According to Coherent Market Insights, the Immuno-Oncology Assays Market size is calculated at USD 4.98 Billion in 2024 and is projected to surpass USD 10.47 billion by 2031 with a remarkable CAGR of 11.2% from 2024 to 2031.
Market Dynamics:
Increasing cancer incidence globally and growing demand for early cancer detection drives market growth. According to the World Health Organization, cancer is the second leading cause of death globally and accounted for 10 million deaths in 2020.
Moreover, timely diagnosis is essential for improving cancer treatment outcomes through early detection. Immuno-oncology assays aid in detecting cancer at early stages through specific biomarker analysis, allowing for prompt treatment planning and management. In addition, various government initiatives to spread cancer awareness and introduce cancer screening programs further fuel the adoption of immuno-oncology assays.
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Key Market Trends:
The rise in the development of companion diagnostics is the key trend fueling market growth. Companion diagnostics (CDx) are tailored therapy based on a patient's molecular profile and are part of personalized medicine. The trend is bolstering the demand for immuno-oncology assays as such tests analyze biomarkers to determine which patients would most likely benefit from targeted cancer therapies.
- Adoption of Liquid Biopsy: The use of liquid biopsy is increasingly becoming popular because it enables non-invasive monitoring of a tumor by detecting circulating tumor cells or circulating tumor DNA in blood samples. Liquid biopsy-based immuno-oncology assays have proven effective in the monitoring of response to treatment and the presence of resistance mutations, contributing to an expansion in market growth.
Immuno-Oncology Assays Market Report Coverage
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Report Coverage |
Details |
|
Market Revenue in 2024 |
US$ 4.98 billion |
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Estimated Value by 2031 |
US$ 10.47 billion |
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Growth Rate |
Poised to grow at a CAGR of 10.2% |
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Historical Data |
2019–2023 |
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Forecast Period |
2024–2031 |
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Forecast Units |
Value (USD Million/Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By Product, By Technology, By Indication, By Application |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Growth Drivers |
Rising Burden of Cancer Globally Increasing Awareness Programs |
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Restraints & Challenges |
Dearth of Skilled Professionals High Costs Associated with Development of Immuno-oncology Assays |
Market Opportunities
The consumables segment accounts for the largest share of the immuno-oncology assays market in 2024. This segment includes assay kits and reagents consumed in large volumes for various immunoassay-based testing procedures.
The next-generation sequencing technology segment is expected to grow at the highest CAGR during the forecast period. This is due to technological advancements and the advantages offered by NGS over other technologies. NGS helps in comprehensive profiling of tumor samples at a molecular level to identify neoantigens and monitor treatment responses through liquid biopsies.
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Key Market Takeaways
On the basis of product, the consumables segment is expected to hold a dominant position. This is due to the high and growing consumption of assay kits and reagents for various immunoassay-based testing procedures.
On the basis of technology, next-generation sequencing technology segment is anticipated to witness the highest growth during the forecast period. This is due to technological advancements and advantages offered by NGS.
On the basis of indication, lung cancer segment is expected to hold a dominant position over the forecast period due to the high prevalence of lung cancer globally.
Regionally, North America is expected to dominate the global immuno-oncology assays market during the forecast period. This is due to presence of major players, heavy R&D investments, and advanced healthcare infrastructure.
Key players operating in the immuno-oncology assays market include
F. Hoffmann-La Roche Ltd,
Illumina, Inc.
Agilent Technologies, Inc.
Thermo Fisher Scientific Inc.
Merck KGaA
Invivoscribe, Inc.
QIAGEN
PerkinElmer Inc.
Sartorius AG
Bio-Rad Laboratories, Inc.
Bruker Spatial Biology, Inc.
Recent Developments:
On January 30, 2024, Agilent Technologies Inc., a biotechnology business, announced a collaboration with Incyte, a pharmaceutical company, to develop and commercialize Incyte's hematology and oncology portfolios.
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