Healthcare and Medical

Global Solid Tumor Testing Market Analysis 2024 – Estimated Market Size And Key Drivers

Uday Kiran

Global Solid Tumor Testing Market Analysis 2024 – Estimated Market Size And Key Drivers

The Solid Tumor Testing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Solid Tumor Testing Global Market Report 2024, 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.

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.

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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

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.

The solid tumor testing market report table of contents includes: