February 24, 2024

“The Immuno-Oncology Assays Market Is Expected To Be Flourished By Growing Adoption Of Companion Diagnostics”

Immuno-oncology assays refer to in vitro diagnostic tests or assays that are performed on tumor samples or blood to help identify which patients are most likely to benefit from immunotherapy. Immuno-oncology assays are crucial for developing effective personalized treatment plans and improving clinical outcomes for cancer patients. The adoption of advanced immuno-oncology assays enables detection of biomolecular markers to select appropriate immunotherapeutic approaches. Immuno-oncology assays play a vital role in companion diagnostics by providing clinically relevant information to guide treatment decisions.

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 Dynamics:

Growing adoption of companion diagnostics: Companion diagnostics act as a bridge between biomarkers/biological signatures and their corresponding targeted therapies to improve the success rates of therapeutic interventions for cancer patients. The increased adoption of companion diagnostics aids in identifying patients who are likely to respond positively to immuno-oncology treatments or have adverse reactions to such therapies. This plays a crucial role in driving the demand for immuno-oncology assays globally.

Flourishing immunotherapy landscape: The rising penetration of immunotherapies such as checkpoint inhibitors, cancer vaccines, and adoptive cell transfer therapy have stimulated the development and adoption of new immuno-oncology assays. These therapies necessitate diagnostic support for optimal patient selection through biomarker evaluation. Therefore, the burgeoning immunotherapy market acts as a high-impact driver for the immuno-oncology assays industry.

Segment Analysis

The Global Immuno-Oncology Assays Market Size is segmented into cancer types, therapies, technology, application & end-user. Based on cancer type, the market is segmented into lung cancer, colorectal cancer, breast cancer, prostate cancer, melanoma, and others. Lung cancer segment dominates other segments, accounting for over 35% market share in 2023. High prevalence of lung cancer and availability of immuno-oncology therapies for lung cancer are major factors behind its dominance.

PEST Analysis

Political: Government initiatives to increase awareness about cancer and fund for cancer research promote the Immuno-Oncology Assays market growth.

Economic: Rising healthcare spending and increasing disposable income fuel the market growth.

Social: Growing cancer cases and increasing awareness about early cancer diagnosis boost the demand for Immuno-Oncology Assays.

Technological: Continuous innovation in immuno-oncology technologies including companion diagnostics assays facilitate precision & personalized medicine approach.

Key Takeaways

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.

North America region currently dominates the global market and is expected to maintain its dominance during the forecast period. Availability of advanced healthcare facilities, presence of key players, and growing cancer cases in the US and Canada drive the North America Immuno-Oncology Assays market growth. Asia Pacific region is emerging as the fastest growing market for Immuno-Oncology Assays. Increasing awareness about cancer diagnosis and management, rising healthcare spending, presence of untapped opportunities, growing geriatric population and large cancer patient pool are fueling the Asia Pacific market growth.

Key players related content comprises

Key players operating in the Immuno-Oncology Assays market are Medtronic plc, EndoGastric Solutions, Inc., Johnson & Johnson, and Torax Medical, Inc.

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