The "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" report has been added to ResearchAndMarkets.com's offering.
The global immuno-oncology assays market is projected to reach USD 7.9 billion by 2026 from USD 4.4 billion in 2021, at a CAGR of 12.5% during the forecast period.
Market growth is driven by factors such as the growing significance of companion diagnostics in drug development and rising incidence of cancer and growing adoption of targeted therapies. On the other hand, the requirement of high capital investments and low cost-benefit ratio and the unfavorable regulatory and reimbursement scenario are the major factors hampering the growth of this market.
The consumables segment accounted for the highest growth rate in the immuno-oncology assays market, by product & service, during the forecast period
The immuno-oncology assays market is segmented into consumables, instruments, and software & services based on product & service. In 2020, the consumables segment accounted for the highest growth rate in the immuno-oncology assays market. The requirement of consumables in large numbers as compared to instruments is the major factor contributing to the growth of this segment.
The research applications segment accounted for the highest CAGR
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 highest growth rate. This can be attributed to the rising prominence of biomarker-based drug development.
Asia Pacific: The fastest-growing region immuno-oncology assays market
The global immuno-oncology assays market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific region is projected to register the highest CAGR during the forecast period. Growth in this region is expected to be centered on China and Japan. Factors such as the growing number of CROs in the region and the increasing awareness about the early detection of cancer are driving the growth of the immuno-oncology assays market in this region.
Rising Incidence of Cancer and Growing Adoption of Targeted Therapies
Increased Demand for Personalized Medicine
Requirement of High Capital Investments and Low Cost-Benefit Ratio
Unfavorable Regulatory and Reimbursement Scenario
High Cost of Immunotherapy
Emerging Markets Offer Lucrative Opportunities
Growing Significance of Companion Diagnostics
Low Awareness of Cancer Immunotherapy
Abbott Laboratories, Inc.
Agilent Technologies, Inc.
Bio-Rad Laboratories, Inc.
Charles River Laboratories, Inc.
F. Hoffmann-La Roche Ltd.
Guardant Health, Inc.
HTG Molecular Diagnostics, Inc.
Meso Scale Diagnostics, LLC.
Myriad Genetics, Inc.
Nanostring Technologies, Inc.
NMI Technologietransfer GmbH
Thermo Fisher Scientific, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/drjdbh
View source version on businesswire.com: https://www.businesswire.com/news/home/20210511005932/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900