IMMUNO-ONCOLOGY ASSAYS MARKET ANALYSIS

The global immuno-oncology assays market was valued at US$ 3,718.5 Mn in 2021 and is forecast to reach a value of US$ 7,594.6 Mn by 2028 at a CAGR of 10.7% between 2022 and 2028. The global immuno-oncology assays market is experiencing strong growth due to the increase in burden of cancer across the globe and increase in focus on the development of novel cancer treatments. Moreover, increase in research and development (R&D) activities are expected to boost the growth of the market. However, factors such as dearth of skilled professionals and unfavourable regulatory and reimbursement scenario are expected to hamper the growth of the global immuno-oncology assays market.

Global Immuno-Oncology Assays Market: Regional Insights

Based on geography, the immuno-oncology assays market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period owing to the increase in prevalence/incidence of cancer and rising elderly population in the region, especially in the U.S. By harnessing the immune system, immuno-oncology aims to activate or augment the body's natural response to fight cancer. For instance, according to the American Cancer Society (ACS), in 2022, there will be an estimated 1.9 million new cancer cases diagnosed and 609,360 cancer deaths in the United States.

Asia Pacific is also expected to witness robust growth in the global immuno-oncology assays market due to the subsequent increase in the incidence of cancer and rise in geriatric population in the region. For instance, India’s cancer cases could increase by 12% in the next five years, with 1.5 million people projected to suffer from the non-communicable disease by 2025, up from 1.39 million in 2020, according to the report by the Indian Council of Medical Research (ICMR). This in turn is expected to increase the use of immuno-oncology assays.

Figure 1. Global Immuno-Oncology Assays Market Share (%), by Region, 2021

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Global Immuno-Oncology Assays Market Drivers:

Rise in burden of cancer across the globe is expected to augment growth of the global immuno-oncology assays market over the forecast period. Immuno-oncology (IO) is a class of treatment designed to boost the body's natural immune defense against cancer. According to the World Health Organization (WHO), cancer was a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, or nearly one in six deaths. The most common cancers were breast, lung, prostate, and colon and rectum cancer. This in turn is expected to increase demand for immuno-oncology assays around the world.

Increase in focus on the development of novel cancer treatments is expected to boost growth of the global immuno-oncology assays market over the forecast period. For instance, immuno-oncology is the study and development of treatments that take advantage of the body's immune system to fight cancer. In the pursuit of precise cancer treatment, researchers are developing new techniques, known as immuno-oncology, to fight cancer. Immuno-oncology use the body's natural defences to target and eradicate cancer cells.

Global Immuno-Oncology Assays Market Opportunities:

Increase in research and development (R&D) activities are expected to offer lucrative growth opportunities for players in the global immuno-oncology assays market. For instance, immuno-oncology is one of the most promising areas of research in the world of anti-cancer therapeutics. In August 2019, Agilent Technologies, National University of Singapore (NUS), and National University Hospital (NUH) established Singapore's first integrated translational R&D hub that leverages both biochemical innovation and research data analytics to develop new methods of translating clinical research into clinical diagnostics.

Increasing adoption of immuno-oncology is expected to provide lucrative growth opportunities for players in the global immuno-oncology assays market. For instance, the development of immunotherapeutics has revolutionized the cancer treatment. In March 2019, Hematogenix announced the launch of the companion diagnostic test for the drug TECENTRIQ; U.S. Food and Drug Administration (FDA) approved immunotherapy for PD-L1-positive, unresectable locally advanced or metastatic triple-negative breast cancer (TNBC). TECENTRIQ is the first immunotherapy approved to treat breast cancer.

Global Immuno-Oncology Assays Market Trends:

Preventing cancer is a significant public health challenge around the world, with an increasing burden in almost every country. With the increasing prevalence of cancer, the demand for safe and effective treatment is also increasing rapidly. As a result, players in the market are focusing on developing and launching novel cancer therapeutics, and this trend is expected to continue over the forecast period, driving the growth of the market.

Moreover, the recent trend in the global immuno-oncology assays market is the development of immuno-oncology assays to fight cancer. Immuno-oncology is the study and development of treatments that take advantage of body's immune system to fight cancer. Thus, researchers are developing new techniques, known as immuno-oncology, to fight cancer. This trend is also expected to continue during the forecast period, driving the market growth.

Global Immuno-Oncology Assays Market Restraints:

Dearth of skilled professionals is expected to hinder growth of the global immuno-oncology assays market. For instance, there is a shortage of lab technicians, technologists, and possessing advanced laboratory expertise, a major factor that restrains growth of the market. Currently, Canada is facing a nation-wide shortage of lab technologists. As per the Canadian Society for Medical Laboratory Sciences, around 50% of the lab technologists are over the age of 45 years, and are expected to retire in next ten years.

Unfavourable regulatory and reimbursement scenario is expected to hamper the growth of the global immuno-oncology assays market. For instance, Immunotherapy in oncology (immuno-oncology) represents a promising new treatment category. It should come as no surprise that the rising cost of oncology medicine is a main driver of the challenges surrounding coverage and reimbursement.

Figure 2. Global Immuno-Oncology Assays Market Share (%), by Product, 2021

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Global Immuno-Oncology Assays Market Segmentation:

The global immuno-oncology assays market report is segmented into Product, Technology, Indication, Application, and Region.

Based on Product, the market is segmented into Consumables and Software. Out of which, Consumables Segment is expected to dominate the immuno-oncology assays market over the forecast period and this is attributed to the increase in R&D activities. Immuno-oncology assay uses reagents and consumables during research and development for disease diagnosis in the diagnostic labs and hospitals worldwide.

Based on Technology, the immuno-oncology assays market is segmented into Immunoassay, PCR, NGS, Flow Cytometry, and Others. Out of which, Immunoassay Segment is expected to dominate the market over the forecast period and this is attributed to the increase in incidence of cancer across the globe. Immunoassays are used in drug discovery, in disease diagnosis, and pharmaceutical industries.

PCR (Polymerase Chain Reaction) Segment is also expected to witness significant growth in the near future and this is owing to the rising burden of cancer worldwide. PCR-based assays are often used to detect cancer cells in biopsies of solid tissue, peripheral blood, bone marrow, lymph nodes, and other body fluids.

Based on Indication, the global immuno-oncology assays market is segmented into Colorectal Cancer, Lung Cancer, Melanoma, Bladder Cancer, and Others. Of which, Colorectal Cancer Segment is expected to dominate the market over the forecast period and this is attributed to the increase in burden of colorectal cancer worldwide.

Lung Cancer Segment is also expected to witness significant growth in the near future and this is owing to the increase in burden of lung cancer worldwide.

Based on Application, the market is segmented into Clinical Diagnostics and Research and Development. Out of which, Research and Development Segment is expected to dominate the market over the forecast period and this is attributed to the increase in R&D (research and development) activities. Immuno-oncology assays play an important role in the R&D of drugs and detection of new biomarkers.

Global Immuno-Oncology Assays Market: Key Developments

In November 2019, Illumina planned to launch its first liquid biopsy solution to detect cancer biomarkers, TruSight Oncology 500 ctDNA (TSO 500 ctDNA). This newest addition in cancer profiling assays will diversify their immune-oncology product portfolio.

In October 2019, Agilent Technologies received approval for its PD-L1 IHC 22C3 pharmDx assay for use in China as a companion diagnostic to identify patients with locally advanced or metastatic non- small cell lung cancer. This is expected to further supplement the company’s growth in immunohistochemical-based diagnostics for cancer therapy.

In March 2019, the U.S Food and Drug Administration (USFDA) approved Ventana PD-L1 (SP142) Assay as a companion diagnostic for identifying triple-negative breast cancer patients that have increased PD-L1 expression on tumor-infiltrating immune cells and are more likely to respond to the immunotherapy Tecentriq, cancer immunotherapy drug manufactured by Roche. This will further improve its product portfolio for immune-oncology assays.

Global Immuno-Oncology Assays Market: Key Companies Insights

The global immuno-oncology assays market is highly competitive. This is attributed to the rise in demand for safe and effective cancer treatment, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global immuno-oncology assays market are Charles River, Roche, llumina, and Agilent Technologies, Inc., among others.

*Definition: Immuno-oncology is emerging as a novel approach to cancer treatment through the stimulation of the body's own immune system. It is a formidable weapon against cancer as it has the ability to harness the body's natural defenses against infection. It is one of the most promising areas of research in the world of anti-cancer therapeutics.