by Immuno-oncology assays help to identify biomarkers for early detection and treatment of cancer. These assays are used to detect the expression of predictive biomarkers to determine personalized treatment plans by analyzing tumor samples. Biomarker testing plays a vital role in immuno-oncology by identifying patients who are likely to respond best to immunotherapy. Biomarkers help to select optimal drugs and guide clinical decisions to maximize therapeutic benefits.
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
The global immuno-oncology assay market is expected to be flourished by early detection of cancer using biomarkers. Biomarker testing helps in early detection of cancer even before clinical symptoms appear. Early diagnosis improves treatment outcomes and increases survival rates. Moreover, biomarkers guide precision medicine approaches by identifying patients likely to respond or resistant to specific therapies. For example, PD-L1 expression is indicative of response to PD-1/PD-L1 inhibitors. Biomarker results are important for therapy selection to deliver personalized cancer care. Additionally, the development of novel biomarkers to predict immunotherapy efficacy is another key driver fueling the market growth. Biomarker discovery is further expanding treatment options and improving clinical benefits. Continuous identification of new predictive biomarkers through ongoing R&D initiatives is contributing towards immuno-oncology assays industry growth over the forecast period.
Segment Analysis
Immuno-Oncology Assays Market is segmented into Consumables and Services. The consumables segment dominated the market with over 75% share in 2021 and is expected to remain dominant during the forecast period. This is due to the large and continuous demand for consumables from end users such as hospitals, research laboratories and others. The consumable segment involves assays, kits and reagents that are used to perform different types of diagnostic tests and assays for cancer.
PEST Analysis
Political: Healthcare reforms and favorable government policies regarding cancer research funding have positively impacted the market growth. Government investments in immuno-oncology and early disease diagnosis have increased.
Economic: Rising healthcare expenditures and disposable income levels in developing countries have enhanced access to advanced cancer treatments. Continuous development of new assays and diagnostic technologies also boost the market.
Social: Growing cancer prevalence worldwide, increasing awareness about early diagnosis, and rising popularity of precision medicine are key social factors augmenting the demand.
Technological: Rapid advancements in immuno-oncology platforms, automation of laboratories, and introduction of integrated informatics solutions for improved analysis are the major technological drivers.
Key Takeaways
The global Immuno-Oncology Assays Market Demand is expected to witness high growth over the forecast period. 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.
Regional analysis
North America is projected to retain its dominance in the global market during the forecast period. The region accounted for over 40% value share in 2021 owing to rising cancer incidence and prevalence, availability of advanced diagnostic technologies, and favorable reimbursement policies in the US and Canada.
Key players
Key players operating in the Immuno-Oncology Assays Market are Medtronic plc, EndoGastric Solutions, Inc., Johnson & Johnson, and Torax Medical, Inc. Medtronic plc is one of the leading players in the market with robust product portfolio for immuno-oncology assays and reagents.
