Immuno Oncology Assays Market Size is expected to witness commendable growth over 2022-2028. This is considering the key benefits of cancer immunotherapy over chemotherapy and other conventional therapies, including fewer immediate and long-term side effects like heart problems and peripheral neuropathy. The evolution of clinical trials uncovering the effectiveness of combining immuno oncology therapy with targeted small molecules to hit multiple trigger points will also fuel industry growth in the years ahead. Immunotherapy refers to a type of biological therapy that helps the immune system in fighting against cancer. Several immunotherapy drugs have been approved for use in the treatment of many cancer types like leukemia, while others are being tested in clinical studies.
Rising elderly population and the subsequent increase in the incidence of cancer will propel the immuno oncology assays market trends through 2022-2028. As per the data from the Union for International Cancer Control, nearly 60% of the people diagnosed with cancer in 2020 were of 65 years of age and older This, alongside the strong focus on targeted therapies for anticancer drug development, will also bolster the immuno oncology drug development process during the projected timeframe.
Based on indication, the colorectal cancer segment will account for a major share in the immuno oncology assays market by 2028, as a result of the growing number of geriatric people globally. According to the WHO, the population aged 60 years and above will surge from 1 billion in 2020 to over 1.4 billion in 2030, which could drive the segmental growth, as a majority of people diagnosed with colorectal cancer are above 50 years of age. Likewise, the rising adoption of sedentary lifestyles and the global burden of obesity will augment the need for immuno oncology treatments for colorectal cancer, as obesity is a well-established factor of the cancer type.
North America immuno oncology assays market is set to amass considerable gains by 2028. This is on account of the increasing prevalence of cancer and the significant development of combination immunotherapy for patients diagnosed with metastatic kidney cancer in the U.S. Dual immunotherapies including ipilimumab/nivolumab, for example, have become a new standard for kidney cancer care across the country. These factors could influence various researchers to leverage the benefits of the therapy and consequently deploy immuno oncology assays to develop effective cancer treatments in the years ahead.
Key immuno oncology assays industry players include Thermo Fisher Scientific, Sartorius, Qiagen, PerkinElmer, NanoString Technologies, Merck, Illumina, HTG Molecular Diagnostics, F. Hoffmann-La Roche, and Agilent Technologies, among others. Strategic product launches and business expansions are among the initiatives being undertaken by these firms to boost their footprint in the global market.
For instance, in August 2021, Agilent Technologies Inc. revealed that its PD-L1 IHC 22C3 pharmDx assay gained CE-IVD marking for use in the treatment of esophageal cancer with KEYTRUDA immunotherapy in Europe. In April 2021, Roche launched its Elecsys Anti-p53 immunoassay to boost in vitro quantitative determination of anti-p53 antibodies to help diagnose throat, bowel, and breast cancer.
The novel coronavirus pandemic has substantially disrupted the healthcare systems and posed impacts on the delivery of oncology services, due to the delayed hospital visits and the cessation of cancer screening. This decline in cancer care during the peak of the pandemic may have adversely impacted the immuno oncology assays industry in recent months. However, in 2021, the European Society for Medical Oncology launched the International Cancer Foundation to enhance cancer diagnosis, prevention, and follow-up worldwide, which could increase cancer therapy researches and aid the industry recovery in the coming years.
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