Press Release

Global Immuno-Oncology Assay Market Expected to Grow as Cancer Cases Increasing Globally

The market size of Global Immuno-Oncology Assay is projected to grow at a CAGR of 12.5% in the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The remarkable growth witnessed in the Global Immuno-Oncology Assay Market can be attributed to the escalating global cancer incidences. Across the world, there has been a substantial increase in cancer cases, with particularly noteworthy rises documented in countries like the United States and India among others. These findings are well-documented by reputable healthcare organizations such as the World Health Organization, the International Agency for Research on Cancer, and the Global Cancer Observatory.

This surge in cancer cases has underscored the critical need for effective cancer management. Consequently, countries, notably the United States and India, have taken proactive measures to combat cancer, leading to heightened awareness among the populace. This heightened awareness has generated a significant demand for immuno-oncology assays worldwide, meeting the urgent need for early-stage detection and diagnosis.

Moreover, pharmaceutical giants such as Novartis and Merck are at the forefront of pioneering innovative Immuno-Oncology Assays, which encompass liquid biopsies and immune profiling assays. These cutting-edge technologies play a pivotal role in early cancer detection, predicting treatment responses, and ultimately elevating patient outcomes. As a result, with the substantial increase in research and development investments and the acquisition of regulatory approvals, these companies are actively fostering the expansion of the Global Immuno-Oncology Assay Market. Furthermore, their investments are geared toward refining both cancer detection and treatment results. Their relentless dedication to ongoing research and clinical trials is propelling the advancement of innovative Immuno-Oncology Assays. Consequently, this forward-looking approach is poised to strengthen the commitment of healthcare professionals to cancer care, providing substantial support for market growth in the forthcoming years, further states the research report, “Global Immuno-Oncology Assay Market Analysis, 2023”.

Reagents and Antibodies Dominating the Global Immuno-Oncology Assay Market

Based on the Product & Service type, the market is divided into Reagents and Antibodies, Instruments, Software, Consumables and accessories, and Testing Kits. Reagents and antibodies have been the dominant segment in the Global Immuno-Oncology Assay Market in recent years, due to a crucial role in cancer diagnosis and monitoring. They are essential components in diagnostic assays and immuno-oncology therapies, influencing product development, fostering innovation, and shaping market competitiveness.

Moreover, the ongoing development of novel antibodies and reagents aimed at enhancing the accuracy and efficacy of immunoassays has a direct and substantial impact on the market's growth and progress in the field of cancer diagnosis and treatment. As a result, these products empower healthcare professionals to detect and monitor immune system interactions in cancer patients. Consequently, the ongoing development of new diagnostic assays will necessitate specific reagents and antibodies, further contributing to the growth of this segment in the years to come.

North America Leading the Global Immuno-Oncology Assay Market

North America's preeminent position in the global Immuno-Oncology Assay Market is the result of a complex interplay of factors. The region boasts an extensive healthcare infrastructure and cutting-edge research and development facilities, which have propelled it to the forefront of this field. The United States, in particular, has emerged as a central hub for pharmaceutical and biotechnology companies dedicated to advancing oncology Assay.

Additionally, the region's regulatory framework, overseen by the U.S. Food and Drug Administration (FDA), has streamlined the approval and commercialization processes for immuno-oncology diagnostic products, further bolstering its competitive advantage. Collaborations and partnerships among industry stakeholders, academic institutions, and healthcare providers have fostered innovation and accelerated the adoption of immuno-oncology Assay in North America, which would continue in the coming years as well.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Agilent Technologies Inc., Aviva Systems Biology Corporation, PerkinElmer Inc., Bio-Rad Laboratories, Inc., Illumina Inc., Qiagen N.V, Thermo Fisher Scientific, Inc., Sartorius AG, NanoString Technologies, Inc., BioGenex, Abbott Laboratories, Inc., Asuragen Inc., Meso Scale Assay, LLC, Merck Millipore, Enzo Biochem Inc., and  Others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends that have shaped the industry to its current form?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition shaped across various regions, followed by their comparative factorial indexing?
6. How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2018-28?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?