Immuno-Oncology Assays Market to surpass USD 14.1 billion by 2031 | Thermo Fisher Scientific, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland)

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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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.

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.

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Global Immuno-Oncology Assay Market

By Product & Services

Consumables
Instruments
Software & Services

By Technology

PCR
Immunoassay
NGS
ISH
Flow Cytometry

By Indication

Lung Cancer
Breast Cancer
Colorectal Cancer
Bladder Cancer
Melanoma
Other

By Application

Research Application
Clinical Diagnostics

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This release was published on openPR.