One of the most important advances in cancer treatments is a field known as immuno-oncology, which uses body's own immune system to detect and destroy cancer cells. It is emerging as a novel approach to cancer treatment. It has the ability to harness body's natural defenses against cancer. By harnessing the immune system, immuno-oncology aims to activate or augment the body's natural response to fight cancer. In short, immuno-oncology is a study and development of treatments that take advantage of the body's immune system to fight cancer.
Market Statistics:
The Global Immuno-Oncology Assays Market is estimated to account for US$ 4,115.7 Mn in terms of value by the end of 2022.
Drivers:
Rising incidence of cancer worldwide is expected to propel the growth of the global immuno-oncology assays market over the forecast period. For instance, In March 2019, NeoGenomics, Inc. announced availability of the Ventana PD-L1 (SP142) Assay for tumor tissue from patients with the triple negative subtype of breast cancer. This PD-L1 assay is a companion diagnostic test recently approved by FDA to identify advanced, metastatic triple negative breast carcinoma cancer patients who may respond to the immune checkpoint inhibitor therapy TECENTRIQ (atezolizumab) used in combination with chemotherapy.
Opportunities:
Growing significance of immuno-oncology across the globe is expected to provide significant growth opportunities for players in the global immuno-oncology assays market. For instance, in November 2021, Oncocyte Corporation announced the clinical launch of its DetermaIO test. DetermaIO is a proprietary gene expression test that assesses tumor immune microenvironment (TIME) to predict response to immunotherapy. In several clinical studies evaluating hundreds of people with a variety of tumor types, such as breast, lung, kidney, and bladder cancer, the test has demonstrated its ability to predict response to immune checkpoint inhibitors (ICIs).
Restraints:
Unfavourable regulatory & reimbursement scenario and lack of skilled professionals are major factors expected to hamper growth of the global immuno-oncology assays market. For instance, currently, Canada is facing a nation-wide shortage of laboratory technologists. According to 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.
Immuno-Oncology Assays Market - Impact of Coronavirus (Covid-19) Pandemic
Outbreak of COVID-19 (global pandemic) has had a severe impact on the growth of the global immuno-oncology assays market. The pandemic also had a profound impact on the number of people undergoing cancer screening, diagnosis, and treatment. Some people with cancer have a weak immune system which reduces their ability to fight COVID-19. Some individuals with cancer have a higher risk of getting COVID-19 and other infections. In short, the pandemic had a negative impact on the growth of the market.
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Key Takeaways:
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 2021 and 2028.
Among product segment Consumables held dominant position in the global immuno-oncology assays market in 2021, accounting for 76.9% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
The recent trend in the global immuno-oncology assays market is the development of safe and effective treatments to fight cancer. With the rising burden in almost every country, preventing cancer is a significant public health challenge across the globe. Thus, with the rise in prevalence of cancer, the demand for safe and effective treatment is also increasing rapidly. As a result, market players are focusing on launching novel cancer therapeutics, and this trend is expected to continue over the forecast period, driving the growth of the market.
Competitive Landscape:
Major players operating in the global immuno-oncology assays market include Charles River, Roche, llumina, and Agilent Technologies, Inc., among others.
Recent Developments:
In October 2019, Illumina and Qiagen teamed up to deliver Sequencing-Based IVD (In-Vitro Diagnostic) Tests. This partnership provides opportunities for Illumina to strengthen Illumina’s product offerings in immuno-oncology assays, including TruSight Oncology (TSO) assays that enable comprehensive genomic profiling of tumor samples in immunotherapy.
In August 2019, Roche launched VENTANA PD-L1 (SP142) in CE (Conformité Européenne) markets as a companion diagnostic to identify triple-negative breast cancer patients where the Roche cancer immunotherapy medicine Tecentriq is approved.
In August 2019, Agilent Technologies, Inc. announced that it will acquire BioTek Instruments, Inc. The acquisition adds to Agilent's portfolio in the cell analysis space as well as will benefit with development of immuno-oncology diagnostic kits.
