Global Solid Tumor Testing Market is valued at approximately USD 25.47 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 7.0% over the forecast period 2023-2030. A solid tumour is characterized as an uncontrolled cell development that does not include fluids or cysts. For the early-stage diagnosis of tumors, solid tumour testing is used. Despite significant research into the biology of solid tumors and the development of tests for the detection of solid tumors, they remain one of the main causes of death. Genetic and conventional testing are the two methods used to diagnose solid tumors. The Solid Tumor Testing market is expanding because of factors such as the rising prevalence of cancer and new product approvals in ovarian, pancreatic, and prostate cancers.
The rising prevalence of cancer globally is fostering market growth, according to estimates from the International Agency for Research on Cancer (IARC), it is estimated worldwide burden of cancer is projected to reach 27.5 million new cases by 2040 from 1.9 million new cases in the year 2021. In addition, Increasing Government Initiatives for Cancer Awareness, and the presence of developed healthcare infrastructure are creating lucrative growth in the market. Moreover, the development of the solid tumour testing market is also fueled by technical improvements, the introduction of several products, and key competitors’ acquisition, partnership, and agreement tactics. For instance, Roche announced in August 2021 that the VENTANA MMR RxDx Panel has received approval from the U.S. Food and Drug Administration (FDA), advancing the company’s commitment to personalized healthcare through tests that identify which patients are most likely to benefit from particular and targeted therapies. The first companion diagnostic test to help with patient identification whose solid tumors are defective in DNA mismatch repair (dMMR) is the VENTANA MMR RxDx Panel. However, the high cost of Solid Tumor Testing stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Solid Tumor Testing Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue due to the prevalence of important market players and the increased frequency of diseases in the area. On the other hand, the Asia Pacific region is projected to have the highest CAGR during the forecast period due to a variety of factors, such as an increase in the target and geriatric populations, an increase in the number of product development collaborations, the geographic expansion of major players, and active participation by nonprofit and governmental organisations in the market..
Major market player included in this report are:
Quest Diagnostics Inc
Agilent Technologies Inc.
Biocare Medical LLC
F. Hoffmann-La Roche AG
MedGenome Labs Private Ltd
Myriad Genetics, Inc.
Thermo Fisher Scientific, Inc
Recent Developments in the Market:
Ø In December 2022, Leading biotechnology firm DragonFly Therapeutics, Inc. reported that the Phase-2 research of HER2 targeting TriNKET in patients with advanced solid tumors had dosed its first patient.
Ø In November 2022, CatalYm c announced it raised USD 54.77 million to boost its solid tumor trials and develop new testing.
Global Solid Tumor Testing Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Type, Application, End Use Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East& Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By End Use:
Pharmaceutical and biotechnology companies
Contract research organizations
Academic research institutions
Middle East & Africa
Rest of Middle East & Africa