Immuno-Oncology Assays Market is Anticipated to Witness High Growth Owing to Rising Prevalence of Cancer
Immuno-Oncology Assays Market is Anticipated to Witness High Growth Owing to Rising Prevalence of Cancer
The Global Immuno-Oncology Assays Market is estimated to be valued at US$ 5249.47 Mn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2030.

Immuno-oncology assays are laboratory tests that are used to detect and diagnose cancer using the body’s own immune system. They monitor the levels of immune cells and biomarkers in a patient’s blood or tumour tissue that play a role in the development or progression of cancer. Immuno-oncology assays help doctors evaluate a patient’s prognosis and select the most appropriate therapy. The global immuno-oncology assays market is primarily driven by the increasing prevalence of cancer worldwide. According to GLOBOCAN 2020, there were around 19.3 million new cancer cases and 10 million cancer deaths globally in 2020. The high adoption of immunotherapy for the treatment of various cancers also fuels the demand for immuno-oncology assays to identify suitable treatment options for patients.

The Global immuno-oncology assays market is estimated to be valued at US$ 5249.47 Mn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the immuno-oncology assays are Medtronic plc, EndoGastric Solutions, Inc., Johnson & Johnson, and Torax Medical, Inc. Medtronic plc offers Pylorus-Directed Endoscopic Placement of Investigational LIQor System for Gastroesophageal Reflux Disease. EndoGastric Solutions, Inc. offers TissueTIGHT Coil System that provides full-thickness plication of the gastroesophageal junction for the treatment of GERD and obesity.

There are significant opportunities for market players in developing nations due to increasing healthcare spending and heavy disease burden. Many developing countries lack affordable diagnostic services for cancer, representing an opportunity for players to offer low-cost assays.

Globally, the Global Immuno-Oncology Assays Market is expected to witness high growth in the Asia Pacific region owing to rising healthcare investment, growing awareness about early disease diagnosis, and increase in disposable incomes. Key players are expanding their operations in countries such as China, India, Japan, and Australia to tap the high market potential.

Market drivers: The primary driver for the immuno-oncology assays market is the rising global prevalence of cancer. According to the World Health Organization (WHO), cancer is the second leading cause of death globally and accounted for nearly 10 million deaths in 2020. The continuous increase in cancer incidence rate globally will boost the adoption of immuno-oncology assays for early and accurate diagnosis.

Market restraints: High capital requirement for setting up manufacturing facilities for immuno-oncology assays may restrain market growth. Since these assays require advanced biotechnological processes and equipment, establishing production plants involves huge upfront investments. This poses significant challenges for small players with limited financial resources to venture into this market.

Segment Analysis
The Immuno-Oncology Assays market is segmented into immunoassay, polymerase chain reaction, Next Generation Sequencing, flow cytometry, and others. The immunoassay segment dominates the market during the forecast period owing to its wide range of applications. Immunoassays help in screening and monitoring of immune responses targeted towards tumor-associated antigens. It provides real-time data about changes in the status of tumor and response to different treatments. This helps doctors in analyzing and tailoring immunotherapies according to individual patient's needs.

Global Analysis
Regionally, North America holds the largest share in the Immuno-Oncology Assays market and is expected to grow at a significant rate during the forecast period. This is attributed to the increased adoption of targeted therapies and growing awareness regarding personalized medicine for cancer treatment. The market in Asia Pacific is anticipated to grow at the fastest rate during the forecast period owing to improving healthcare infrastructure, rising healthcare spending, and increasing focus of key players on expanding their presence in emerging markets of India and China.

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