IMMUNO-ONCOLOGY ASSAYS MARKET ANALYSIS

Immuno-Oncology Assays Market Size and Trends

Global immuno-oncology assays market is estimated to be valued at USD 4.98 Bn in 2024 and is expected to reach USD 10.47 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 11.2% from 2024 to 2031.

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The market trend for global immuno-oncology assays market is witnessing a high growth due to rising incidences of cancer globally and increasing adoption of targeted therapies for cancer treatment. Immuno-oncology is an evolving field in oncology that harnesses the power of the immune system to detect and destroy cancer cells. With promising clinical trial results, improved understanding of tumor microenvironment and biomarkers, new product approvals, and growing emphasis on precision medicine, the global immuno-oncology assays market is estimated to witness a healthy growth during the forecast period.

Rising Burden of Cancer Globally

Rise in burden of cancer across the globe is expected to augment growth of the global immuno-oncology assays market over the forecast period. Immuno-oncology (IO) is a class of treatment designed to boost the body's natural immune defense against cancer. For instance, in March 2023, according to the data published by the Centers for Disease Control and Prevention, it was estimated that a total of 32,320 new ovarian cancer cases will be diagnosed globally in the year 2023. Moreover, according to the World Health Organization (WHO), cancer was a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, or nearly one in six deaths. The most common cancers were breast, lung, prostate, and colon and rectum cancer. This in turn is expected to increase demand for immuno-oncology assays around the world.

Increasing inorganic activities, such as awareness programs, is expected to drive the market growth over the forecast period. For instance, in June, 2022, the U.S. Department of Health and Human Services and the Centers for Medicare & Medicaid Services (CMS) announced a new model aimed at improving cancer care for Medicare patients and lowering health care costs.