Solid Tumor Testing Market: Rapid Expansion Fueled by Technological Advancements and Increasing Disease Prevalence

The solid tumor testing market size has grown strongly in recent years. It will grow from $25.74 billion in 2023 to $27.78 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to personalized or precision medicine, poor tumor-selective drug delivery, low therapeutic efficacy, unsustainable costs, reductionist approaches to cancer chemotherapies.

The solid tumor testing market size is expected to see strong growth in the next few years. It will grow to $36.48 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to increasing prevalence of cancer, increasing healthcare infrastructure, emergence of ai and iot-based diagnostic devices, increasing government initiatives. Major trends in the forecast period include advancements in diagnostic tools, introduction of nanocarrier-based therapies, strategic collaborations, strategic collaborations, next-generation testing device.

Market Overview -
Solid tumor testing refers to the diagnostic and molecular testing conducted on solid tumors, which are masses or growths of abnormal cells that form in various body tissues. Solid tumor testing is used to detect cancer cells or cancer-related DNA in patients' blood with solid tumors, even if the cancer is not yet visible on imaging tests.

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Growing Cancer Prevalence Drives Solid Tumor Testing Market Expansion
An increase in the prevalence of cancer is expected to propel the growth of the solid tumor testing market going forward. Cancer is a condition marked by the body's aberrant cells growing and spreading out of control. These abnormal cells, known as cancer cells, can invade nearby tissues and organs and, in some cases, spread to other parts of the body through the bloodstream or lymphatic system. Most adult cancers are solid tumors, which is about 90%. Solid tumor testing is used to detect cancer cells in the blood of patients with solid tumors, even if the cancer is not yet visible on imaging tests. For instance, in June 2023, according to a report shared by the Centers for Disease Control and Prevention, a US-based national public health agency, there were 1,603,844 new cancer cases and 602,347 cancer-related deaths in the US in 2020, and 403 new cancer cases and 144 cancer-related deaths were reported for every 100,000 people. Therefore, the increasing prevalence of cancer is driving the growth of the solid tumor testing market.

Competitive Landscape -
Major companies operating in the solid tumor testing market report are 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.

Innovative Liquid Biopsy Tests Drive Solid Tumor Testing Market Growth
Innovative liquid biopsy test solutions are a key trend gaining popularity in the solid tumor testing market. Major companies operating in the solid tumor testing market are focused on developing innovative liquid biopsy test solutions to strengthen their position and gain a competitive advantage in the market. For instance, in June 2020, NeoGenomics Inc., a US-based testing laboratory company, launched its comprehensive suite of three solid tumor liquid biopsy tests for cancer patients. These innovative tests are designed to detect cancer cells in the blood of patients with solid tumors, even if the cancer is not yet visible on imaging tests. The tests can be used to help doctors make decisions about further testing or treatment. Additionally, it is non-invasive, has early detection, can be used to personalize treatment, and is FDA-approved. Moreover, these three new tests also have seven days or fewer turnaround times, which can save clinician's considerable time.

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Key Segments -

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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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