What Has Been the Growth Trajectory for the Solid Tumor Testing Market in Recent Years?
The solid tumor testing market has seen considerable growth due to a variety of factors.
•In recent times, the market size for solid tumor testing has seen robust growth. The market, which is projected to raise from $27.96 billion in 2024 to $30 billion in 2025, is expected to have a compound annual growth rate (CAGR) of 7.3%.
The historical growth has been driven by factors such as personalized or precision medicine, inadequate tumor-specific drug delivery, low treatment effectiveness, prohibitive expenses, and simplified approaches to cancer chemotherapy treatments.
How Does the Forecast Look for the Solid Tumor Testing Market?
The solid tumor testing market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for solid tumor testing is predicted to experience robust growth. The expected rate of growth is a compound annual growth rate (CAGR) of 7.5%,
leading to a market value of $40.06 billion by 2029. The projected growth within this period can be associated with a rising cancer prevalence, enhancement in healthcare infrastructure, emergence of AI and IoT-based diagnostic tools, and escalating government initiatives. The forecast period is also set to see significant trends like the development of diagnostic instruments, the launch of nanocarrier-based treatments, strategic partnerships, and the advent of next-generation testing devices.
What Main Forces Are Fueling Expansion In The Solid Tumor Testing Market?
The projected rise in cancer prevalence is likely to fuel the expansion of the solid tumor testing market. Cancer is characterized by the body's rogue cells proliferating and spreading uncontrollably. These abnormal cells, referred to as cancer cells, can infiltrate nearby tissues and organs, and in some circumstances, they can disseminate to other body parts via the bloodstream or lymphatic system. Approximately 90% of adult cancers are solid tumors. Solid tumor testing aids in identifying cancer cells within the blood of patients bearing solid tumors, even before the cancer becomes detectable via imaging tests. For instance, a report released by the Centers for Disease Control and Prevention, a US-based national public health agency, in June 2023 indicated that there were 1,603,844 new cancer cases and 602,347 cancer-related deaths in the US in 2020. Further, 403 new cancer cases and 144 cancer-related deaths were reported per 100,000 people. Thus, the escalating prevalence of cancer is stimulating the development of the solid tumor testing market.
What Are The Primary Segments In The Global Solid Tumor Testing Market?
The solid tumor testing market covered in this report is segmented –
1) By Type: Genetic Testing, Conventional Testing
2) By Cancer Type: Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Cervical Cancer
3) By Application: Clinical, Research
4) By End-Users: Hospitals, Pharmaceutical And Biotechnology Companies, Contract Research Organizations, Academic Research Institutions
Subsegments:
1) By Genetic Testing: Next-Generation Sequencing (NGS), Polymerase Chain Reaction (PCR), Fluorescence In Situ Hybridization (FISH)
2) By Conventional Testing: Histopathology, Cytology, Imaging Techniques
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Which Key Trends Are Driving Changes In The Solid Tumor Testing Market?
The trend of innovative liquid biopsy test solutions is gaining traction in the solid tumor testing market. To secure their standing and competitive edge in the market, key companies are committed to the development of these innovative biopsy testing solutions. For instance, NeoGenomics Inc., an American testing laboratory firm, rolled out a comprehensive selection of three liquid biopsy tests for solid tumors in June 2020. These groundbreaking tests are capable of detecting cancerous cells in solid tumor patients' blood, even before the cancer is identifiable via imaging tests. Doctors can utilize these tests to inform decisions regarding further testing or treatment. These tests are non-invasive, facilitate early detection, contribute to personalized treatment plans, and have FDA approval. Additionally, the three new tests guarantee results in seven days or less, which can significantly reduce the time burden on clinicians.
Who Are the Key Players in the Solid Tumor Testing Market?
Major companies operating in the solid tumor testing market include:
• Johnson & Johnson Ltd
• Roche Diagnostics Corporation
• Thermo Fisher Scientific Inc.
• Abbott Molecular Inc.
• Becton Dickinson And Company (BD)
• Quest Diagnostics Incorporated
• Tosoh Corporation
• Agilent Technologies Inc.
• bioMerieux Inc.
• Beckman Coulter Inc.
• Bio-Rad Laboratories Inc.
• QIAGEN GmbH
• Miltenyi Biotec GmbH
• Natera Inc.
• Myriad Genetics Inc.
• Novocure Inc.
• Invitae Corporation
• Guardant Health Inc.
• Foundation Medicine Inc.
• Epic Sciences Inc.
• Biocare Medical LLC
• Agena Bioscience Inc.
• Caris Life Sciences Inc.
• 20/20 Gene Systems Inc.
• Grail Inc.
• Avant Diagnostics Inc.
• Genomic Testing Cooperative
• Eutropics Pharmaceuticals Inc.
• Anixa Biosciences Inc.
• Cellular Biomedicine Group.
What Is The Most Dominant Region In The Solid Tumor Testing Market?
North America was the largest region in the solid tumor testing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solid tumor testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
