Growing number of clinical trials in the field of cancer therapies is augment the growth of the Immuno oncology assays market

Immuno Oncology Assays Market

 The immuno-oncology assays are valuable tools in the fight against cancer. These newest methods help to determine how new drugs will interact with existing products and agents, researchers and doctors can design preventative drug plans and better target the treatment of malignant tumors. These assays have been developed to measure the ability of tumor cells to resist various viruses, bacteria, chemicals, and pesticides. These assays are important for both research and pre-clinical development of vaccines, medicines, and drugs.

The rising prevalence of cancer around the globe is a prime factor driving the growth of the immuno oncology assays market. According to the World Health Organization, cancer is the second leading cause of death globally and is responsible for an estimated 9.6 million deaths in 2018. Globally, about 1 in 6 deaths is due to cancer. The immuno-oncology assay is widely used in clinical trials because it helps in reducing the cost of research and also improves the efficiency of therapies. Additionally, these assays enable easy understanding of the compound’s response intended to mimic the tumor microenvironment. Furthermore, these assays offer important information to confirm the efficiency of a drug and also provide easier & faster analysis of cancer. This is further anticipated to foster the growth of the immuno oncology assays market.

North America is expected to gain significant growth over the forecast period and this is attributed to the increased spending by the government on the research and development for developing novel drugs and biomarkers. According to the 7 American Medical Association, a recent estimate of cancer drug R&D spending was $2.7 billion (2017 US dollars). Also, the presence of strong players in the region such as Thermo Fisher and Illumina, Inc that are highly engaged in the clinical trials activities is further anticipated to foster the regional market growth.

Key Developments:

1.    1. In February 2020, Biocare Medical, a provider of innovative, automated immunohistochemistry (IHC) reagents and instrumentation, announced the launch of seven novel IVD IHC antibody markers for clinical diagnostics and research applications.

2.    2.  In December 2019, 2cureX AB announced that the company presented significant progression of the IndiTreat® test for individualizing immuno-oncological treatment at the ESMO IO Congress.

3.   3.   In November 2019, QIAGEN announced a series of agreements that expand its immuno-oncology assets for future commercialization of novel companion diagnostics for precision medicine in immuno-oncology, in particular, based on the powerful next-generation sequencing (NGS) technology.

Location: India

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