The global immuno oncology assays market to grow from USD 2.9 billion in 2018 to USD 5.9 billion by 2024, at a CAGR of 12.7% during the forecast period. The rising incidence of cancer and increasing adoption of targeted therapy are the key factors driving the market. Companion diagnostics have been identified as an area of opportunity for companies seeking to develop innovative products or capabilities in the market.

Based on product, the immuno oncology assays market is segmented into consumables and software. The consumables segment accounted for the larger market share in 2018. The large share of this segment is attributed to the availability of a wide range of reagents and kits, increasing use of reagents in different oncology therapeutic treatments, increasing research on cancer immunotherapy biomarkers and its applications in drug development, and easy accessibility to a wide range of reagents.

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Based on indication, the immuno oncology assays market is categorized into lung cancer, colorectal cancer, melanoma, bladder cancer, and other cancers (leukemia, thyroid cancer, kidney cancer, multiple myeloma and CNS, gastric cancer, liver cancer, pancreatic cancer, oral and pharynx cancer, stomach cancer, and ovarian cancer). Of all these segments, the lung cancer segment accounted for the largest share in 2018. Growth in this market segment is largely driven by the rapidly increasing global prevalence of lung cancer and the increasing R&D activities on lung immuno-oncology assays.

In terms of geographical coverage, the immuno-oncology assays market has been segmented into four regions—North America, Asia Pacific (APAC), Europe, and RoW. The Asia Pacific is projected to record the highest growth rate during the forecast period. China, Japan, and India are the major markets for immuno-oncology assays in the Asia Pacific. With the increasing demand for better healthcare services in developing economies and accurate diagnostic tests from the large patient population, the Asia Pacific region is expected to provide significant growth opportunities for immuno-oncology assay manufacturers. This region is considered the most lucrative market for immuno-oncology assays owing to the large patient population, rising healthcare needs, increasing focus on improving the quality of laboratory testing, strategic developments by leading players, and the rapid growth in the number of accredited laboratories.

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