Future of Solid Tumor Testing Market: Key Dynamics, Size & Share Analysis

The Global Solid Tumor Testing Market size is projected to grow at a CAGR of around 8.0% during the forecast period, 2023-28. In recent years, genomic analysis has impacted the diagnosis, prognostication, monitoring, and treatment decision-making for different solid tumors. This has led to a continuous improvement in the development of molecular diagnostic technologies for the genomic evaluation of various solid tumors. Factors such as the rising incidence of cancer, increasing demand for personalized medicine, use of biomarkers in cancer profiling, improvement in cancer research funding, and technological advancements in the field of solid tumor testing are expected to drive the growth of the market. However, the high capital requirement for setting up a laboratory serves as a major challenge for the industry.

Top Challenges Impacting the Solid Tumor Testing Market Growth

Mounting Incidence of Cancer to Augment the Market Growth – The rising number of cancer patients in the world is the leading cause of the Global Solid Tumor Testing Market growth. The increasing geriatric population coupled with a sedentary lifestyle & other hereditary risk factors, are the major factors for the spike of cancer cases worldwide. For instance, the recent incidence trends projected by the American Cancer Society for FY2021 indicate a slight boost of nearly 2.50% compared to the earlier projections being postulated for FY2020.

Understanding the Core Segments in the Solid Tumor Testing Market

Solid Tumor Testing Market Size, Share & Industry Trends Analysis- By Type of Cancer (Prostate Cancer, Breast Cancer, Colorectal Cancer, Endometrial Cancer, Melanoma, Lung Cancer, Thyroid Cancer, Brain Cancer, Ovarian Cancer, Liver Cancer, Other Cancer Types), By Application (Clinical [Diagnostics, Treatment and Monitoring, Screening, Prognostics], Research [Biomarker Discovery, Personalized Medicine]), By End Users (Hospitals, Diagnostic Laboratories, and Reference Laboratories, Pharmaceutical & Biotechnology Companies, Contract Research Organizations [CROs], Academic Research Institutions, Others.

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Geographical Analysis of the Solid Tumor Testing Market

  • North America
  • South America
  • Europe
  • The Middle East & Africa
  • Asia-Pacific

Of all the regions, the North American Solid Tumor Testing market is expected to be primarily driven by technological advancements to advance & broaden the overall scope of the oncology-based molecular diagnostic industry. 

Who Dominates the Solid Tumor Testing Market Insights on Key Industry Players?

Companies are strengthening their presence in the consumer electronics market by adopting strategies such as forming strategic alliances, leveraging AI, entering partnerships, pursuing mergers and acquisitions, expanding into new regions, and introducing innovative products and services.d

  • Abbott Laboratories
  • ARUP Laboratories
  • ASURAGEN, INC.
  • Bio-Rad Laboratories, Inc
  • Beijing Genomics Institute (BGI) Genomics Co., Ltd
  • F. Hoffmann-La Roche Ltd
  • Guardant Health
  • Illumina, Inc.
  • Invivoscribe, Inc.
  • Invitae Corporation
  • Laboratory Corporation of America Holdings
  • NeoGenomics Laboratories, Inc.
  • Opko Health
  • OmniSeq
  • QIAGEN N.V
  • Quest Diagnostics Inc
  • Others

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