Immuno-Oncology Assays Market is Estimated to Witness High Growth
Immuno-oncology assays help in monitoring the levels of cancer biomarkers and T-cell activation markers in cancer patients undergoing immunotherapy treatment. These assays play a vital role in personalized cancer care by helping physicians optimize drug dosing, identify non-responders early, and monitor treatment response and disease progression. The global immuno-oncology assays market provides assays to monitor biomarkers such as PD-L1, IDO1, TIM-3, LAG-3, CTLA-4, and various cytokines released by T-cells and tumor cells. The need for non-invasive prognostic and diagnostic tools for immuno-oncology clinical trials and treatment is driving the growth of the market.
The global immuno-oncology assays market is estimated to be valued at US$ 4556.83 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity of personalized cancer care is driving the growth of the immuno-oncology assays market. Immunotherapy drugs are most effective for cancer patients whose tumors have specific biomarkers. Immuno-oncology assays help physicians identify the right patients for immunotherapies by detecting the presence of biomarkers. These assays also help optimize drug dosing by monitoring biomarker levels during treatment. They further help identify non-responders early on so alternative treatment options can be explored. This is improving outcomes for cancer patients and clinical trials of immunotherapies. The precision medicine approach brought about by immuno-oncology assays is a major factor boosting the market growth.
Porter’s Analysis
Threat of new entrants: Low barrier for new entrants to enter the market due to availability of capital and technology. However, existing players have strong brand positioning and distribution channels.
Bargaining power of buyers: Large pharmaceutical and diagnostic companies have high bargaining power due to their strong market position and bargaining ability on price and product development.
Bargaining power of suppliers: Few large suppliers for raw materials thus giving them significant bargaining power over price negotiation.
Threat of new substitutes: Threat of new substitute is low as immuno-oncology assays have limited competition from alternative disease diagnosis and monitoring techniques.
Competitive rivalry: High due to presence of several global and domestic players offering similar assays and investing in R&D to develop new products. Market consolidation is expected.
SWOT Analysis
Strength: High sensitivity and accuracy of immuno-oncology assays for early disease diagnosis and monitoring disease progression. Growing incidence of cancer burden boosting demand.
Weakness: High cost of assays limits widespread adoption. Require skilled professionals for conducting tests.
Opportunity: Emerging economies provide high growth potential owing to increasing healthcare expenditure. Technological advancements to develop portable and easy-to-use assays.
Threats: Stringent regulatory approval process increases cost and time to commercialization. Reimbursement policies impact market revenue.
Key Takeaways
The Global Immuno-Oncology Assays Market Growth is expected to witness high during the forecast period of 2023 to 2030. The global Immuno-Oncology Assays Market is estimated to be valued at US$ 4556.83 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030.
North America region currently dominates the market owing to factors such as rising healthcare expenditure, well-established healthcare infrastructure and increasing cancer incidence. The Asia Pacific region is anticipated to showcase fastest growth over the forecast period with growing patient awareness, improving healthcare access and increasing funding for cancer research.
Key players operating in the immuno-oncology assays market are AptarGroup, Weener Plastics Group, Bormioli Rocco Pharma, Pacific Packaging Components, PCC Exol, SHL Group, O.Berk Company, Winfield Laboratories, O.Berk, Comar, RPC Group, Alpha Packaging, Pretium Packaging, Silgan Holdings, Origin Pharma Packaging, Vidchem pty ltd, Mold-Rite Plastics, Berry Global, Amcor, Gerresheimer. Key players are investing in R&D to develop innovative product offerings in order to gain competitive advantage. Companies are also focusing on geographic expansion strategies to increase market presence globally.
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