Immuno-Oncology Assay Market Analysis and Forecast to 2031: By Product & Service (Consumables, Instruments, Software & Services), Technology (PCR, Immunoassay, NGS, ISH, Flow Cytometry), Indication (Lung Cancer, Breast Cancer, Colorectal Cancer, Bladder C

Immuno-Oncology Assay Market Analysis and Forecast to 2031: By Product & Service (Consumables, Instruments, Software & Services), Technology (PCR, Immunoassay, NGS, ISH, Flow Cytometry), Indication (Lung Cancer, Breast Cancer, Colorectal Cancer, Bladder Cancer, Melanoma, Others), Application (Research Applications, Clinical Diagnostics), and Region

The global immune-oncology assay market was valued at USD 4.2 billion in 2021 and it is anticipated to grow further up to USD 14.1 billion by 2031, at a CAGR of 12.9% during the forecast period.

One kind of immunoassay that is mostly used to diagnose cancer is the immuno-oncology assay. It is a process that profiles different analytes by simultaneously detecting and measuring them, including proteins, biomolecules, growth factors, cytokines, and chemokines. This method primarily targets and eliminates cancer cells using the body's natural defensive mechanism. This assay is used for in vitro research to investigate the complex tumor microenvironment, the dynamic interactions between cancer cells and immune cells, and the perception of immunoreactivity in a variety of cell-based assays to determine the mode of action.

Market Trends and Drivers

As a multi-stage carcinogenesis process involving numerous molecular pathway events, cancer is a complex illness that arises. So, the diagnosis, prognosis, and treatment of cancer are all accompanied with a number of challenges. In this aspect, a single marker is not useful due to the complexity of cancer. Each cancer also differs from other cancer kinds in terms of its molecular profile. As a result, the use of immuno-oncology assays has proved crucial for comprehending cancer signatures and creating individualized treatments. Over the past few years, cancer has become more commonplace across the globe. In 2018, there were 9.6 million fatalities due to cancer, which has overtaken all other causes of mortality in the world. GLOBOCAN predicts that by 2040, there would be over 30 million new instances of cancer, up from 18 million in 2018. Africa, Asia, Central and South America account for more than 60% of all new cancer cases, and these regions also account for 70% of all cancer-related fatalities worldwide. As a result, there is a need for considerable research to be done for cancer detection and therapy, and immuno-oncology assays play a significant role in this study.

Market Restraints and Challenges

The discovery, development, and validation of biomarkers demand large capital expenditures. Additionally, diagnostic manufacturers have major financial difficulties as a result of the high drug attrition in clinical trials (with about 30% of medications failing in Phase III). In order for manufacturers to receive regulatory permission for in vitro diagnostics (IVD), Phase III clinical trials that rely on reliable biomarker tests must be successful. The cost of conducting clinical trials and meeting onerous regulatory criteria severely limits innovation and makes it difficult for small businesses to develop biomarkers. As a result, in addition to the high capital expenditures, the low cost-benefit ratio is impeding the expansion of the market for immuno-oncology assays for biomarker identification.

Global Immuno-Oncology Assay Market Segmental Overview

The report analyses the global immune-oncology assay market based on product & services, technology, indication, application, and region.

Global Immuno-Oncology Assay Market by Product & Services

Based on the product & services, it is segmented into consumables, instruments, and software & services. In 2021, consumables segment accounted for the largest share of the immune-oncology assays market. The key element promoting the growth of this category is the demand of consumables in high quantities as compared to instruments.

Global Immuno-Oncology Assay Market by Technology

Based on the technology, it is segmented into PCR, Immunoassay, NGS, ISH, and Flow Cytometry. In 2021, PCR segment accounted for the largest share in the market. The development of this market is being driven by the expanding usage of PCR in immuno-oncology biomarker identification and discovery studies.

Global Immuno-Oncology Assay Market by Indication

Based on the indication, it is segmented into lung cancer, breast cancer, colorectal cancer, bladder cancer, melanoma, and other cancers. The lung cancer segment is likely to dominate the market during the forecast period. The need for immuno-oncology therapies is anticipated to rise as a result of rising cancer prevalence and the need for tailored medication. The global market for immuno-oncology is expected to develop as a result of the increasing number of cancer-related deaths and patient and healthcare professional demand for efficient and cutting-edge immuno-oncology therapies.

Global Immuno-Oncology Assay Market by Application

Based on the application, it is segmented into research applications, and clinical diagnostics. In 2021, research applications segment accounted for the largest share in the market. The expansion of this market is being driven by the increasing importance of biomarker-based drug development.

Geographical Analysis of the Global Immuno-Oncology Assay Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America is the largest regional market for the immuno-oncology assays market. The rising desire for customized medication, increased adoption of cutting-edge omics technologies for biomarker discovery, and expanding government support for the discovery and development of biomarkers are all factors contributing to the growth of the North American immuno-oncology assays market.

Major Players in the Global Immuno-Oncology Assay Market

COVID-19 Impact

One of the patient populations most severely impacted by this pandemic is cancer patients. The number of patients undergoing cancer screening, diagnosis, and treatment has significantly increased as a result of COVID-19. Many hospitals and departments, including oncology clinics, were re-profiled for treating COVID-19 patients as a result of the increasing demand brought on by the rising rate of COVID-19 patients being admitted to hospitals. As a result, several diagnostic and therapeutic treatments were shelved or delayed globally, including up to 2.3 million cancer surgeries, according one study. It is anticipated that higher cancer mortality rates will result from cancer patients' delayed detection and treatment due to lockdown-related constraints.

Recent Developments

• July 2020, HTG Molecular Diagnostics, Inc. launched its HTG Edge Seq Pan B-Cell Lymphoma Panel.
• August 2019, Agilent Technologies, Inc. along with The National University of Singapore and the National University Hospital, established Singapore’s first integrated translational R&D hub that leverages biochemical innovation and research data analytics to develop new methods of translating clinical research into clinical diagnostics.
• May 2018, Invivoscribe Inc., partenered with the American University of Beirut Medical Center to establish a new center of excellence facility in the Middle East. This facility provides testing for all hematologic diseases, comprising leukemia and lymphoma.

Frequently Asked QuestionsQ1. How big is the Immuno-Oncology Assay market?Ans. The global Immuno-Oncology Assay market size was USD 4.2 billion in 2021 and is anticipated to reach USD 14.1 billion in 2031, growing at a rate of 12.9% from 2022 to 2031.Q2. What is the Immuno-Oncology Assay market growth rate?Ans. The growth rate of the Immuno-Oncology Assay market is 12.9%.Q3. Which region holds a major market share for the Immuno-Oncology Assay market?Ans. North America holds a major market share of the Immuno-Oncology Assay market in 2021.Q4. Which segment accounted for the largest Immuno-Oncology Assay market share?Ans. By application, research application segment accounted for the largest Immuno-Oncology Assay market share.Q5. Who are the key players in the Immuno-Oncology Assay market?Q6. What are the factors driving the Immuno-Oncology Assay market growth?Ans. The major factors driving the growth of the market are the growing healthcare market in emerging countries.Q7. What are the key growth strategies of Immuno-Oncology Assay market players?Ans. The key growth strategies of Immuno-Oncology Assay market players are product launch and product approval.Q8. Which region will provide more business opportunities for the Immuno-Oncology Assay market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the Immuno-Oncology Assay market during the forecast period.

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