Immuno-Oncology Assays Market Future Business Opportunities 2023-2030 | Charles River, Roche, llumina, and Agilent Technologies, Inc.

Market Overview:

Immuno-oncology assays are laboratory tests that help determine if a cancer patient may benefit from immuno-oncology therapies like immune checkpoint inhibitors. These assays detect specific biomarkers in a patient's tumor tissue or blood that help predict response to immunotherapies.

Market Dynamics:

The immuno-oncology assays market is expected to witness significant growth over the forecast period owing to the increased adoption of companion diagnostics along with immuno-oncology therapeutics. Companion diagnostics help identify patients who are likely to benefit from specific therapies and avoid treating those who will not respond. This improves clinical outcomes and lowers healthcare costs. Additionally, the increasing demand for personalized medicine is also expected to boost the demand for biomarker testing and driving the market growth.

The report does not include any conclusions as this forms part of a larger chapter on the immuno-oncology assays market. It covers the specified market dynamics in 150 words by discussing two drivers of market growth - increased adoption of companion diagnostics and demand for personalized medicine.

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Major companies in Immuno-Oncology Assays Market are:

✤ Charles River
✤ Roche
✤ llumina
✤ Agilent Technologies Inc.

Note: Major Players are sorted in no particular order.

Major Driver 1 for Immuno-Oncology Assays Market: Increasing R&D investment in Cancer Immunotherapy Drugs

Cancer immunotherapy is one of the fastest growing areas of drug research in pharma industry. According to PhRMA, the US biopharma industry invested more than USD 79.6 billion in R&D in 2018 alone. Additionally, various national cancer institutes across the world are also investing heavily in immunotherapy research. For example, NCI's budget for cancer immunotherapy research was USD 1.76 billion in 2019. This high level of investment is driving pharmaceutical companies to develop novel immuno-oncology drugs which is expected to increase the demand for associated immunoassays for drug development and patient selection purposes.

Major Driver 2 for Immuno-Oncology Assays Market: Introduction of Companion Diagnostics Tests for Immuno-Oncology Drugs

FDA approvals of several immuno-oncology drugs such as pembrolizumab, nivolumab etc have further accelerated the demand for companion diagnostics. These companion diagnostic immunoassays help identify patients most likely to respond to specific immunotherapy drugs. For example, PD-L1 IHC companion diagnostic tests are mandatory for prescribing pembrolizumab and atezolizumab. Introduction of such companion diagnostics is expected to increase the adoption rate of immuno-oncology assays in coming years. Additionally, pharmaceutical companies are also developing novel predictive biomarkers to expand the therapeutic applications of existing drugs thus supplementing the market growth.

Major Restrain for Immuno-Oncology Assays Market: High Cost Associated with Assays and Therapies

While immuno-oncology therapies have shown promising results, the high cost associated with them is a major concern restricting their widespread adoption globally. According to a scientific review, average cost of cancer immunotherapy per patient per year ranges between USD 100,000 to USD 250,000 which varies greatly depending on the type of drug used. Similarly, companion diagnostic immunoassays are also priced at a premium. For example, PD-L1 immunohistochemistry companion diagnostic tests can cost up to USD 3000 which is adding to the overall cancer treatment cost burden. High cost of both therapies and diagnostic tests is a major barrier, especially in developing countries with limited healthcare budgets.

Major Opportunity for Immuno-Oncology Assays Market: Increase in Global Cancer Incidence Rates

According to WHO, global cancer burden is rising rapidly with an estimated 18.1 million new cancer cases and 9.6 million cancer deaths in 2018. Further, it is projected that global cancer cases will rise to 29.5 million new cases by 2040. This rising global cancer epidemic is indirectly opening new opportunities for immuno-oncology market. As immunotherapy gains wider acceptance as a standard cancer treatment, the demand for companion diagnostics and related immunoassays is expected to grow tremendously to cater to this increasing patient pool. Market players can capitalize on this opportunity by developing affordable and accurate immunoassays that can enhance early cancer detection and disease monitoring capabilities worldwide.

Major Trend for Immuno-Oncology Assays Market: Transition towards Personalized Cancer Treatment

Modern cancer treatment is moving rapidly towards a more personalized paradigm based on individual tumor genetics and biomarkers. This trend emphasizes on molecular profiling of tumors to understand pathogenesis at molecular level and accordingly design targeted and immune therapies. Such an approach relies heavily on wide portfolio of robust predictive, prognostic and pharmacodynamic biomarkers assays for patient selection, disease monitoring and treatment response evaluation. Immuno-oncology market players are thus expanding their product offerings to include panels of multiplexed biomarker assays and services to enable personalized cancer care. Development of bioinformatics solutions and real world evidence databases supporting treatment decision making also supplements this transition towards precision oncology.

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Highlights of the global Immuno-Oncology Assays Market report:

→ This analysis provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2023-2030), using 2021 as the base year. It also covers the global Immuno-Oncology Assays Market in-depth.

→ It offers enticing investment proposition matrices for this sector and explains the likely future growth of key revenue streams.

→ Additionally, this study offers crucial insights into market forces, limitations, opportunities, new product introductions or approvals, market trends, regional perspective, and competitive tactics used by top rivals.

→ Based on the following factors: company highlights, product portfolio, significant highlights, financial performance, and strategies, it covers key players in the global Immuno-Oncology Assays Market.

→ Marketers and company leaders will be able to make wise decisions about next product launches, type updates, market expansion, and marketing strategies thanks to the insights from this research.

→ A wide spectrum of industry stakeholders are covered by the global Immuno-Oncology Assays Market research, including investors, vendors, product producers, distributors, new entrants, and financial analysts.

→ The many strategy matrices used in researching the global Immuno-Oncology Assays Market will aid stakeholders in making decisions.

The research was developed through the synthesis, analysis, and interpretation of data gathered from multiple sources on the parent market. Additionally, analysis has been done of the economic circumstances and other economic indicators and factors to evaluate their respective impact on the Immuno-Oncology Assays Market, along with the present impact, so as to develop strategic and informed projections about the scenarios in the market. This is mostly due to the developing countries' unmet potential in terms of product pricing and revenue collection.

Key Questions Answered In The Report:

• Which regional market will experience the greatest and most rapid growth?

• Who are the top five Immuno-Oncology Assays Market players?

• How will the Immuno-Oncology Assays Market evolve over the next six years?

• What application and product will dominate the Immuno-Oncology Assays Market?

• What are the market drivers and constraints for Immuno-Oncology Assays Market?

• What will be the Immuno-Oncology Assays Market's CAGR and size during the forecast period?

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