The Immuno oncology assays market is predicted to reach the amount of USD xx billion before 2028, up from the USD xx billion as of 2021 at an annual rate of xx percent. The market expansion is driven by increasing demands for personalized medical treatments, the rising rate of cancer and rising use of targeted therapy, and the increasing significance of tests for companion diagnostics during drug development.
COVID-19’s impact upon Global Immuno oncology Assays Market Size
Cancer patients have been identified as among the most affected populations of patients affected by this pandemic. COVID-19 has had a significant effect on the amount of people receiving tests for the presence of cancer as well as their diagnosis and treatment. The increasing pressure resulting from the increasing number of hospitalizations of COVID-19 patients has resulted in the re-profiling of many departments and hospitals that included oncology clinics to care for patients with COVID-19. As a result, a number of treatments and diagnostic procedures were postponed or cancelled across the globe, including up to 2.3 million surgeries for cancer, as per one study. The delay in diagnosis and treatment for cancer patients due to restrictions imposed by lockdowns is likely to increase the mortality rate of cancer. In the UK In the coming five years the number of deaths due to cancers of the breast and colorectal will increase by 15 percent and 9percent in each case. However, an increase in the number of tests is expected as countries slowly ease restrictions on mobility.
A number of patients with COVID-19 had malignancies. Research on this subject is also being conducted to better understand the causes of the infection more thoroughly, which is expected to boost the research in the cancer field to the next level. The increase in research needs on COVID-19 as well as oncology has opened up the need for numerous testing products, including panels and assays, and profiling products. This will also increase the need for Immuno oncology assays and instruments.
Immuno Oncology Assays Market Dynamics
Driver: Growing rate of cancer and increasing acceptance of targeted treatments
Cancer is a complicated disease that arises from the multi-stage carcinogenesis process that involves numerous molecular pathway interactions. Therefore, there are many obstacles involved in the diagnosis of cancer and treatment. Prognosis, diagnosis, and treatment. This is because of the complexity of cancer it is impossible to pinpoint a single cancer marker that will not be helpful. In addition, when it comes to its molecular profile, every cancer is distinct from other types of cancer. This is why making use of immune oncology test kits has been crucial in understanding cancer-specific signatures and the development of personalized treatments.
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The incidence of cancer has risen dramatically in recent years. Cancer, which has now become the most common cause of death worldwide has been responsible for 9.6 million deaths in 2018. According to GLOBOCAN The number of cancer-related deaths will grow to 30 million as of 2040, up from 18 million in 2018. The majority of all new cancer cases are found on the continents of Africa, Asia, and Central and South America; 70% of deaths due to cancer in the world are found in the regions. Therefore, the rise in the prevalence and incidence of cancer has led to the need for thorough research to determine the cause and treatment. Immuno oncology assays market constitute a major element of that research.
Opportunities: Emerging markets provide lucrative opportunities
Emerging economies like China, India, South Korea, Brazil, and Mexico are a great source of growth for market leaders. This is due to their lower regulatory hurdles and improvements to healthcare infrastructure, a growing population, and increasing health care expenditure. The policies of regulation in the Asia Pacific are more adaptive and more business-friendly than those of developed nations. This, coupled with growing competition in the traditional markets, has led important players in the immunooncology market to concentrate on emerging markets.
Restraint: The requirement of large capital investment and a low cost-benefit ratio
Large capital expenditures are necessary to develop, discover and testing of biomarkers. Furthermore due to the significant number of drugs that fail during clinical trials (with nearly 30 percent of the drugs failing Phase III trials) Diagnostic companies are facing substantial financial risks. To get the approval needed for In Vitro Diagnostics (IVD) with regulators they must conduct successful Clinical trials in Phase III that are based on validated biomarker tests. Large investments are needed to conduct clinical trials and meet the stringent requirements of regulatory agencies that not only impact the capacity of small businesses to develop biomarkers , but additionally impact the pace of innovation. Therefore, in addition to the large amount of capital expenditures and the poor cost-to-benefit ratio has hampered the expansion of the Immuno oncology assays market for the detection of biomarkers.
“In 2020, the consumables sector was the most significant portion of the market for Immuno oncology assays market in terms of product and service”
Based on the type of product and service market segments, the market for Immuno oncology assays market is classified into consumables instruments, as well as software and services. Consumables accounted for the biggest share of the market for Immuno oncology assays market in the year 2020. Consumables that are needed in huge quantities opposed with instruments has been the major factor that drives the development of this segment.
By 2020 PCR segment was responsible for the biggest share of the market, according to technology
The market for Immuno oncology assays market is divided into PCR, immunoassay NGS and flow cytometry and ISH that are based on the technology. In the year 2020 the PCR segment was the one with the highest percentage. The rising usage of PCR for the identification of biomarkers in Immuno oncology assays as well as discovery studies is driving expansion of this sector.
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In the year 2020, the research segment was the most significant part of the market according to application
The market for Immuno oncology assays is classified into clinical and research diagnostics according to their application. In the year 2020 the research applications market was the biggest share of the market for Immuno oncology assays. The increasing importance of biomarkers-based research and development of drugs is fueling expansion of this market.
North America is the largest market for Immuno oncology assays diagnostics in the world.
The market for Immuno oncology assays is classified in North America, Europe, the Asia Pacific, Latin America along with Latin America, and the Middle East & Africa. In the year 2020 North America accounted for the most of the market for Immuno oncology assays. This North American Immuno oncology assays market expansion can be attributed to the rising demands for customized medicine the increasing the use of advanced omics technologies for the discovery of biomarkers, as well as rising government support for creation and advancement of biomarkers.
A few important participants in the Immuno oncology assays market (2021-2028)
Thermo Fisher Scientific, Inc. (US)
F. Hoffmann-La Roche Ltd. (Switzerland)
Agilent Technologies, Inc. (US)
Illumina, Inc. (US)
Merck Millipore (US)
- On July 21, 2020, HTG Molecular Diagnostics, Inc. (the US) introduced the HTG EdgeSeq Panel B-Cell Lymphoma.
- In August of this year, Agilent Technologies, Inc. (US) together and The National University of Singapore (NUS) and the National University Hospital (NUH) founded the first Singapore-based integrated translational research and development hub that leverages biochemical innovations and data analytics for research to create new ways to translate clinical research into diagnostics for patients.
- In May of 2018, Invivoscribe, Inc. (US) has partnered in partnership with the American University of Beirut Medical Center (Lebanon) to create an innovative center of excellence within the Middle East. The facility offers to test for all hematologic illnesses that include lymphoma and leukemia.