According to the new market research report “Immuno Oncology Assays Market by Product (Consumables, Software), Technology (Immunoassay, Flow Cytometry, PCR, Next Generation Sequencing), Indication (Lung Cancer, Colorectal Cancer), Application (Research, Clinical Diagnostics) – Global Forecast to 2024“, published by MarketsandMarkets™, the immune oncology market for Immuno-Oncology Assays is expected to grow from USD 2.9 billion in 2018 to USD 5.9 billion by 2024, at a CAGR of 12.7% during the forecast period.
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Market growth is largely driven by factors such as the increasing adoption of targeted therapy over traditional therapy and the increasing demand for mAbs.
The research applications segment accounted for the largest share of the market in 2018.
On the basis of application, the Immuno Oncology Assays Market is segmented into research applications and clinical diagnostics. Research applications dominated the market with the largest share in 2018. It is also projected to be the fastest-growing segment during the forecast period. The rising prominence of biomarker-based drug development and clinical trials and the emergence of cancer immunotherapy are the key factors driving market growth.
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The NGS segment is expected to grow at highest CAGR during the forecast period.
Based on technology, the Immuno Oncology Market is segmented into PCR, immunoassay, NGS, flow cytometry, and other technologies. The NGS segment is projected to be the fastest-growing segment during the forecast period. The lower cost of sequencing, presence of advanced NGS technologies, rising government funding for sequencing projects, growing adoption of high-throughput sequencing technologies in emerging economies, and new product launches in immuno-oncology biomarker discovery are some of the key factors propelling the growth of the NGS market.
North America accounted for the largest share of the Immuno Oncology Assays Market in 2018.
North America accounted for the largest share of the Immuno Oncology Market in 2018, followed by Europe. The Immuno Oncology Assays Industry in North America is primarily driven by growing government support for the discovery and development of biomarkers, demand for personalized medicine, rising adoption of advanced omics technologies for biomarker discovery, and increasing research. The highly developed healthcare systems in the US and Canada, rising adoption of advanced technologies, and the presence of a large number of leading biopharma companies and national research laboratories are also expected to contribute to the growth of this market segment.
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The key players operating in the Immuno Oncology Assays Market are Thermo Fischer Scientific (US), Roche Diagnostics (Switzerland), Agilent Technologies (US), and Illumina (US). A majority of the leading players in the market focus on both organic and inorganic growth strategies such as collaborations, partnerships, acquisitions, and agreements to maintain and enhance their market shares in the Immuno Oncology Market.