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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Immuno-oncology assays are clinical diagnostic tools used for detection and study of biomarker characteristics and functions within complex pathophysiological systems of tumor microenvironments. These assays help in monitoring, identifying, and measuring biomarkers expression to provide comprehensive understanding of tumor biology and inform selection of optimal treatment strategy. Immuno-oncology assays facilitate personalized cancer care approach.
Market key trends:
Increasing adoption of personalized medicine is the major trend fueling growth of immuno-oncology assays market. Personalized medicine tailors medical treatment to individual characteristics, lifestyle, and genetic makeup. Immuno-oncology assays precisely characterize cancer at molecular level and help to identify which patients are most likely to benefit from targeted therapeutic and immunotherapies. This enable delivery of right treatment to right patient at right time. The advancements in precision medicine and biomarker research have improved efficacy of cancer care significantly over last few years. Immuno-oncology assays play a crucial role in facilitating personalized medicine approach for cancer treatment which is driving their demand.
Threat of new entrants: Low capital requirements and lack of proprietary resources lower barriers to entry for new players. However, established brands and need for scale discourage new entrants.
Bargaining power of buyers: Large diagnostic laboratories and hospitals have significant bargaining power due to their bulk purchasing capabilities. However, need for specialized and technologically advanced assays limits bargaining power.
Bargaining power of suppliers: A few large corporations dominate the supply of reagents and instruments, giving them moderate bargaining power over price and quantity negotiations.
Threat of new substitutes: Limited threat as Immuno-Oncology assays are highly specialized with no close substitutes. Complimentary technologies may cannibalize demand to some extent.
Competitive rivalry: Intense competition among large multinational corporations to develop novel assays and diagnostic panels.
Strengths: Growing demand for cancer immunotherapy and targeted therapies drives demand. Technology advancements allow multi-parametric profiling of tumor microenvironment.
Weaknesses: High capital investment requirements pose challenges for smaller players. Complex workflows require specialized expertise.
Opportunities: Emerging markets in Asia Pacific and Latin America expected to provide high growth opportunities. Combination with liquid biopsy and companion diagnostics expands applications.
Threats: Stringent regulatory approvals delays market entry. Reimbursement challenges in some regions. IP disputes among market leaders.
Global Immuno-Oncology Assays Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing adoption of targeted cancer therapies. The market size for 2023 is estimated at US$ 4556.83 Mn.
Regional analysis: North America dominates the market currently owing to presence of major players and advanced healthcare research scenario. Asia Pacific is expected to witness fastest growth due to increasing healthcare spending, large patient population and improving access to diagnosis.
Key players: Key players operating in the Immuno-Oncology Assays market are Charles River, Roche, llumina, and Agilent Technologies, Inc., among others. Major players are focusing on developing novel multiplex gene expression and protein assays to expand their product portfolios.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it