Immuno-oncology assays play a crucial role in detection and treatment of various types of cancers. These assays help detect certain markers present in cancer cells thus enabling targeted drug development and precision medicine approach. The growing prevalence of cancer across the world especially in emerging markets of Asia Pacific and Latin America has accelerated the demand for immuno-oncology assays.
The global Immuno-Oncology Assays Market is estimated to be valued at US$ 4556.83 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The emergence of new players especially in Asia Pacific region focusing on development of cost effective immuno-oncology assays is one of the key trend that is expected to drive the market growth over the forecast period. Companies like Genetron from China and Headcheck Life Sciences from India are leveraging indigenous research and development as well as affordable manufacturing to commercialize immuno-oncology assays for cancer patients in emerging markets. This is positively impacting the market penetration in Asia Pacific region which is anticipated to exhibit highest CAGR during the forecast period. Focus on precision medicine and companion diagnostics is also boosting the demand of immuno-oncology assays globally.
Segment Analysis
The global Immuno-Oncology Assays market is dominated by the clinical segment owing to the rise in the number of cancer diagnostic procedures. The clinical segment accounted for over 60% share of the global market in 2023 due to the high demand for immunohistochemistry (IHC) assays for cancer diagnosis and screening. Immunohistochemistry assays are the most commonly used assays for cancer analysis as they help in identifying abnormal cells and tracing cancer progression.
Key Takeaways
The Global Immuno-Oncology Assays Market Size is estimated to be valued at US$ 4556.83 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030.
Regional analysis
The North America region held the largest share of over 35% of the global Immuno-Oncology Assays market in 2023 owing to advanced healthcare infrastructure and favorable government policies for cancer diagnostics in the region. Asia Pacific is expected to witness the fastest growth during the forecast period supported by increasing healthcare expenditure, growing awareness about early cancer diagnosis, and expanding diagnostics industry in emerging countries like India and China.
Key players
Key players operating in the Immuno-Oncology Assays market are AptarGroup, Weener Plastics Group, Bormioli Rocco Pharma, Pacific Packaging Components, PCC Exol, SHL Group, O.Berk Company, Winfield Laboratories, O.Berk, Comar, RPC Group, Alpha Packaging, Pretium Packaging, Silgan Holdings, Origin Pharma Packaging, Vidchem pty ltd, Mold-Rite Plastics, Berry Global, Amcor, Gerresheimer. These players are focusing on new product launches and expansions to increase their market share. For instance, in 2022, Bormioli Rocco Pharma expanded its production capacity in Italy and China to cater to increasing demand for glass vials and bottles from pharmaceutical companies.
Explore more information on this topic, Please visit-
