Northbrook, IL 60062 -- (SBWIRE) -- 04/06/2022 -- According to the new market research report "Immuno Oncology Assays Market by Product & Service (Consumables, Instruments, Software), Technology (PCR, NGS, Immunoassay), Cancer Indications (Lung, Breast, Colorectal, Bladder, Melanoma), Application (Research, Diagnostics) - Global Forecast to 2026", published by MarketsandMarkets™, is projected to reach USD 7.9 billion by 2026 from USD 4.4 billion in 2021, at a CAGR of 12.5%.

Growth Driver: Rising incidence of cancer and growing adoption of targeted therapies;

Cancer is a complex disease that develops through the multi-stage carcinogenesis process involving multiple molecular pathway events. Thus, various hurdles are associated with cancer diagnosis, prognosis, and therapy. In this regard, due to the complex nature of cancer, a single marker is not helpful. Moreover, in terms of its molecular profile, each cancer is different from other cancer types. Hence, the use of immuno-oncology assays has been particularly significant in understanding cancer signatures and developing customized therapies.

Globally, the prevalence of cancer has increased significantly over the last few years. Cancer, which has become the leading cause of death globally, accounted for 9.6 million deaths in 2018. According to GLOBOCAN, the number of cancer cases will rise to approximately 30 million by 2040 from 18 million in 2018. More than 60% of new cancer cases occur in Africa, Asia, and Central and South America; 70% of global cancer deaths also occur in these regions. Thus, the growth in the incidence and prevalence of cancer has resulted in a need to conduct extensive research for diagnosis and treatment; immuno-oncology assays form an important part of this research.

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The rising incidence of cancer and the growing adoption of targeted therapy drives growth in the immuno-oncology assays market, increased demand for personalized medicine, and the growing significance of companion diagnostics in drug development are among the other factors. Emerging economies such as China and Japan are providing lucrative opportunities for the players operating in the market.

The consumables segment accounted for the largest share of the immuno-oncology assays market, by product & service segment, in 2020

Based on product & service, the market is segmented into consumables, instruments, and software & services. The consumables segment accounted for the largest share of the market in 2020. Unlike instruments, consumables require repeat purchase, which results in their stable demand among end users.

NGS segment to register the highest growth rate during the forecast period

The immuno-oncology assays market is segmented into PCR, immunoassay, NGS, flow cytometry, and ISH based on technology. In 2020, the NGS segment accounted for the highest growth rate. Factors such as the launch of new and advanced products, decreased cost of sequencing, presence of advanced NGS technologies, and the increasing incidence of cancer are contributing to the growth of this segment.

The research applications segment accounted for the largest share of the immuno-oncology assays market, by application segment, in 2020

Based on application, the immuno oncology assays market is segmented into research applications and clinical diagnostics. In 2020, the research applications segment accounted for the largest share of the market. The emergence of cancer immunotherapy is driving this segments growth.

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The immuno-oncology assays market is segmented into five regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the market. The large share of this region can be attributed to the increasing healthcare expenditure, highly developed healthcare systems in the US and Canada, and increasing prevalence of cancer.

The major players operating in this market are Thermo Fisher Scientific, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Agilent Technologies, Inc. (US), Illumina, Inc. (US), NanoString Technologies, Inc. (US), Sartorius AG (Germany), HTG Molecular Diagnostics, Inc. (US), QIAGEN N.V. (Netherlands), Merck Millipore (US), PerkinElmer, Inc. (US), Abbott Laboratories, Inc. (US), Guardant Health, Inc. (US), bioMérieux SA (France), Myriad Genetics, Inc. (US), MESO SCALE DIAGNOSTICS, LLC. (US), Seegene Inc. (South Korea), Bio-Rad Laboratories, Inc. (US), Charles River Laboratories, Inc. (US), Olink (Sweden), ASURAGEN, INC. (US), Invivoscribe, Inc. (US), Creative Biolabs (US), ReachBio LLC (US), and NMI Technologietransfer GmbH (Germany).

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