by The global Immuno-Oncology Assays Market is estimated to be valued at US$ 4556.83 Mn or 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 are utilized to assess different biomarkers which helps in analyzing tumor microenvironment, progression, and response to IO therapies. The biomarkers evaluated help monitor disease conditions, therapy response and development of resistance with high accuracy and sensitivity.
Market key trends:
One of the key trend gaining traction in the immuno-oncology assays market is the focus on developing companion diagnostics. Companion diagnostic offers advantages such as helps in identifying which patients are most likely to benefit from a particular therapy, delivers treatment only to those patients expected to benefit, and monitors patient’s response to therapies. This reduces development costs and treatment costs by avoiding ineffective therapies. Additionally, it improves patient outcomes by selecting the right treatment for the right patients.
SWOT Analysis
Strength: Immuno-Oncology Assays have emerged as a promising therapeutic approach for cancer treatment. Immuno-Oncology Assays help in evaluating immunological responses and help in better decision making for cancer treatment.
Weakness: High costs associated with R&D and manufacturing of Immuno-Oncology Assays poses financial challenges. Technical complexities related to Immuno-Oncology Assays restrict their widespread applications.
Opportunity: Increasing prevalence of cancer worldwide presents significant growth opportunities. Growing demand for personalized medicine and companion diagnostics offer opportunities.
Threats: Stringent regulatory framework poses threats. Reimbursement issues and limited expertise hamper market growth.
Key Takeaways
The global Immuno-Oncology Assays Market Growth is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing adoption of targeted therapy and companion diagnostics.
Regional analysis: North America dominated the global market and is expected to retain its dominance during the forecast period. Growing adoption of advanced cancer screening & treatment and presence of key players drive the North American market. Asia Pacific market is expected to grow at fastest pace due to rising healthcare spending, increasing cancer incidence and improving healthcare infrastructure.
Key players operating in the Immuno-Oncology Assays market are Charles River, Roche, llumina, and Agilent Technologies, Inc., among others. Agilent Technologies, Inc. offers a comprehensive menu of immuno-oncology biomarker assays and services to advance precision oncology. Roche provides flexible, scalable and fully automated immuno-oncology assays for research and clinical use. Charles River offers a broad range of assays to support immuno-oncology research and development.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
