Market Trends of Immuno Oncology Assays Industry
This section covers the major market trends shaping the Immuno Oncology Assays Market according to our research experts:
Immunoassay Segment is Expected to Have Significant Share in the Market Over the Forecast Period
Immunoassay is a test that relies on biochemistry to measure the presence and concentration of large proteins and antibodies produced by a person due to cancer. The immunoassay segment will hold a significant market share during the forecast period due to its advantages and easy usage. The factors driving the segment's growth include the rising burden of cancers and new product approvals and launches by the major players.
According to the LCRF, Lung Cancer Facts 2022, an estimated 236,740 people in the US will be diagnosed with lung cancer by the end of 2022. It also states that 1 in 16 people is expected to be diagnosed with lung cancer in their lifetime. Thus, the significant burden of cancer cases during the study period will positively impact the market as immunoassays will correctly identify cancer for better management.
Furthermore, new product approvals and launches help the market to grow. For instance, in June 2022, Nonagen Bioscience, a cancer diagnostics company, received CE marking for its Oncuria immunoassay for bladder cancer. Oncuria is the multiplex urine test for the quantitative detection of 10 biomarkers in urine that are associated with the presence of bladder cancer. Thus, the studied segment will witness significant growth over the forecast period due to the abovementioned factors.
North America is Expected to Have a Significant Share in the Market Over the Forecast Period
North America will witness healthy growth throughout the forecast period. The market growth is due to factors such as the presence of key players, the high prevalence of cancer in the region, and established healthcare infrastructure are some of the critical factors accountable for its significant share in the market. Furthermore, beneficial government initiatives and increased research partnerships are some drivers expected to increase market growth.
According to the report published by NIH, Cancer Stat Facts, 2022, the estimated number of new cancer cases in the US is expected to be 1,918,030 by the end of 2022. Similarly, as per the report published by Health Canada, in June 2022, an estimated 233,900 people in Canada were diagnosed with cancer, and 85,100 cancer-related deaths occurred. It also stated that the number of cancer diagnoses and deaths continues to climb because of population growth and aging. The statistics prove that the prevalence of cancer is high in the country, and this boosts the market growth.
Furthermore, new product developments help the market to grow. For instance, in October 2021, Agilent Technologies Inc. received approval for its Ki-67 IHC MIB-1 pharmDx (Dako Omnis) from the FDA. It aids in identifying patients with early breast cancer (EBC) at high risk of disease recurrence. It will be perfect for patients considered for adjuvant treatment with Verzenio (abemaciclib) in combination with endocrine therapy. Thus the new immune-oncology assay techniques in the market increase the scope of the usage, which helps the need to drive over the market's growth in North America during the forecast period.
