Global Immuno-Oncology Assays Market Grows at a Staggering CAGR of 10.4%

Introduction

Immuno-oncology assays are commonly used to diagnose various forms of cancer. In addition, this assay expands the dynamic range of the assay. It is used to amplify multiple targets in a polymerase chain reaction (PCR) and obtain more data from small amounts of proteins or other analytes in less time. Immune oncology monitors the interactions between the immune system and cancer-causing cells. Blood, DNA/RNA, and tumor samples are among the many sample varieties used in immuno-oncology research. Immuno-oncology assays are utilized in identifying pathogens, mutation analysis, linkage analysis, RNA detection, and gene detection analysis, among others.

Market Dynamics

Rising Adoption of Personalized Medicines Drives the Global Market

Depending on the body's response and the disease risk, personalized medicines are specific and limited to individual patients for improved treatment. According to the Personalized Medicine Coalition (PMC), 20% of the novel molecular entities approved by the FDA in 2016 were personalized medicines. In addition, the personalized approach to developing cancer therapeutics is anticipated to introduce generic chemotherapies and may even eradicate most cancer types.

Multiple assays are tremendously helpful for the thorough manufacture of tailored drugs. Warfarin, used to prevent blood clots, is notoriously difficult to administer due to inherited variations among patients and drug metabolism enzymes. Consequently, immuno-oncology assays are utilized for panel-based tests that are anticipated to detect gene variations in a single assay cycle. Therefore, due to the continuous adoption of personalized medications, the market for immuno-oncology assays is anticipated to increase over the forecast period.

Various Growth Opportunities in Emerging Economies Creates Tremendous Opportunities

The emerging economies of Asia-Pacific, Latin America, and the Middle East and Africa (LAMEA) offer tremendous growth opportunities for expanding the market due to the improvement of healthcare infrastructure in these regions and the rise in demand for developed healthcare software among the majority of the patient population. In addition, the increase in healthcare reforms in developing nations for the poor or disadvantaged groups who ordinarily encounter financial barriers to accessing healthcare software is anticipated to present lucrative opportunities for market expansion.

In addition, the growth of the immuno-oncology assay market is supported by a rise in healthcare and R&D expenditures in developing nations such as India, China, and Brazil. By 2020, the Indian government intends to increase healthcare expenditures from 1.04% to 2.5% of GDP. In addition, collaboration and acquisition are anticipated to contribute to the growth of new product launches, technological innovations, and continuous developments in the immuno-oncology assay market in emerging nations, thereby creating growth opportunities over the forecast period.

Regional Analysis

North America is the most significant global immuno-oncology assay market shareholder and is anticipated to exhibit a CAGR of 9.91% over the forecast period. The growth of the North American immuno-oncology assay market is fueled by increased government funding for the detection of new biomarkers, increased research and development activities for new drugs and diagnosis and treatment options, and a rise in the prevalence of chronic conditions such as cancer and strokes. In addition, the increase in cancer incidence drives the demand for immuno-oncology assays and the development of novel personalized anti-cancer pharmaceuticals. The U.S. dominates the regional market due to the pharmaceutical industry's increased demand for assays. However, Mexico is expected to grow fastest during the forecast period due to augmented R&D expenditures and a surge in the biotechnology industry's development. Furthermore, the dominant players in the immuno-oncology assay market have consistently prioritized product approvals and new product launches to maintain their position as market leaders in the region.

Europe is expected to grow at a CAGR of 9.7% over the forecast period. Due to the European Government's increased emphasis on technological advancements in medical devices, well-established healthcare systems, and rising healthcare expenditures, Europe's economy is anticipated to grow consistently during the projection period. In addition, the penetration of key players such as Luminous and Thermo Fisher is fueling the growth of the European immuno-oncology assay market. During the forecast period, significant increases in R&D activities for drug development and continuous product launches are anticipated to generate new opportunities for market expansion. In Europe, partnerships are the primary development strategy for introducing novel immuno-oncology assays. These partnerships are anticipated to offer the companies an advantage over their competitors. For example, Seegene and Qiagen collaborated in July 2015 to develop multiplex disease testing panels. In addition, the factors driving the growth of the immuno-oncology assay market in Europe include an increase in demand for immuno-oncology assays in the pharmaceutical industry and a rise in European Union investment in healthcare R&D. 

Key Highlights

• The global immuno-oncology assays market was valued at USD 4,114.12 million in 2022. It is estimated to reach USD 10,023.02 million by 2031, growing at a CAGR of 10.4% during the forecast period (2023–2031).
• Based on product, the global immuno-oncology assays market is bifurcated into consumables and software. The consumables segment owns the highest market share and is expected to exhibit a CAGR of 10.0% over the forecast period.
• Based on technology, the global immuno-oncology assay market is divided into immunoassays into PCR, NGS, and flow cytometry. The PCR segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 9.8% during the forecast period.
• Based on indication, the global immuno-oncology assays market is bifurcated into colorectal cancer, lung cancer, melanoma, bladder cancer, and others. The lung cancer segment dominates the market and is predicted to exhibit a CAGR of 10.3% during the forecast period.
• Based on application, the global immuno-oncology assay market is segmented into research and clinical diagnostics. The research segment is the largest contributor to the market and is projected to exhibit a CAGR of 12.48% over the forecast period.
• North America is the most significant global immuno-oncology assay market shareholder and is anticipated to exhibit a CAGR of 9.91% over the forecast period.

Competitive Players

Competitive Players

The key players in the global immuno-oncology assays market are Agilent Technologies, F. Hoffmann-La Roche, HTG Molecular Diagnostics, Illumina, Merck, NanoString Technologies, PerkinElmer, Qiagen, Sartorius, and Thermo Fisher Scientific.

Recent Developments

Market News

• In March 2023, Mimetas, a company that models human diseases, formed a strategic alliance with Astellas Pharma Inc., a multinational pharmaceutical corporation. The partnership entails using MIMETAS' exhaustive tumor models to assist the next generation of immuno-oncological therapies.
• In February 2023, Agilent Technologies, Inc. revealed that their xCELLigence RTCA HT (real-time cell analysis high-throughput) platform is compatible with the BioTek BioSpa 8 Automated Incubator. This combination, developed in response to market demands, enables a higher level of workflow automation and provides novel functionality for developing label-free high-throughput potency assays for the immuno-oncology market and high-throughput viral cytopathic effects (CPE) assays for the vaccine market.

Segmentation

Global Immuno-Oncology Assays Market: Segmentation

By Product

• Consumables
• Software

By Technology

• Immunoassay
• PCR
• NGS
• Flow Cytometry
• Others

By Indication

• Colorectal Cancer
• Lung Cancer
• Melanoma
• Bladder Cancer
• Others

By Applications

• Clinical Diagnostics
• Research

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA