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.
For more details on the report, Read- https://www.trendingwebwire.com/immuno-oncology-assays-market-growth-demand-and-overview/
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