Global Solid Tumor Testing Market

The Solid Tumor Testing Market size was valued at USD 40.73 Billion in 2023 and the total Solid Tumor Testing revenue is expected to grow at a CAGR of 7.85% from 2024 to 2030, reaching nearly USD 69.13 Billion.

Solid Tumor Testing Market Overview:

Solid tumors are abnormal masses of tissue that do not generally contain cysts or liquid regions. Solid tumors can be benign (not cancerous) or malignant (cancerous). Different types of solid tumors are named for the type of cells that form them. Sarcomas, carcinomas, and lymphomas are examples of solid tumors. A solid tumor is one of the most prevalent causes of death, despite enormous efforts to explore solid tumor biology and developed test for the diagnosis of solid tumors.

The solid tumor testing market has increased as a result of an increase in the geriatric population that is prone to solid tumors, a rise in the prevalence of bladder tumors, prostate tumors, breast tumors, colorectal tumors, endometrial tumors, lung tumors, melanoma tumors, brain tumor, thyroid tumor, liver tumor, ovarian tumor & other tumors, and a rise in demand for the minimally invasive procedure for the diagnosis of solid tumors.

According to the American Cancer Society, nearly 1.9 million new cancer cases are expected to be diagnosed in the United States in 2022, with 609,360 cancer deaths. According to the National Cancer Institute of the United States Department of Health and Human Services, about 151,030 new cases of colorectal cancer would be diagnosed in the United States by the end of 2022. Additionally, an estimated 1,369,004 persons in the United States were living with colorectal cancer in 2019, and around 4.1% of men and women would be diagnosed with colorectal cancer at some point in their lives.

Besides that, an increase in unhealthy lifestyles, smoking, alcohol use, an increase in use of supplements and steroids, and an increase in the use of fertilizers are expected to raise the instances of solid tumors and enhance the growth of the solid tumor testing market. Additionally, technological breakthroughs, product launches, and major player strategies such as acquisition, partnership, and agreement promote the growth of the solid tumor testing market during the forecast period.

However, the high cost of testing treatment, scarcity of skilled medical professionals, inadequate healthcare infrastructure in developing countries, stringent regulatory policies, and a lack of awareness among people are the factors expected to restrain the solid tumor testing market growth during the forecast period.To know about the Research Methodology :- Request Free Sample Report

Solid Tumor Testing Market Dynamics:

Rising private diagnostic centers

The number of private diagnostic centers is increasing rapidly across the world as the demand for diagnostic imaging operations rises and the load on public hospitals grows due to the restricted number of imaging techniques available. In January 2022, FUJIFILM Corporation established NURA, a cancer screening medical screening center in Bangalore, India. FUJIFILM DKH LLP (FUJIFILM DKH) and Dr. Kutty's Healthcare run this medical screening center (DKH). FUJIFILM DKH LLP (FUJIFILM DKH) is a FUJIFILM and Dr. Kutty's Healthcare (DKH) joint venture that operates hospitals and screening facilities throughout India and the Middle East. As a result, the rising number of private diagnostic centers is expected to increase the market demand and drive the solid tumor testing market during the forecast period.

High Prevalence of Various Cancer Types

Cancer is a leading cause of mortality globally, accounting for nearly 10 million deaths in 2020, or nearly one in six deaths. Breast, lung, colon, rectum, and prostate cancers are the most prevalent. Tobacco use, a high BMI, alcohol use, a lack of fruits and vegetables, and a lack of physical exercise, as well as a poor diet, physical inactivity, and air pollution, are responsible for around one-third of cancer occurrences. Infections that cause cancer, such as human papillomavirus (HPV) and hepatitis, account for around 30% of cancer cases in low- and lower-middle-income countries.

As a result, the rising prevalence of various forms of metastatic cancer is expected to drive market growth. The prevalence of many malignant conditions is increasing rapidly. Lung, colorectal, breast, and liver cancers are expected to necessitate extra tumor testing, driving the solid tumor testing market. Brain and neuroblastomas are the most prevalent forms of solid tumors; rhabdomyosarcoma and osteosarcoma are less common types of solid malignancies that require the testing frequently and are further expected to increase the solid tumor testing market growth during the forecast period.Increased Spending on healthcare infrastructures

Rising healthcare spending on infrastructure and increasing adoption of technological innovations in the healthcare industry is expected to impact the solid tumor testing market significantly during the forecast period. Additionally, several government organizations are working toward improving the healthcare systems by increasing spending and rising medical tourism campaigns, and this is further expected to increase market growth.

Likewise, increased efforts by governmental and private organizations to raise awareness about solid tumor testing, as well as rising demand for highly effective chemotherapeutic drugs are expected to drive the growth of the solid tumors market during the forecast period. People's increasingly sedentary lifestyles and the increased prevalence of numerous cases of solid tumors are further factors driving the growth of the solid tumor market. An increased level of discretionary income and a growing number of elderly people are expected to drive market growth.

High Treatment Costs and scarcity of trained professionals

Recent improvements in research and medication methods have made significant progress toward better prevention, earlier diagnosis, and better results for many malignancies/ cancers. However, the high cost of performing the treatment is expected to restrain the solid tumor testing market's growth rate during the forecast period.

The costs for the testing are expensive. For patients and their families, the costs associated with direct cancer care are staggering. In 2018 cancer patients in the U.S. paid USD 5.6 billion out of pocket for cancer treatments, including surgical procedures, radiation treatments, and chemotherapy drugs. In addition, the solid tumor testing market is further expected to be constrained by the challenge of developing economies' insufficient healthcare infrastructure and a scarcity of skilled medical personnel.

Growing number of research and development projects

Cancer is among the leading causes of death worldwide, accounting for 19.3 million cases and 10 million cancer deaths in 2020 according to global 2020. According to the world health organization (WHO), the number of annual cancer cases will rise by 22 million by 2030. Research on cancer development, treatment, and prevention, as well as basic research in this area, is essential to reduce the burden of this disease. Cancer is the disease most feared by populations, and a majority of peoples believes that accelerating research to improve health is a top or high priority.

As a result, an increase in the number of R&D-related activities for cancer diagnosis provides attractive growth opportunities for the solid tumor testing market. In addition, increasing investments in the advancement of cutting-edge technologies and the emergence of new markets are expected to provide potential opportunities to grow the solid tumors market during the forecast period. However, increased efforts by public and private groups to raise awareness, as well as a growing need for highly effective chemotherapeutic drugs, are also expected to provide significant potential in the solid tumor testing market.

Solid Tumor Testing Market Segment Analysis:

By Testing Type, the Non-Conventional testing type segment dominated the global solid tumor testing market with the highest market share in 2023. The segment is further expected to grow at a CAGR of 7.78% and maintain its dominance at the end of the forecast period. a rapidly increasing growth in the use of genetic testing in solid tumor testing for the diagnosis of solid tumors, an increase in the development of genetic testing products and solutions, and a rise in awareness regarding genetic testing for the diagnosis of solid tumors amongst populations are expected to be the key factors that drive the growth of solid tumor testing market size during the forecast period. In addition, segment growth is also expected to increase because of the rise in research & development activities, which has ultimately resulted in the identification of an increasing number of biomarkers.

The Next-Generation Sequencing (NGS) sub-segment held the largest revenue share in 2023. The sub-segment is further expected to grow at the highest CAGR and dominated the solid tumor testing market by end of the forecast period. This testing type is a breakthrough technology that enables higher throughput analyses, improved cost-effectiveness, speed, enhanced sensitivity, and specificity to the diagnostic procedure. Since an efficient solid tumor treatment requires molecular analysis of multiple parameters, it is essential to conduct simultaneous screening of multiple genes rather than a gene-by-gene screening. While NGS technologies were first designed for research purposes, they may now be utilized in clinical diagnostics in conjunction with laboratory-derived procedures.

As genomics-focused pharmacology becomes more important in cancer therapy, next-generation sequencing is developing as a viable technique. It delivers more useful, in-depth, and precise genetic foundations of particular cancers. As cancer treatments become more targeted, NGS-driven companion diagnostics are increasingly driving therapy selection to improve future patient outcomes.

The advantages of NGS over traditional approaches include accuracy, sensitivity, and speed, all of which have the potential to profoundly alter the area of cancer. The capacity of NGS to analyze several genes in a single experiment eliminates the need for additional tests to identify the mutation. The time required to process the diagnosis is reduced with a multigene approach, which provides more cost-effective solutions and eliminates the danger of depleting valuable clinical samples. The aforementioned reasons are expected to increase the testing type for solid tumor diagnosis and segment revenue growth throughout the forecast period.

Solid Tumor Testing Market Regional Insights:

North American market held the largest market share of about 48% and dominated the global solid tumor testing market in 2023. The region is further expected to grow at the highest CAGR of 7.79%. The rising number of cancer cases, robust healthcare infrastructure, and growing adoption of modern technologies in the region are expected to be the major driving factors for the growth of the solid tumor testing market during the forecast period.The United States held the largest market share of the North American solid tumor testing market in 2023. The region is expected to grow at the highest CAGR during the forecast period. The increasing incidence rates of cancer amongst the population and increasing awareness among people, high growth in the molecular diagnostics market, presence of major players in the region, and the presence of developed healthcare infrastructure are propelling the growth of the market in the forecast period.

In addition, increasing adoption of inorganic growth strategies by major competitors in the market, and increasing research funding from the national cancer institute are also expected to be the major growth factors driving the solid tumor testing market during the forecast period. Besides that, informatics and technological innovation for a larger consumer base, and a rapid increase in the adoption of genetic testing in the region are expected to offer lucrative growth opportunities for the market during the forecast period.

Asia-Pacific region is expected to grow at the highest CAGR and dominate the global solid tumor testing market in terms of revenue share at the end of the forecast period. The rising geriatric populations, changing lifestyles, adoption of a sedentary life, rising stress, and obesity amongst the population lead to the increase in cancer cases. Due to this, the demand for solid tumor testing is expected to increase significantly during the forecast period.

As a result, the Asia-pacific region is expected to offer lucrative growth opportunities for the Asia-pacific solid tumor testing market during the forecast period. In addition, growing healthcare infrastructure and increasing government initiatives are expected to further drive the market's growth rate in this region. Increased medical tourism, new ICT rules in Japan, investments and reforms to upgrade China's healthcare infrastructure, and rapid growth in India's healthcare industry are the major drivers driving the Asia-pacific solid tumor testing market growth in the forecast period.The China market is expected to lead the Asia-pacific solid tumor testing market at the end of the forecast period. The rising aging population, increasing healthcare infrastructure, and rising government initiatives regarding awareness about cancer in the region are expected to be the major growth drivers for the market growth in China. India is expected to offer lucrative growth opportunities for the solid tumor testing market. The rising medical tourism, growing healthcare industry, as well as rising government initiatives and funding for research and development activities are expected to be major factors for the market growth.

The Middle East & Africa region is expected to grow at a moderate CAGR during the forecast period. The high cost of testing and moderate healthcare infrastructure in the region is expected to be the major obstacles to market growth. In addition, the South American region is also experiencing a slow growth rate during the forecast period. Rising government funding for the healthcare industry and R&D activities are expected to benefit the solid tumor testing market during the forecast period.

Solid Tumor Testing Market Scope: Inquiry Before Buying

Solid Tumor Testing Market, by Region

 North America (United States, Canada and Mexico)
 Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
 Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
 Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
 South America (Brazil, Argentina Rest of South America)

Solid Tumor Testing Market, Key Players are

1. Abbott Laboratories
2. Agilent Technologies
3. 20/20 Gene Systems Inc.
4. Thermo Fisher Scientific, Inc.
5. Avant Diagnostics, Inc.
6. Advanced Cell Diagnostics, Inc.
7. Agena Bioscience, Inc.
8. Bio-Rad Laboratories, Inc.
9. Johnson & Johnson`
10. Biocare Medical, LLC.
11. ARUP Laboratories
12. Caris Life Sciences.
13. F. Hoffmann-La Roche Ltd
14. Genomic Testing Cooperative
15. Guardant Health
16. HTG Molecular Diagnostics, Inc.
17. Illumina, Inc.
18. Invitae Corporation
19. Invivoscribe, Inc.
20. Laboratory Corporation of America Holdings
21. NanoString
22. NeoGenomics Laboratories
23. Opko Health, Inc.
24. QIAGEN
25. Quest Diagnostics Incorporated.
26. Thermo Fisher Scientific, Inc.
27. VYANTbio.
28. MedGenome Labs Private Ltd.
29. Myraid Genetics, Inc.
30. Thermo Fisher Scientific, Inc.

FAQs:

1. What are the growth drivers for the Solid Tumor Testing market?
Ans. The increase in the geriatric population that is prone to solid tumors, a rise in the prevalence of tumors, Rising private diagnostic centers, High Prevalence of Various Cancer Types, and Increased Spending on healthcare infrastructure are expected to be the major driver for the Solid Tumor Testing market.

2. What is the major restraint for the Solid Tumor Testing market growth?
Ans. The high cost of testing treatment, scarcity of skilled medical professionals, inadequate healthcare infrastructure in developing countries, stringent regulatory policies, and a lack of awareness among people are expected to be the major restraining factor for the Solid Tumor Testing market growth.

3. Which region is expected to lead the global Solid Tumor Testing market during the forecast period?
Ans. The Asia-Pacific market is expected to lead the global Solid Tumor Testing market during the forecast period due to the rising geriatric populations, changing lifestyles, adoption of a sedentary life, rising stress, and obesity amongst the population leading to the increase in cancer cases.

4. What is the projected market size & growth rate of the Solid Tumor Testing Market?
Ans. The Solid Tumor Testing Market size was valued at USD 40.73 Billion in 2023 and the total Solid Tumor Testing revenue is expected to grow at a CAGR of 7.85% from 2024 to 2030, reaching nearly USD 69.13 Billion.

5. What segments are covered in the Solid Tumor Testing Market report?
Ans. The segments covered in the Solid Tumor Testing market report are Testing Type, Application, End User, and Region.