Immuno Oncology Assays Market

The Immuno-Oncology Assays Market Is Estimated To Witness High Growth Owing To Rising Adoption Of Targeted Therapy

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The Immuno-Oncology Assays market is estimated to be valued at US$ 4556.83 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Immuno-oncology assays are used for detection, diagnosis, and monitoring of cancer. These assays are blood-based test used to detect indicators of the body’s immune response to cancer and its treatment with immunotherapy. Immuno-oncology assays help in early detection of cancer recurrence and monitoring patient response towards immunotherapy.

Market Dynamics:

Rising adoption of targeted therapy for cancer treatment is driving growth of the immuno-oncology assays market. Targeted therapy is emerging as a mainstream treatment approach for cancer as it attacks specific cancer cells while minimizing potential damage to normal cells. Further, increasing R&D investments by pharmaceutical companies to develop novel immuno-oncology assays is also propelling market growth. However, high cost associated with immuno-oncology targeted therapy and lack of reimbursement policies in developing nations are some factors expected to hinder the market growth over the forecast period.

SWOT Analysis
Strength: The immuno-oncology assays market offers various procedures and tests that help identify tumor antigens and cancer cells in the body. Accurate detection and diagnosis of cancer results in improved treatment outcomes. Further, continuous technological advancements are allowing immuno-oncology assays to become more sensitive and specific.
Weakness: High costs associated with immuno-oncology assay procedures can limit their widespread adoption. Accuracy of these assays can also vary depending on the type and stage of cancer.
Opportunity: Growing demand for personalized cancer therapies is driving the development of new immuno-oncology assays. Additionally, increasing collaborations between industry players and research institutes help discover novel biomarkers and assays.
Threats: Stringent regulations for approval of new immuno-oncology assay products increase uncertainty. Limited medical reimbursements in some regions pose reimbursement challenges.

Key Takeaways

Global Immuno-Oncology Assays Market Size is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing prevalence of cancer worldwide. According to WHO, cancer burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040.

Regional analysis: North America is expected to dominate the global immuno-oncology assays market over the forecast period. This is attributed to rising healthcare expenditures, presence of advanced healthcare facilities, and growing adoption of personalized medicine in the region. Europe is anticipated to exhibit lucrative growth in the immuno-oncology assays market supported by rising cancer cases and improving reimbursement scenario in the region.

Key players operating in the immuno-oncology assays market are Charles River, Roche, and Agilent Technologies, Inc., among others. Charles River offers highly sensitive immunoassays and kits for immuno-oncology research. Roche provides comprehensive portfolio of in vitro diagnostics for tumor profiling, liquid biopsy testing, and companion diagnostics.

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