Immuno Oncology Assays Market (IOA)
Globally, the market of Immuno Oncology Assays (IOA) was priced at US$ 3,718.5 MN in the year 2021 and is estimated to be valued at US$ 7,594.6 Mn by the end of 2028 and at a CAGRE of 10.7% in the predicted of 2022- 2028. As there is rise in the cancer, the market of IOA is facing robust growth and rise in the growth of the new cancer treatments all over the world. Also, the rise in the field of research and development (R&D), it is predicted to get a push the market growth. Though, many issues like shortage of skilled professionals, and complex regulatory policies and reimbursements are predicted to hinder the growth of the market of Immuno Oncology Assays.
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Global Immuno-Oncology Assays Market: Regional Insights
Geographically, the market of IOA is divided into Latin America, North America, Asia Pacific, Europe, and Middle East & Africa.
On the basis of regions, North America is witnessed to attain the highest share of the market in the estimated period due to the occurrence of cancer and increase in the number of elderly population, especially in the U.S. region. By coupling it with the immune system, immune-oncology keeps it in objective to increase the body’s natural immunity to grow and fight with the cancer cells. For example, in 2022, as stated by the American Cancer Society (ACS), it is predicted that around 1.9 million new patients suffering of cancer will be diagnosed and 609,360 deaths due to cancer will take place in the United States.
Globally, Asia Pacific is anticipated to observe a strong growth in the IOA market owing to the continuouse rise in the occurrence of cancer and the increase in elderly population. For example, India is expected to witness a rise of 12% in the cancer cases in the predicted next five years, and around 1.5 million people are predicted to suffer from cancer by 2025, from a rise of 1.39 million I n the year 2020 as reported by the Indian Council of Medical Research (ICMR). Subsequently, this will result in the rise of the use of immuno-oncology assays.
Global Immuno-Oncology Assays Market Drivers
Increase in the cases of cancer across the world, it is witness to increase the growth of the IOA market globally over the predicted period. Imunno-class is a type of treatment in which the body pushes the body’s immune system naturally to fight against the deadly disease of cancer. As per the World Health Organization (WHO), cancer is the main reason of death across the world,. Around 10 million of people died of cancer in 2020. And it is about one person in every person. Types of cancer which are most commonly seen are lung, breast, colon and prostate and rectum cancer. This will ultimately result in the rise of the need of IOA around the world.
Rise in the emphasis on the growth of the new cancer treatments is anticipated to enhance the development of the IOA market across the globe in the predicted period. For example, immune-oncology deals with the study of the progress of the different kinds of treatments of cancer by taking the aid of the immune system of the body to fight cancer. In quest of proper and accurate treatment of cancer, many researchers and scientists are trying to develop novel methods called the immune-oncology, to combat cancer. The treatment takes help of the body’s immune system and means to target and eliminate the cancer causing cells.
Global Immuno-Oncology Assays Market Opportunities
Rise in the field of research and development undertakings are anticipated to give profitable development and opportunities to the companies across the globe of IOA market. For example, immune-oncology is the most favorable areas of research in the field of anti-cancer-therapeutics. Agilent Technologies, National University of Singapore (NUS), and the National University Hospital (NUH), in August 2019, established the Singapore’s first combined translational R&D hub that controls the biochemical invention as well as the analysis of the research data to improve novel techniques of translating clinical research into clinical treatments or diagnostics.
The rise of the implementation of the immune-oncology is anticipated to give profitable development prospects to the companies in the market of IOA. For example, the growth of immunotherapeutics has changed the concept for cancer treatments. InMarch 2019, Hematogenic launched the diagnostic test for TECENTRIQ and U.S Food and Drug Administration passed the immunotherapy for PD-L1-positive, unresectable locally advanced or metastatic triple-negative breast cancer (TNBC).The first approved treatmenr for breast cancer is the TECENTRIQ.
Global Immuno-Oncology Assays Market Trends
One of the major challenges faced by the health sector is the prevention of cancer worldwide, with rising problems in most of the countries. With rise in the occurrence of cancer, the need for proper and accurate treatment of the same is also rising. Thus consequently, the companies functioning in the market are improving and launching new cancer treatments, and this trend is going to be continued in the predicted period, boosting the market growth.
However, the recent tendency in the IOA market worldwide is the expansion of the immune-oncology assays to combat cancer. Immuno-oncology deals with the development of the treatments that makes the immune system of the body to ward of the cancer cells by developing strong defense against the disease. So, the scientists/researchers have developed the new method called immuno-oncology to eliminate the cancer cells from the body. This tendency is going to remain in the predicted period to push the growth of the market.
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Global Immuno-Oncology Assays Market Restraints
Shortage of skilled and expertise professional is anticipated to hamper the market growth of the IOA. For example, there is a dearth of technicians in the laboratories, and getting to avail advanced laboratory skilled professional is one of the main causes of restraining the market growth. At present, Canada is in a situation where the nation is facing the problem of skilled technologists in the laboratories. According to the Canadian Society for Medical Laboratory Sciences, more than 50% of the technologists of the lab are above 5years of age and is so probable to get retirement within the next ten years.
Adverse regulatory rules and guideline and the reimbursements state of the economy, it is anticipated to hinder the growth of the IOA market. For example, Immuno-oncology therapy is a treatment which guarantees a novel category in treatment. The prime challenge that is being faced in the field of the medicines of oncology is the increase in the cost of the medicines.
Global Immuno-Oncology Assays Market Segmentation
Globally, the immune-oncology assays market is divided into Product, Technology, Induction, Application and Region.
On the basis of product, the market is divided into Consumable, and Software. Consumables Segment is anticipated to control the IOA market in the predicted period and so is credited to the rise in the research and developmental undertakings. IOA practices reagents and consumables at the time of research and the development of the diseases’ treatment in the labs and hospitals across the globe.
On the basis of technology, the market of IOA is divided into Immunoassay, PCR, NGS, Flow Cytometry and many others. Immunoassays Segment is anticipated to control the market in the predicted period. This is credited to the rise in the occurrence of the cancer worldwide. The application of Immunoassays is in the fields of discovery of drug, diagnosis of diseases, and the pharmaceuticals.
On the basis of Polymerase Chain Reaction (PCR) Segment is anticipated to observe a major growth in the coming days and this is due to the increase in the occurrence of cancer across the globe. PCR centric assays are used mostly to discover or spot the cancer cells in biopsies report of solid tissue, bone marrow, peripheral blood, lymph nodes and the rest additional fluids of the body.
On the basis of Indication, the IOA market across the globe is divided into Colorectal Cancer, Melanoma, Lung Cancer, Bladder Cancer, and many more. Colorectal Cancer is anticipated to control the market in the predicted period which is credited to the rise of colorectal cancer across the globe.
Lung Cancer Treatment is anticipated to observe a major development in the coming days which is due to the rise in the cases of lung cancer across the worldwide.
On the basis of Application, the market is divided into Clinical Diagnostics and Research & Development. R&D is predicted to control the market in the estimated period which nis redited to the rise in the research and development undertakings. IOA holds an important part in the R&D Drugs and revealing the new biomarkers.
Global Immuno-Oncology Assays Market: Key Developments
The first plan to launch the company’s first liquid biopsy solution, named TruSight Oncology 500 ct DNA (TSO 500 ctDNA) by Illumina was introduced in November 2919 to detect cancer biomarkers. This addition will be helpful in diversifying the product portfolio of the immunooncology
Agilent Technlogies got consent for PD-L1 IHC 22C3 pharmaDx assay for its usage in China, in order to check the patients locally advanced or metastatic non-small lung cancer of cell, in October 2019. This is anticipated to be the company’s additional growth in immunohistochemical-based diagnosis for the treatment of cancer.
The U.S Food and Drug Administration (USFDA) accepted Ventana PD-L1 (SP142) Assay as a companion of the diagnosis for recognizing triple-negative breast cancer patients that have amplified PD-L1 expression on tumor-infiltrating immune cells and is probable to react to the immunotherapy Tecentriq, the drug manufactured by Roche for cancer immunotherapy in March 2019. This is expected to be additionally improving the product portfolio of IOA.
Global Immuno-Oncology Assays Market: Key Companies Insights
Globally, the market for immuno-oncology assays is very much competitive in nature which is credited to the increase in the need for proper and accurate cancer treatment. Consequently, the companies operating in the market are putting emphasis on the launch of new products in the market.
The main companies in the market for immuno-oncology assays market globally are Charles River, Roche, llumina, and Agilent Technologies. , Inc., among others
Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Immuno-Oncology Assays Market Size Analysis from 2022 to 2028
11.6 COVID-19 Outbreak: Immuno-Oncology Assays Industry Impact
Chapter 2 Global Immuno-Oncology Assays Competition by Types, Applications, and Top Regions and Countries
2.1 Global Immuno-Oncology Assays (Volume and Value) by Type
2.3 Global Immuno-Oncology Assays (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Immuno-Oncology Assays Sales, Consumption, Export, Import by Regions (2017-2022)
Chapter 5 North America Immuno-Oncology Assays Market Analysis
Chapter 6 East Asia Immuno-Oncology Assays Market Analysis
Chapter 7 Europe Immuno-Oncology Assays Market Analysis
Chapter 8 South Asia Immuno-Oncology Assays Market Analysis
Chapter 9 Southeast Asia Immuno-Oncology Assays Market Analysis
Chapter 10 Middle East Immuno-Oncology Assays Market Analysis
Chapter 11 Africa Immuno-Oncology Assays Market Analysis
Chapter 12 Oceania Immuno-Oncology Assays Market Analysis
Chapter 13 South America Immuno-Oncology Assays Market Analysis
Chapter 14 Company Profiles and Key Figures in Immuno-Oncology Assays Business
Chapter 15 Global Immuno-Oncology Assays Market Forecast (2022-2028)
Chapter 16 Conclusions
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