Immuno Oncology Assays Market Size (2024 - 2029)

Immuno Oncology Assays Market Analysis

The Immuno Oncology Assays Market is expected to register a CAGR of 12.3% over the forecast period.

Cancer patients have faced significant complications due to the 2019 coronavirus disease (COVID-19). The COVID-19 pandemic's breakout has severely impacted the global healthcare supply chain. Also, the Centers for Disease Control and Prevention (CDC) and many medical professional organizations recommended that cancer screening and other health prevention services, along with elective surgeries, be postponed. The only exception is if the risks have outweighed the benefits and secure the hospital infrastructure to treat COVID-19 patients. Thus, the COVID-19 pandemic has impacted the market. However, the situation has improved over the post-pandemic era gradually.

Immuno-oncology studies and develops treatments that utilize the body's immune system to fight cancer. The primary factor contributing to the market's growth is the increase in cancer incidence. According to the ECIS, the European cancer burden is expected to reach 3.36 million new cases by 2040, compared to 2.94 million patients in 2025. Furthermore, the increasing adoption of targeted therapy is boosting market growth. Immuno-oncology assays measure the concentration of the therapeutic antibody, anti-drug antibodies, and soluble protein biomarkers. As targeted therapy popularity increases, the assays' market growth increases.

Additionally, some primary factors driving the regional market are high expenditure on R&D by government organizations and pharmaceutical companies for disorders and diseases, such as chronic ailments like cancers. For instance, as per PhRMA, the biopharmaceutical industry invested an estimated USD 102,288 million in research and development (R&D) in 2021. Thus the significant funding for R&D helps the market to grow through new developments in immune-oncology assays.

Moreover, the new developments and advancements in assay methods and products, along with the approvals and launches, help the market to grow. For instance, in April 2022, Agilent Technologies Inc. received a CE-IVD marking in the European Union for its PD-L1 IHC 28-8 pharmDx immunohistochemical assay. It tests patients diagnosed with muscle-invasive urothelial carcinoma (MIUC) and tumor cell PD-L1 expression 1% for adjuvant treatment with OPDIVO (nivolumab). Similarly, in October 2021, the same company, Agilent, received CE-IVD mark approval for the PD-L1 IHC 28-8 pharmDx to guide options for the first-line treatment of adult patients with HER2-negative advanced or metastatic gastric, gastroesophageal junction, or esophageal cancers. Hence, with the new approvals and launches, the increase in cancer incidence and R&D expenditure is expected to drive the market over the forecast period.

However, stringent and unfavorable refund policies are hindering market growth factors.

Immuno Oncology Assays Industry Segmentation

As per the scope of the report, Immuno oncology assays is a next-generation sequencing application that delivers real-time automated measurements of immune and tumor cell dynamics. With the help of this assay, people can analyze biological processes driving the immune response against cancer. It helps continuously examine and analyze key events from proliferation and activation to migration and immune cell killing without disturbing the existing body cells. The Immuno Oncology Assays Market is segmented by product (reagents and antibodies, instruments, software and consumables, and accessories), technology (immunoassay, PCR, NGS, Flow Cytometry, and other technologies), indication (lung cancer, colorectal cancer, Melanoma, and other cancers) and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value in (USD million) for the above segments.