How Increasing Prevalence of Cancer Impacting The Global Immuno Oncology Assays Market

How Increasing Prevalence of Cancer Impacting The Global Immuno Oncology Assays Market

The rising incidence of cancer and increasing adoption of targeted therapy are the key factors driving the market. According to the expert analysis the global immuno oncology assays market to grow from USD 2.9 billion in 2018 to USD 5.9 billion by 2024, at a CAGR of 12.7%.

Companion diagnostics have been identified as an area of opportunity for companies seeking to develop innovative products or capabilities in the immuno oncology assays market

immuno-oncology-assays-market

The immuno oncology assays market is categorized into lung cancer, colorectal cancer, melanoma, bladder cancer, and other cancers (leukemia, thyroid cancer, kidney cancer, multiple myeloma and CNS, gastric cancer, liver cancer, pancreatic cancer, oral and pharynx cancer, stomach cancer, and ovarian cancer). Of all these segments, the lung cancer segment accounted for the largest share in 2018. Growth in this market segment is largely driven by the rapidly increasing global prevalence of lung cancer and the increasing R&D activities on lung immuno-oncology assays.

The Asia Pacific is projected to record the highest growth rate during the forecast period. China, Japan, and India are the major markets for immuno-oncology assays in the Asia Pacific. With the increasing demand for better healthcare services in developing economies and accurate diagnostic tests from the large patient population, the Asia Pacific region is expected to provide significant growth opportunities for immuno-oncology assay manufacturers.

This region is considered the most lucrative market for immuno-oncology assays owing to the large patient population, rising healthcare needs, increasing focus on improving the quality of laboratory testing, strategic developments by leading players, and the rapid growth in the number of accredited laboratories.

Read Press Release on Immuno Oncology Assays Market:
https://www.marketsandmarkets.com/PressReleases/immuno-oncology-assays.asp


Based on product, the immuno-oncology assays market is segmented into consumables and software. The consumables segment accounted for the larger market share in 2018. The large share of this segment is attributed to the availability of a wide range of reagents and kits, increasing use of reagents in different oncology therapeutic treatments, increasing research on cancer immunotherapy biomarkers and its applications in drug development, and easy accessibility to a wide range of reagents.
 

Recent Developments:

  • In 2018, Roche collaborated with SQZ Biotech to develop antigen presenting cells-based immune-oncology treatments.

  • In 2018, Illumina launched its TruSight Oncology 500 assay, which is used to identify known and emerging tumor biomarkers.
  • In 2018, Roche acquired Tusk Therapeutics to expand its oncology product portfolio.
  • In 2018, Agilent acquired ACEA Biosciences (US). This acquisition will help both the companies to focus on real-time, live-cell analyzes through their expertise in cellular function and metabolism measurements.
  • In 2016, Thermo Fisher collaborated with Invivoscribe Technologies to develop NGS-based in vitro diagnostic oncology tests.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

 

About Dheeraj

Images

Related Posts

Log in to post a comment.

Top Blogger