Immuno-Oncology Market

Global Immuno-Oncology Market Size (2024 to 2029)

The global immuno-oncology market is forecasted to grow at a CAGR of 13.20% from 2024 to 2029. As a result, the market size is expected to value USD 10.73 billion by 202 from USD 5.77 billion in 2024.

Immuno-Oncology is a field of treatment for Cancer in which attempts are made to treat Cancer with the body's immune system. The immunotherapies work well when paired with other treatments like surgeries and chemotherapies for Cancer. There are multiple ways in which an immuno-oncology process is carried out, and these different processes are meant to target various problems. General immunotherapies support the immune system by boosting interleukins and interferons and increasing the production of white blood cells in the bone marrow. However, the Cancer targeted immuno therapies (immuno-oncology) are a different process. As the body's immune system builds immune checkpoints to protect its cells from the immune system, these checkpoints can also protect cancer cells, thus enabling their growth. Therefore, the immuno-oncology treatment procedure uses immune checkpoint inhibitors like PD-1, PDL-1 inhibitors, CTLA-4 inhibitors, etc., to help fight Cancer. In addition, the therapy also uses Monoclonal antibodies, bispecific antibodies, Therapeutic Vaccines, Adoptive T-cell transfer, etc., to improve immune ability and increase the chances of recovering from Cancer. 

MARKET DRIVERS

The increasing number of cancer cases worldwide and the growing favor for the immuno-oncology treatment of Cancer will propel the immuno-oncology market growth.

According to WHO statistics, Cancer is the leading cause of death worldwide, with over 10 million deaths in 2020, and around 400,000 children develop Cancer yearly. Thus, the requirement for personalized treatment and increased cancer deaths are anticipated to fuel the market's growth rate. Furthermore, investment from the government, a rise in research and developments, and acceptance of the treatment method in the western regions are expected to promote the immuno-oncology market. 

Rise in the technological advancements of immuno-oncology to accelerate the growth of the immuno-oncology market.

Immuno-oncology is considered a very effective growing field because of the continuous development of new products and technologies. For instance, the therapy is trying to have more rational combinations, next-gen co-stimulatory molecules, and use of novel biomarkers, and improved toxicity management. In addition, its wide acceptance and benefits, like fewer side effects than conventional cancer treatments like chemotherapy, make it a preferred therapy method. Additionally, more clinical trials and therapies are now being accepted by the FDA, leading to more scope for the market. Therefore, the field's promising future is predicted to ensure the growth of the immuno-oncology market.

Additionally, immuno-oncology has several advantages, due to which it is seeing a rise in the market. Immuno-oncology has fewer side effects compared to other cancer treatment procedures. It can also be effective when all other treatment procedures, like chemotherapy and radiation, fail to eliminate Cancer. It also makes Cancer less likely to return to the body. Therefore, the growing preference for the treatment procedure supports the growth of the market during the forecast period. Furthermore, the growing research and development in the immuno-oncology field support the market's growth. There have been several emerging trends in clinical trials and diagnostics, as well as drug developments, that support the market growth in the forecast period. 

MARKET RESTRAINTS

The high costs of treatment in immuno-oncology therapy compared to chemotherapy or radiotherapy, the stringent guidelines during approval by the FDA, various difficulties faced during the clinical trials, manufacturing, and production due to limited expertise in the field, and unfavorable return policies are expected to hinder the growth of the immuno-oncology market. Additionally, immuno-oncology therapies can result in several side effects like weight gain, diarrhea, fever, heart palpitation, etc., leading to reluctance toward the therapies. They can also cause an attack on the body's organs like kidneys, lungs, liver, heart, etc., in an attempt to find the cancer cells which can cause damage. Immuno-oncology may not be suitable for all body types and requires caution when performed. Therefore, the several drawbacks of the procedure lead to a drawback for the market. 

Impact of COVID-19 on the global immuno-oncology market

The COVID-19 pandemic has severely impacted the healthcare sector as the number of cases was rising, and the number of hospitals and healthcare professionals was falling short. 

Moreover, as more preference was given to the patients diagnosed with COVID-19, the other treatment sectors were postponed, and cancer patients were no exception. As a result, the treatment for cancer patients was delayed, and even the diagnosis for cancer testing was pushed back, negatively impacting the immuno-oncology market. Approximately 2.3 million cancer surgeries were postponed, according to a study. However, the study also noticed that a group of individuals affected by COVID-19 carried some malignancies, so the pandemic pushed the market regarding instrument assays. The market is expected to recover from losses after the pandemic. Therefore, the epidemic has had a mixed impact on the immuno-oncology market. 

 REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Immuno-Oncology Market Analysis By Product & Services

In 2023, the consumables segment was the most significant contributor to the immuno-oncology tests market. The demand for consumables in vast quantities instead of instruments is the primary driver of this segment's growth. In addition, the growing research and development in cancer treatments and new methods lead to demand for assays and consumables for better clinical trials. 

The latest developments and launch of instruments for immuno oncology by several key market players lead to growth for the segment. For example, Thermpfisher provides a broad catalog of tools necessary for research in immuno oncology, like, protein and cell analysis tools. 

Global Immuno-Oncology Market Analysis By Technology

The PCR segment had the largest share in the global immuno-oncology market in 2023. This segment is developing due to the increasing usage of PCR in immuno-oncology biomarker identification and discovery research.

The immunoassay segment is also expected to grow due to some standard immunoassays like ELISA and RIA. In addition, immunoassays are extremely useful in diagnostic and research processes, leading to market growth. 

Global Immuno-Oncology Market Analysis By Application

The market for immuno-oncology tests was dominated by the research applications segment in 2023. However, the growing importance of biomarker-based medication development is propelling this segment forward.

The growing applications of immuno oncology in diagnostic procedures to detect Cancer supports the growth of the clinical diagnostics segment. The use of tools like predictive biomarkers for cancer analysis supports the segment.

REGIONAL ANALYSIS

The North American immuno-oncology market and Europe are expected to dominate the worldwide immuno-oncology market during the forecast period. This domination can be attributed to the prevalence of cancer cases and established vital market players along with the acceptance of immuno-oncology in western countries like the U.S, Canada, the U.K., France, Italy, Germany, and others. Furthermore, the growing disposable incomes and rising awareness regarding the importance of cancer treatment in the region support the market's growth. Additionally, the availability of several clinical research centers and advanced equipment is expected to push the market forward during the forecast period. 

The Asia-pacific immuno-oncology market is also expected to contribute a considerable market share during the forecast period. The growth can be related to the increased awareness about immuno-oncology in developing countries, cancer prevalence, and the preference for immuno-oncology over chemotherapy in countries like India, China, Japan, South Korea, etc. it is anticipated that there could be around 4,820,000 cancer diagnoses and 3,210,000 deaths in China in 2022. The growing geriatric population and rising need for advanced healthcare in the region also push the market forward. 

KEY MARKET PARTICIPANTS

Companies playing a significant role in the global immuno-oncology market profiled in this report are AstraZeneca, Eli Lilly and Company, GlaxoSmithKline Plc., Janssen Biotech, Novartis AG, Takeda Pharmaceuticals, Bristols Myers Squibb, Celgene Corporation, F. Hoffmann-La Roche AG, Amgen Inc., Incyte, Pfizer, Roche Sanofi, and Spectrum Pharmaceuticals.

RECENT MARKET DEVELOPMENTS

• In July 2022, Ildong pharmaceuticals entered an agreement with Twist Biosciences to license its VHH antibody libraries to develop applications for immuno-oncological treatments. The library has been used for discovering and developing antibodies and research work supported by Ildongs licensing for over three years. 
• In June 2022, Astellas paid an upfront payment of USD 90 million and entered an alliance with the U.S.-based Biotech Sutro Biopharmacy to develop a series of antibody-drug conjugates for Cancer. The research focuses on people who do not respond to immuno-oncology treatments. The research and development concentrate mainly on "cold tumors," meaning tumors that are not affected by the infiltration of the immune system. 
• In July 2020, HTG Molecular Diagnostics, Inc. (the US) released its HTG EdgeSeq Pan B-Cell Lymphoma Panel.
• In August 2019, the National University of Singapore (NUS) and the National University Hospital (NUH) launched Singapore's first integrated translational R&D hub, combining biochemical innovation and research data analytics to create new methods for translating clinical research into clinical diagnostics.
• In January 2019, Takeda announced the collaboration to speed up the development of next-generation cancer immunotherapies.
• BeiGene, the pharmaceutical company, still needs to convince to take a partnership deal with Leap Pharmaceuticals and invest in developing the DKN-01 Monoclonal Antibody, even after three years of convincing. The latter is now looking for new companies to form a partnership with. 

DETAILED SEGMENTATION OF THE GLOBAL IMMUNO-ONCOLOGY MARKET INCLUDED IN THIS REPORT

This research report on the global immuno-oncology market has been segmented and sub-segmented based on product & service, technology, application & region.

By Product & Services

• Consumables
• Instruments
• Software

By Technology

• PCR
• Immunoassay
• NGS
• ISH
• Flow Cytometry

By Application

• Research Applications
• Clinical Diagnostics

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa