Due to the rising incidence of cancer around the world and the increased attention being paid to the development of cutting-edge cancer therapies, the global market for immuno-oncology assays is expanding rapidly. Additionally, it is anticipated that increased research and development (R&D) activities will accelerate market expansion. The global market for immuno-oncology assays is anticipated to rise, but challenges like a shortage of experienced workers and an unfavourable regulatory and reimbursement environment are predicted to impede its development. Over the projected period, an increase in the cancer burden worldwide is anticipated to promote growth in the market for immuno-oncology assays. The most prevalent malignancies were those of the breast, lung, prostate, colon, and rectum. The need for immuno-oncology assays is then anticipated to rise globally as a result. The study of and creation of cancer therapies that make use of the immune system to combat cancer is known as immuno-oncology. Researchers are creating novel cancer-fighting strategies known as immuno-oncology in the pursuit of targeted cancer treatment. Increased research and development (R&D) activities are anticipated to present companies in the global immuno-oncology assays market with lucrative growth prospects.
The Coherent Market Insights estimates that the market for Immuno-oncology Assays was estimated to be worth US$ 3,718.5 Mn in 2021 and is anticipated to grow at a CAGR of 10.7% from 2022 to 2028 to reach US$ 7,594.6 Mn.
Prominent Players in the Immuno-Oncology Assays Industry:
1. Charles River
The business was established in 1947 and its headquarters are located in Wilmington, Massachusetts, United States. Clinical testing and drug development services are offered by Charles River Laboratories, Inc. The company provides test and development services for vaccines, biosimilars, and medications to treat heart disease, cancer, endocrine disorders, bone disorders, and other conditions. In March 2023, Charles River will introduce ApolloTM, a market-leading, secure, cloud-based platform for data from ongoing toxicological studies. Charles River released a novel IgY-based ELISA kit for the detection and measurement of residual host cell protein in february 2023.
2. Roche,
The company was founded in 1896 and has its headquarters in Basel, Switzerland. The company offers in-vitro diagnostics, as well as cancer and transplant medications. Roche announced in March 2021 that it will pay $1.8 billion to purchase GenMark Diagnostics. The company announced in September 2021 that it will purchase the German biotech company TIB Molbiol in order to expand its molecular diagnostics business.
3. Llumina
The firm was established in 1998 and has its headquarters in San Diego, California, U.S. Illumina creates, produces, and sells integrated solutions for examining genetic variation and biological process. On August 18, 2021, Illumina made a public announcement announcing that the acquisition of Grail was complete. Illumina introduced NovaSeq X and NovaSeq X Plus in September 2022, lowering the price of a whole human genome sequencing to $200, according to the firm.
4. Agilent Technologies, Inc
The company was established in 1999 and is located in Santa Clara, California, United States. Agilent provides a broad range of technology platforms to the clinical and routine diagnostics sectors as well as analytical laboratories. In Frederick, Colorado, where nucleic acid-based therapies are made, the business announced in early 2023 a $725 million expansion of its cutting-edge production plant. Agilent launched CrossLab Virtual Help, a mobile software that offers top-notch remote technical support, in 2020.
Definition: With the stimulation of the body's own immune system, immuno-oncology is developing as a unique method for treating cancer. It is a powerful tool against cancer since it can activate the body's defences against infection.
