The Global Immuno Oncology Assays Market Size was valued at USD 3.8 Bn in 2020 and expected to reach USD 7.7Bn by 2027, with a growing CAGR of 12.5% during the forecast period.
Immuno oncology assays are used for diagnosis and detection of various cancerous diseases. The samples used for the detection are DNA/RNA, blood, tumor, and cells. The proteins circulating in the blood, cells in the blood, and circulating free DNA are detected by different assays. The increasing clinical trails in immunotherapies, usage of targeted therapy, and increasing demand for personalized medicine are the driving factors of the Immuno Oncology Assays market Growth.
The development of new novel therapies and the ongoing innovative and research in the field on oncology intend to accelerate the market. Nevertheless, the increasing prevalence of various cancer cases promote the growth of the market. The high adoption rate of targeted therapy is one of the prominent driving factors for the market.
Many key players are on the verge of product launches and various acquisitions leading to promote the market value of Immuno oncology assay. For instance, on August 5, 2021, HTG Molecular Diagnostics, Inc. announced the launch of HTG Transcriptome Panel in the U.S. and Europe. This launch featured a panel to measure 20,000 mRNA targets with the HTG EdgeSeq technology. The awareness for healthy lifestyle, increasing drug costs, increase in awareness regarding various cancers, drives the growth of market. Moreover, growing alertness regarding healthy and disease free, increase in organized retail marketing, rise in diseased population are considerably the major factors that boost the growth of Immuno Oncology Assays Industry.
Immuno Oncology Assays Market Segmentation:
By Product & Service
Based on product & service, consumables segment accounted the largest market share in 2020
Based on product & service, consumables segment has gained tremendous market share in 2020 and predicted to gain more during the forecast period. This is due to increase testing and usage of consumables for the frequent diagnosis and detection. The highly sensitive molecular techniques and the kits requires for the testing also propel the segment in the market. Product launches by key players also propel the segment in the market. For instance, on June 28, 2018, Thermo Fisher Scientific, announced the launch of Oncomine TCR Beta-SR Assay for immuno-oncology research to analyze T-cell clonality in the tumor microenvironment.
Based on application, PCR segment accounted for largest market shares in 2020
Based on application, PCR segment held the maximum share in 2020. The dominance is due to demand of easy, early, and accurate detection testing of various cancerous diseases. Late detection can be life threatening and so techniques like PCR and others are preferred for utmost clarity in the diagnosis.
Based on indication, lung cancer segment is the largest market shares in 2020
Based on indication, lung cancer segment held maximum market shares in 2020. This is due to the high number of lung cancers across the world. According to Cancer Prevention and Control, Centers for Disease Control and Prevention, about 218,520 new lung cancers were diagnosed in the year 2018 and about 142,080 people died from lung cancer in the same year.
Based on end-user, research laboratories segment accounted for largest market share.
Based on end-user, research laboratories segment was the largest market share in 2020 and expected to continue the dominance. The emergence of Immunotherapy and the increasing continuous research account for the growth in the market. Other factors driving the global market includes an increase in manufacturing units, research and development by the key players and the launches. Moreover, changing lifestyle and standards, adoption of immunotherapies has led to the growth of the market.
Based on geographical region, North America dominated the Immuno oncology assays market in 2020.
Based on region, North America dominated the market in 2020. This region has eventually promoted the use and demand for immuno oncology assays and technologies to detect the various cancer. The extensive research and development conducted in cancer diagnostics and the clinical trails of immunotherapy for cancer promote the growth of the market in the region. Highly established infrastructures and machineries enhance the research and development.
Further, increase in research and development centres, rising government spending on healthcare, growing disposable income in this region surge the demand for market. The high birth rate creates opportunity for key players for development of more high-quality products further enhancing the growth of market in this region. Asia pacific is accounted to hold a significant share in the market. The population and the high cancer prevalence in the region is expected to accelerate the market in the region. There are many cancer awareness programs arranged. For Instance, National Breast Cancer Foundation, Inc., announced October month as the breast cancer awareness month.
Company Profiles and Competitive Intelligence
The key players operating in the market are:
The report also provides in-depth analysis of Immuno oncology assays market dynamics such as drivers, restraints, opportunities and challenges.
COVID-19 Impact on the Immuno Oncology Assays Market Analysis
The Covid-19 outbreak has experienced a negative impact on the industry as it has highly affected the industries in terms of growth, economy, health, and mental wellbeing of every individual. During covid-19 pandemic, the visit to doctors and speciality clinics were restricted, which hamper the demand of immuno oncology assays. This blocked the opportunity for the retailers and manufactures to increase their sale of Immuno oncology assays during the pandemic time. There was a disruption in manufacturing, supply chain facilities, and consumer spending due to financial crisis.
The report also provides in-depth analysis of key trends in immuno oncology assays market
The report also provides in-depth analysis of recent news developments and investments
The unique insights provided by Immuno Oncology Assays Market report also includes the following:
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