Global Immuno Oncology Assays Market - 2023-2030

Overview

Immuno-oncology focuses on the immune system in cancer, which shows better results in localized and advanced metastatic cancers. Over 250 clinical trials are currently in progress to develop novel immunobiological treatments, and several assays are in the pipeline that help in diagnosing specific cancer types and their metastasis.

These assays are helpful in continuous and real-time cancer cell proliferation and metastasis analysis. Multiple assays, such as cell killing assays, cell proliferation assays, and other immune cell detection assays, help detect specific cancer types in individuals.

Scope

Market Dynamics: Drivers & Restraints

Increasing developments in immuno oncology sector

Developments in immuno oncology testing in an attempt to increase the prospects of cancer diagnosis and treatment. Launch of new products coming up with different grants speed up cancer research, which is helpful for better cancer treatment for individuals suffering from other types of cancers. The main focus is on melanoma, colorectal cancers, etc., as these are observed in most individuals. For instance, in May 2022, Labcorp launched a new test to measure gene expression levels by immunohistochemistry (IHC) in tumors observed in melanoma.

In November 2022, Akoya Biosciences, Inc. launched PhenoCode Signature Panels for high-throughput spatial biomarker discovery. This accelerates the development and validation of predictive biomarkers for immuno-oncology applications.

In March 2022, Lunaphore declared a 2023 SPYRE Immuno-Oncology Grant Program to provide a unique opportunity for the laboratories looking to adopt spatial biology technology that helps establish an immuno-oncology portfolio.

In May 2022, Veracyte, Inc. declared new data showing the company's Immunoscore Immune Checkpoint (IC) assay, which identifies patients with metastatic colorectal cancer (mCRC).

Furthermore, increased research focus on cancer therapy, rising awareness about different diagnosis procedures, and advancements are a few factors that drive the market in the forthcoming period.

Lack of expertise

Immuno-oncology is constantly evolving, and hence, the deficit in the knowledge of handling and analyzing the assays will increase over time as there is no basic knowledge of immuno-oncology. The data analysis requires strong expertise in both the immunology and oncology sectors. Otherwise, there is a possibility of false outcomes that show false positive or false negative results, or the results cannot be detected. There are no established procedures, so the error rate is higher than in standard immuno-testing procedures.

Furthermore, errors in assays, lack of skilled professionals are few factors that hamper the market in the forthcoming period.

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Segment Analysis

The global immuno-oncology assays are segmented based on products and services, assay type, technology, indication, end user and region.

The Immunoassay segment accounted for approximately 48.6% of the market share

The immunoassay segment is expected to hold the largest share of the market. Immuno-oncology has become an exciting approach to cancer treatment due to its specificity and durability. The assays like immuno-cell killing assays, cell proliferation assays, and next-generation sequencing assays are developed as their approach is exact and accurate in finding and treating the disease more precisely before the cancer undergoes metastasis. Hence, new immuno-oncology assay launches help increase the specificity for detecting cancer metastasis.

In April 2023, Agilent Technologies Inc. launched Agilent SureSelect Cancer CGP Assay, an NGS assay for advancing precision immuno-oncology. It helps in profiling a broad range of tumor types.

In January 2022, Oncocyte declared that it had agreed with Thermo Fisher Scientific to validate Oncomine Comprehensive Assay Plus clinically. This agreement aims to develop the DetermaIO test that may predict responses to immuno-oncology therapies.

Geographical Analysis

North America accounted for approximately 40.5% of the market share in 2022

North America is expected to hold the largest market share owing to the prevalence of cancer cases in the US and expenditure for cancer care. Significant players like Thermo Fisher Scientific, Lunafore, etc., are continuously working on launching new immune-oncology assays shortly, as a few of them are still in the testing stage, which will be released soon.

According to the JAMA Health Forum, 2022, US cancer care spending has followed a similar pattern, surpassing $200 billion in 2020. National cancer care expenditures were high in the US compared to the other 22 countries. This spending is expected to increase to improve cancer care outcomes.

According to the American Cancer Society journal, In 2022, an estimated 1.9 million new cancer cases will be diagnosed and 609,360 cancer deaths in the United States alone.

COVID-19 Impact Analysis:

COVID-19 has shown an impact on the immuno-oncology assay market. Due to the implementation of lockdowns worldwide, most specialty diagnostic centers have shut down or stopped the services that provide immuno-oncology testing due to the surge in COVID-19 in the mid-pandemic phase. People restricted themselves from getting tested because they feared contracting the disease. Most of the testing procedures were halted and postponed to later stages. Due to the rise in COVID-19 cases, there was a shift in the focus of manufacturing COVID-19 testing kits for disease diagnosis.

Competitive Landscape

The major global players in the immuno oncology assays market include: Merck KGaA, Thermo Fisher Scientific Inc., Crown Bioscience, Lunaphore Technologies SA., Eve Technologies., Vivia Biotech S.L, Illumina, Inc., Bio-Rad Laboratories, Inc, Charles River Laboratories, PerkinElmer Inc. among others.

Key Developments

In April 2023, ANGLE plc, a world-leading liquid biopsy company signed a contract with Crescendo Biologics Limited, a clinical-stage immuno-oncology company. Crescendo is planning to use a recently launched flex assay developed by ANGLE for the treatment of patients with PSMA positive solid tumors.

In September 2023, Cytek Biosciences, Inc. launched a global road show called Cytek Reveal that is to be held on October 5th, 2023. The company's patented Full Spectrum Profiling (FSP) technology empowers scientists to work on immuno-oncology testing solutions.

In May 2023, Memorial Sloan Kettering Cancer Center (MSK) declared $40M for Marie-Josee Kravis Center for Cancer Immunobiology (CCI). This creation of an immuno-oncology hub helps in progressing immuno-oncology discovery, cell engineering, immuno-diagnostic assays, etc.

Why Purchase the Report?

• To visualize the global immuno oncology assays market segmentation based on products and services, assay type, technology, indication, end user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of immuno oncology assays market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global immuno oncology assays market report would provide approximately 77 tables, 84 figures, and 195 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies