Immuno oncology assays market is forecasted to grow at high rate due to increasing number of drug approvals and high prevalence of chronic diseases.The Global Immuno Oncology Assays Market size was valued at USD 3.8 Bn in 2020 and expected to reach USD 7.7 Bn by 2027, with a growing CAGR of 12.5% during the forecast period
Immunotherapy is a treatment therapy used to battle off diseased conditions like cancer by boosting or stimulating the immune system of the patient himself or imparting the man-made immune system proteins to kill the cancer cells. The increase in the number of various cancers diseases and the conditions caused by it, anticipates the growth of market size. Awareness of various cancerous diseases is expected to help the growth of the immuno oncology assays market.
Moreover, the increase in the prevalence of cancer and its treatments is expected to attract customers and enhance the growth of the market during the forecast period. According to the American Cancer Society, cancer is a leading reason for death and a barrier to induce life expectancy in the population of the world. It is also estimated that 19.3 million new cases are observed in the population around the world. Immuno oncology assays are used in therapy to develop and promote patient health during diseased conditions.
The global immuno oncology assays market is broadly segmented into product & service, technology, indication, end-user, and region. Product & service is segregated into consumables, instruments, and software & services. Based on product & service, the consumables segment has gained growth in immuno oncology assays market share in 2020 and expected to gain more during the forecast period. This is due to the increasing rate of diagnosis and detection of various cancer conditions and its analytical interpretation to start the early treatment within the population. This tends to support the growth of the immuno oncology assays industry in this segment.
Technology is further bifurcated into immunoassay, PCR, NGS, ISH, and flow cytometry. Based on application, the PCR segment held the market share in 2020 and this is due to high adoption of assay owing to its ultra-sensitivity and presence of multiple brands in the market.
The indication segment in the Immuno oncology assays market is divided into colorectal cancer, breast cancer, lung cancer, bladder cancer, melanoma, and others. Based on indications, the lung cancer segment held the maximum market share in 2020 and expected to gain more during the forecast period. According to WHO-World Health Organization, lung cancer is the most common type of cancer leading to death. An estimate of about 1.80 million deaths have been encountered, thus the segment leading to the growth of the immuno oncology assays industry.
The end-user segment in the immuno oncology assays market is segregated into research laboratories, clinical diagnostic laboratories, and others. Based on end-users, the research laboratories segment accounted the largest share in 2020 and expected to gain more during the forecast period. Moreover, increasing demand for the sensitive and innovative diagnostics and the increasing continuous research in laboratories account for growing innovation and drug development.
Global Immuno Oncology Assays Market by Region Outlook (Revenue, USD Million, 2021-2027)
Based on region, North America dominated the immuno oncology assays market in 2020 and is expected to maintain the same dominance throughout the forecast period. This is due to the increasing incidence of various cancers and cancers related disorders in the population and changing lifestyle that drives the growth of the immuno oncology assays market in this region. Moreover, an increase in awareness campaigns, government initiatives for improving and lessening cancer incidence, and local presence of major market players propel the growth of the immuno oncology assays market in this region.
The Global Immuno Oncology Assays Market Segmentation:
Global Immuno Oncology Assays Market by Product & Service Outlook (Revenue, USD Million, 2021-2027)
Global Immuno Oncology Assays Market by Technology Outlook (Revenue, USD Million, 2021-2027)
Global Immuno Oncology Assays Market by Indication Outlook (Revenue, USD Million, 2021-2027)
Global Immuno Oncology Assays Market by End-user Outlook (Revenue, USD Million, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the immuno oncology assays market are: