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PCR technology dominates immuno-oncology assay market

The global immuno-oncology assay market is expected to reach USD 6179 million by 2026, growing at a CAGR of 10.6 percent from 2020 to 2026, estimates Allied Market Research. The immuno-oncology assay market is witnessing significant growth, owing to increase in R&D activities in pharmaceuticals for the treatment of cancer. These assays are used in clinical trials, as they decrease the cost of research and manual labor and increase the efficiency of experiments and therapies. Moreover, they allow to understand a compound’s response, precisely intended to mimic the tumor microenvironment. Optimized cell-based assays deliver crucial information to confirm the efficiency of a drug or a compound in simple and progressively complex co-culture assays. In addition, they offer easier and faster analysis of cancer, and are automated as compared to conventional methods, thus fueling the immune-oncology assay market growth. However, high capital investment and dearth of skilled labors are the major factors that hinder the market growth. Conversely, technological development of automated immuno-oncology assay is projected to create lucrative opportunities for market growth during 2020–2026. In addition, surge in government initiatives toward biotech research is expected to create various opportunities in developing economies.

The consumables segment held the largest share of 60 percent in 2019, and is anticipated to remain the same during 2020–2026, with the usage of several kinds of reagents, kits, and instruments for performing the assays. However, software segment is anticipated to grow at the fastest rate during 2020–2026. Depending on technology, the PCR segment accounted for the majority of market share in 2019, and is anticipated to continue its dominance in coming years. This is attributed to the wide usage of PCR while performing oncology diagnosis and research. In addition, technological advancements in PCR technology like advent of real-time PCR contribute toward the growth of the segment.

The major players operating in the global immuno-oncology assays market are Luminex Corporation, Thermo Fisher Scientific Inc., Illumina Inc., Bio-Rad Laboratories Inc., Qiagen N.V., Becton, Dickinson and Company, Abcam Plc, Seegene Inc., Meso Scale Diagnostics LLC, and Randox Laboratories Ltd. The other players include Merck, Agilent Technologies, Quanterix, and Olink.

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