The 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 used for detection, diagnosis, prognosis, and prediction in cancer immunotherapy. These assays help in determining the presence of tumor-infiltrating lymphocytes, expression of PD-L1, and genotyping and phenotyping of tumors. Immuno-oncology assays aid in cancer diagnosis and personalized treatment through targeted therapies.
Market key trends:
Immuno-oncology assays market is witnessing high growth owing to the rising adoption of targeted therapies. The approval and launch of novel cancer drugs such as checkpoint inhibitors has bolstered the demand for companion diagnostic immuno-oncology assays to identify suitable patient population. Furthermore, increasing research activities in immunotherapy coupled with heavy investments by pharmaceutical companies in this field is fueling the market growth. Growing prevalence of cancer worldwide has also augmented the need for advanced diagnostics using immuno-oncology assays for accurate prognosis and treatment decisions.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate in the immuno-oncology assays market. High capital requirements for R&D and strict regulations act as a deterrent for new companies.
Bargaining power of buyers: The bargaining power of buyers is moderate. Switching costs are low as buyers have various alternatives available. However, buyer concentration is low with many small players in the market.
Bargaining power of suppliers: Suppliers have low bargaining power due to presence of many suppliers for raw materials. In addition, substitution options are also available.
Threat of new substitutes: The threat of substitutes is moderate as new advanced technologies pose competition to conventional assays.
Competitive rivalry: The immuno-oncology assays market witnesses high competitive rivalry due to presence of large established players.
SWOT Analysis
Strengths: Robust product pipeline, growing demand for cost-effective cancer diagnostics, increasing healthcare expenditure.
Weaknesses: High R&D costs, need for skilled technicians, strict regulatory environment.
Opportunities: Emerging economies presenting lucrative prospects, scope for biomarker discovery.
Threats: Threat from substitute technologies, reimbursement issues in developing nations.
Key Takeaways
The global Immuno-Oncology Assays Market Growth is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing prevalence of cancer worldwide. North America is expected to dominate the market during the forecast period. High healthcare spending and early treatment uptake in the region drive the market. Europe is anticipated to grow at a substantial rate during the forecast period on account of rising research initiatives for cancer diagnostics.
Regional analysis of the Asia Pacific immuno-oncology assays market reveals fastest growth potential over the forecast period. Increasing healthcare expenditure supplemented by supportive government initiatives is fueling the market.
Key players operating in the immuno-oncology assays market include Charles River, Roche, llumina, and Agilent Technologies, Inc., among others. Manufacturers are focusing on strategic partnerships to expand product offerings.
For more insights, read- https://www.pressreleasebulletin.com/immuno-oncology-assays-market-trends-size-and-share-analysis/
