(PharmaNewsWire.Com, March 25, 2020 ) The growth of immuno oncology assays market is primarily driven by factors such as the increasing adoption of targeted therapy over traditional therapy and increasing demand for mAbs. However, the high cost of immunotherapy treatment and the high attrition rate in the product development cycle are the major factors that are expected to restrain the growth of this market during the forecast period.
The immuno oncology assays market is expected to reach $5.9 billion by 2024 from $2.9 billion in 2018, at a CAGR of 12.7% during the forecast period.
The research applications segment is growing at the highest rate.
Research applications dominated the market with the largest share in 2018. It is also projected to be the fastest-growing segment during the forecast period. The rising prominence of biomarker-based drug development and clinical trials and the emergence of cancer immunotherapy are the key factors driving market growth.
Asia Pacific to grow at the highest CAGR during the forecast period
The immuno oncology assays market is divided into four major regions— North America, Europe, Asia Pacific, and the Rest of the World (RoW).
Asia Pacific is estimated to grow at the highest CAGR during the forecast period. The growing number of CROs in the region, increasing awareness about early detection of cancer, and the shift of manufacturers’ and suppliers’ focus from developed economies to emerging economies are some factors supporting the growth of this region.
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