The major players in immuno-oncology assays market are Thermo Fisher Scientific, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Agilent Technologies, Inc. (US), Illumina, Inc. (US), NanoString Technologies, Inc. (US), Sartorius AG (Germany), HTG Molecular Diagnostics, Inc. (US), QIAGEN N.V. (Netherlands), Merck Millipore (US), PerkinElmer, Inc. (US), Abbott Laboratories, Inc. (US), Guardant Health, Inc. (US), bioMérieux SA (France), Myriad Genetics, Inc. (US), MESO SCALE DIAGNOSTICS, LLC. (US), Seegene Inc. (South Korea), Bio-Rad Laboratories, Inc. (US), Charles River Laboratories, Inc. (US), Olink (Sweden), ASURAGEN, INC. (US), Invivoscribe, Inc. (US), Creative Biolabs (US), ReachBio LLC (US), and NMI Technologietransfer GmbH (Germany).

Thermo Fisher Scientific, Inc. held the leading position in the immuno-oncology assays market in 2020. The company has maintained a leading position in the market through its strong distribution networks across North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The company adopts organic growth strategies to increase its dominance in this market. For instance, in 2018, Thermo Fisher launched three assays, namely, Oncomine TCR Beta-SR Assay, Ion Torrent Oncomine Pan-Cancer Cell-Free Assay, and Torrent Oncomine Tumor Mutation Load Assay to address the challenges in this market. Such developments have helped the company to significantly expand its product line and thereby enhance its visibility in the immuno-oncology assays market. The company intends to adopt new technologies and partner with new businesses to complement its existing business segments.

In 2020, F. Hoffmann-La Roche Ltd. accounted for the second-largest share of the immuno-oncology assays market. The company has an extensive product portfolio based on various technologies such as PCR, IHC, CISH, and FISH. It has a wide geographic presence that spans North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with a strong direct and indirect distribution network across the globe. In order to sustain its leading position in the market, the company pursues inorganic growth strategies.

Illumina’s leading position in this market can be attributed to its strong sales and distribution network across the globe, which enables it to effectively market its products in various countries. Illumina invests a significant amount of its revenue on R&D. This enables the company to develop and launch new products in the market. For instance, in 2018, the company launched its TruSight Oncology 500 assay, which is used to identify known and emerging tumor biomarkers. The company also focuses on collaborations and partnerships with leading players in the market to co-develop advanced technologies and strengthen its research and commercialization capabilities.

Expected Revenue Growth:

The global immuno-oncology assays market is projected to reach USD 7.9 billion by 2026 from USD 4.4 billion in 2021, at a CAGR of 12.5%.

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Major Revenue Segments:

Emerging economies such as China, India, South Korea, Brazil, and Mexico offer significant growth opportunities to major market players. This can be attributed to their low regulatory barriers, improvements in healthcare infrastructure, growing patient population, and rising healthcare expenditure. The regulatory policies in the Asia Pacific are more adaptive and business-friendly than those in developed countries. This, along with the increasing competition in mature markets, has drawn key players in the immune oncology assays market to focus on emerging countries.

The global immuno-oncology assays market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the global immuno-oncology assays industry. The North American market’s growth can be attributed to the increasing demand for personalized medicine, rising adoption of advanced omics technologies for biomarker discovery, and growing government support for the discovery and development of biomarkers.