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 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 medical tests that are used to study the immune system and how it responds to cancer. These assays help in monitoring disease progression and predicting treatment outcomes in cancer immunotherapy. They detect specific proteins, cells, mutations or other biomarkers that play a role in the body's immune response against cancer cells. Key types of immuno-oncology assays include immunosuppressive biomarker assays, inflammatory biomarker assays, and immune system cell assessment assays. These advanced assays aid in developing personalized treatment strategies and gauging response to therapies like immune checkpoint inhibitors, cancer vaccines, and adoptive cell transfer therapy.
Market key trends:
One of the major trends in the immuno-oncology assays market is the increasing adoption of companion diagnostic assays. Companion diagnostics help identify patients who are likely to respond favorably or adversely to specific cancer therapies. They guide treatment decisions, improve outcomes and reduce toxicity. As the drug approval process demands evidence of clinical utility, major pharmaceutical companies are collaborating with diagnostic assay providers to co-develop targeted therapies with companion diagnostics. This is expected to drive the demand for immuno-oncology assays in the coming years.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate due to high capital requirement for R&D, manufacturing and distribution. However, collaboration between global players can reduce entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate as the Immuno-Oncology Assays market is fragmented with presence of many global as well as regional players. Buyers can bargain on price and quality with alternative product offerings.
Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of differentiated raw materials from multiple players and less switching cost involved.
Threat of new substitutes: Threat of new substitutes is low as there are limited product alternatives for Immuno-Oncology currently.
Competitive rivalry: The competitive rivalry is high due to presence of global established players and entry of local players with product innovations.
Key Takeaways
Global Immuno-Oncology Assays Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing adoption of personalized medicine and growth in cancer diagnosis.
Regional analysis- North America dominated the global market in 2023 and is expected to maintain its leading position over the forecast period. This is attributed to growing awareness about cancer treatment, high adoption of advanced therapies and strong presence of key market players in the region. Asia Pacific is anticipated to exhibit fastest growth over the forecast period owing to increasing government funding for cancer research and rising healthcare spending.
Key players- Key players operating in the Immuno-Oncology Assays market are Charles River, Roche, llumina, and Agilent Technologies, Inc., among others. Charles River offers comprehensive portfolio of assays for immunotherapy and immunology research while Roche provides a wide range of diagnostic kits, analyzers and services for cancer research. llumina and Agilent Technologies provide next generation sequencing solutions and services for Immuno-Oncology research.
Read More- https://www.ukwebwire.com/immuno-oncology-market-size-share-and-forecast-analysis/
