Pharmaceutical Biologics Is The Largest Segment Driving The Growth Of Immuno-Oncology Assays Market
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 10. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Immuno-oncology assays help in detection, progression, and recurrence of cancer by analyzing immune-related biomarkers. They aid in cancer therapy selection and monitoring treatment responses in patients.
Market key trends:
One of the key trends in the immuno-oncology assays market is the increasing adoption of companion diagnostics. Companion diagnostics help in identifying patients who are likely to benefit from a particular therapy and avoiding adverse reactions. They play a critical role in selecting appropriate therapies for individual patients. For instance, assays that detect PD-L1 expression are important in selecting cancer patients for anti-PD-1/PD-L1 immunotherapy drugs. This trend is expected to significantly drive the growth of the market during the forecast period.
SWOT Analysis
Strength: Immuno-oncology offers higher survival and response rates compared to chemotherapy. Immunoassays help in non-invasive liquid biopsy tests and are less costly than tissue biopsies.
Weakness: High cost of immunotherapies limits their use. Limited understanding of tumor immunity leads to low response rates.
Opportunity: Untapped emerging markets offer growth potential. Biomarker development for patient selection can improve treatment outcomes.
Threats: Slow regulatory approval delays market access. Reimbursement policies limit the adoption of high-cost immunotherapies.
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 demand for targeted cancer therapies. The market size for 2023 is US$ 4556.83 Mn.
Regional analysis: North America dominates the global market due to large pharmaceutical companies, rising cancer prevalence and government support for immuno-oncology research. Asia Pacific region is expected to grow at the fastest pace owing to increasing healthcare expenditure, rising awareness and large patient pool.
Key players operating in the Immuno-Oncology Assays market include Charles River, Roche, llumina, and Agilent Technologies, Inc., among others. Key players are focusing on partnerships, new product launches and expanding manufacturing facilities to strengthen their market position. For instance, in 2022, Roche launched three companion diagnostics for cancer medicines to advance personalized healthcare.
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