Immuno-Oncology Assays Market is Going to Boom Report 2031| Thermo Fisher Scientific, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Agilent Technologies, Inc. (US), Illumina, Inc.

Global Immuno-Oncology Assay Market report from Global Insight Services is the single authoritative source of intelligence on Immuno-Oncology Assay Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters' and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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.

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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.

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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.

Major Players in the Global Immuno-Oncology Assay Market

The key players studied in the market are Thermo Fisher Scientific, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Agilent Technologies, Inc. (US), Illumina, Inc. (US), NanoString Technologies, Inc. (US), Sartorius AG (Germany), HTG Molecular Diagnostics, Inc. (US), QIAGEN N.V. (Netherlands), Merck Millipore (US), PerkinElmer, Inc. (US), Abbott Laboratories, Inc. (US), Guardant Health, Inc. (US), and bioMérieux SA (France) among others.

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.

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