PORTLAND, Oregon, April 22, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Immuno-oncology Assay Market by Product (Consumables and Software), by Technology (Immunoassays, Polymerase Chain Reaction (PCR), Next-Generation Sequencing (NGS), and Flow Cytometry), Application (Research & Development and Clinical Diagnostics), and Indication (Colorectal Cancer, Lung Cancer, Melanoma, Bladder Cancer, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026."According to the report, the global immuno-oncology assay industry was estimated at $2.76 billion in 2018, and is expected to hit $6.17 billion by 2026, registering a CAGR of 10.6% from 2019 to 2026.
Drivers, restraints, and opportunities-
Rise in biotechnology R&D activities & governmental funding, increase in adoption of multiplex immuno-oncology assay to reduce operation costs, and surge in adoption of personalized medicines drive the growth of the global immune-oncology assay market. On the other hand, lack of skilled healthcare professionals curtails down the growth to some extent. However, development in emerging economies is expected to create several opportunities in the near future.
The consumables segment to maintain the lion's share by 2026-
Based on product, the consumables segment accounted for nearly three-fourths of the global immuno-oncology assay market share in 2018, and is expected to rule the roost by the end of 2026, owing to the fact that they are widely used throughout the sample preparation process and are required to perform other pre-requisite steps of assays. Simultaneously, the software segment would cite the fastest CAGR of 11.8% throughout the forecast period. This is due to rise in demand for sequencing-based diagnostics and increase in requirement of data management software for storing massive volume of data.
The lung cancer segment to dominate during the estimated period-
Based on indication, the lung cancer segment contributed to more than one-fifth of the global immuno-oncology assay market revenue in 2018, and is projected to retain its dominance till 2026. This is attributed to the significant increase in the incidence of lung cancer across the globe due to adoption of smoking habits and surge in air pollution. The colorectal cancer segment, on the other hand, would register the fastest CAGR of 12.3% during the study period. The fact that it is the third most common type of cancer in the U.S has driven the growth of the segment.
North America to dominate in terms of revenue-
Based on geography, North America held the major share in 2018, garnering more than two-fifths of the global immuno-oncology assay market. Increase in prevalence of cancer in this province promotes the demand for immuno-oncology assays and fuels the need to develop novel personalized drugs against cancer. At the same time, Asia-Pacific would portray the fastest CAGR of 12.9% from 2019 to 2026. This is due to rise in the number cancer patients in the region and significant increase in R&D activities in pharmaceuticals for the treatment of the disease.
Frontrunners in the industry-
- Thermo Fisher Scientific Inc.
- Seegene Inc.
- Randox Laboratories Ltd.
- Meso Scale Diagnostics LLC
- Luminex Corporation
- QIAGEN N.V.
- Bio-Rad Laboratories Inc.
- Dickinson and Company
- Illumina Inc.
- Abcam PLC
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