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Immuno Oncology Assays Market size is expected to witness commendable growth over 2023-2032. 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 demand in the years ahead.
Immunotherapy is a type of biological therapy that helps the immune system fight against cancer. Several immunotherapy drugs have been approved for usage in the treatment of many cancer types, such as leukemia, while others are being tested in clinical studies.
The expanding elderly population and the subsequent rise in incidences of cancer will propel the immuno oncology assays market trends through 2023-2032.
The healthcare sector, which has been facing the consequences of record inflation, is set to witness sluggish gains in the coming years, which will significantly impact the immuno-oncology assays market dynamics. A recognizable rise in commodity prices and the subsequent change in consumer spending patterns have substantially limited the expenditure on healthcare and clinical services.
Besides, insurance premia prices have also witnessed a jump in previous months, further hampering the market outlook. However, governments are looking out for new inflationary measures to cut down on heightening healthcare costs, which will aid industry progression.
Regarding the product category, the overall immuno oncology assays market share is classified into consumables and software. The consumables segment size is anticipated to expand at a noticeable CAGR through 2032, credited to the significant rise in R&D investments and initiatives undertaken by key market players to develop advanced techniques. These are then utilized in diagnostic tests in clinical labs and hospitals, thus favoring the market revenue. In addition, accelerating technological innovations in these devices will further open new demand avenues for the global industry.
Based on indication, the colorectal cancer segment will account for a major share in the market by 2032, attributed to 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 segmental growth, as the 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.
The North America immuno oncology assays market is set to amass considerable gains by 2032. 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 marketplayers 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 undertaken by these firms to boost their footprint in the global market.