Solid Tumor Testing Market Key Drivers, Overview 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Solid Tumor Testing Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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.

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Market Drivers and Trends:

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.

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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Major Key Players of the Market:

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.

Solid Tumor Testing Market 2024 Key Insights:

• 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%.
• Growing Cancer Prevalence Drives Solid Tumor Testing Market Expansion
• Innovative Liquid Biopsy Tests Drive Solid Tumor Testing Market Growth
• North America was the largest region in the solid tumor testing market in 2023

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