Immuno Oncology Assays Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Immuno Oncology Assays Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Immuno Oncology Assays market studied was projected to grow with a CAGR of nearly 12.3% over the forecast period. The major factor attributing to the growth of the market is the increase in the incidence of cancer. According to the World Health Organization, the global cancer burden is expected to have risen to 18.1 million new cases and 9.6 million deaths in 2018. One in 5 men and one in 6 women worldwide developed cancer during their lifetime, and one in 8 men and one in 11 women die from the disease. Furthermore, increasing adoption of targeted therapy is boosting the market growth. Immuno oncology assays are used to measure the concentration of the therapeutic antibody, anti-drug antibodies and soluble protein biomarkers. As the popularity of targeted therapy increases the market growth of the assays increase. However, stringent and unfavorable refund policies is the major drawback of market growth.

Key Market TrendsReagents and Antibodies Segment is Dominating the Immuno Oncology Assays Market.

Reagents and antibodies segment has the maximum share in the market due to factors like increasing demand for the products. The demand is directly proportional to the increasing incidence of several types of cancer globally. As previously stated the global burden of cancer has risen to 18.1 million new cases in the year 2018 as reported by the World Health Organization. The increasing cancer load is due to numerous factors, including population growth and aging as well as the changing frequency of certain causes of cancer linked to social and economic development. Cancers of the lung and female breast are the top categories worldwide in terms of the number of new cases, for each of these types, approximately 2.1 million diagnoses are estimated in 2018, contributing about 11.6% of the total cancer incidence burden. As the cancer diagnosis is increasing the need for the reagent and antibodies increases, thus propelling the segment growth.

North America Dominates the Market and Expected to do Same in the Forecast Period

North America is expected to dominate the overall market, 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, established healthcare infrastructure are some of the key factors accountable for its large share in the market. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to increase the market growth. In this region the United States has the maximum share due to supportive healthcare policies, the high number of patients, and a developed healthcare market. According to the National Institutes of Health (NIH), in 2018, an estimated 1,735,350 new cases of cancer will be detected in the United States and 609,640 people will die from the disease. The statistics prove that the prevalence of cancer is high in the country and this boosts the market growth.

Competitive Landscape

The Immuno Oncology Assays market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are Agilent Technologies, Inc, Thermo Fisher Scientific, Cisbio, Illumina, Inc., PerkinElmer, Inc., Crown Bioscience Inc., InSphero., Merck & Company, Inc., F. Hoffmann-La Roche Ltd., HTG Molecular Diagnostics, Inc.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Agilent Technologies, Inc
Thermo Fisher Scientific
Illumina, Inc.
PerkinElmer, Inc.
Crown Bioscience Inc.
InSphero.
Merck & Company, Inc.
F. Hoffmann
La Roche Ltd.
HTG Molecular Diagnostics, Inc.

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