Immuno-oncology assays are laboratory tests that help evaluate the presence of cancer and the body’s immune response to the disease. These assays examine the expression of biomarkers such as PD-L1 and tumor-infiltrating lymphocytes to optimize cancer treatment plans. Rising cancer incidences worldwide have boosted the demand for precision medicine approaches like immuno-oncology that utilize a patient’s own immune system to fight tumors. The global immuno-oncology assays market offers diagnostic solutions to determine cancer susceptibility and monitor therapeutic response. The growing burden of cancer and increasing awareness about personalized treatment options are fueling heavy investments in immuno-oncology R&D.
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.
Market key trends:
Companion diagnostic assays to optimize immunotherapy are gaining traction in the market. Pharmaceutical companies are collaborating with diagnostic firms to co-develop companion tests that identify cancer patients most likely to benefit from specific immuno-oncology drugs. For instance, the PD-L1 immunohistochemistry assays developed by Dako help identify non-small cell lung cancer patients eligible for treatment with Merck’s Keytruda. Widespread adoption of such companion tests enabling personalized cancer management will be a major trend in the immuno-oncology assays market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the immuno-oncology assays market is low due to high capital costs and regulatory barriers.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of alternative treatment options.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of a large number of manufacturers and suppliers in the market.
Threat of new substitutes: The threat of new substitutes is moderate as new alternative treatments are being researched.
Competitive rivalry: The competitive rivalry is high due to the presence of large global players in the market.
Key Takeaways
The Global Immuno-Oncology Assays Market Growth is expected to witness high. 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.
The North America region currently dominates the market due to rising healthcare expenditure and increasing adoption of advanced diagnostics in the region. This is attributed to rising prevalence of cancer, growing awareness about personalized medicine, and high adoption of advanced diagnostic techniques. The Asia Pacific region is anticipated to grow at the fastest rate owing to increasing healthcare expenditure, rising demand for early detection of cancer, and growing number of researches pertaining to cancer diagnostics and treatment landscape in the region.
Key players: Key players operating in the immuno-oncology assays market are Medtronic plc, EndoGastric Solutions, Inc., Johnson & Johnson, and Torax Medical, Inc. Medtronic plc offers an extensive portfolio of immuno-oncology assays to cater to the rising demand. It focuses on new product launches as one of the key strategies to strengthen its market position.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it