaining power of buyers: The presence of many diagnostic centers and hospitals reduce the buyer bargaining power in this market.

Bargaining power of suppliers: The specialized knowledge and expertise of suppliers in providing quality reagents and equipment increases their bargaining power.

Threat of new substitutes: There is no direct substitute available for immuno-oncology assays, limiting the threat from substitutes.

Competitive rivalry: The market is growing rapidly attracting many existing as well as new players, intensifying competition.

The North American region accounts for majority of the market share in terms of value due to rising prevalence of cancer and growing adoption of immuno-oncology therapies in the region. The Asia Pacific region is expected to be the fastest growing market for immuno-oncology assays during the forecast period owing to increasing healthcare expenditure, expanding diagnostic infrastructure and strong government support for cancer research in emerging economies.

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