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What Is the Forecast for the Solid Tumor Testing Market Growth in 2025?
The market for solid tumor testing has experienced significant growth in the past years. The market size is predicted to increase from $27.96 billion in 2024 to $30 billion in 2025, with an impressive compound annual growth rate (CAGR) of 7.3%. Factors contributing to this historic growth are advancements in precision medicine, challenges in tumor-specific drug delivery, decreased therapeutic efficacy, unsustainable costs, and simplistic approaches taken towards cancer chemotherapies.
What Is the Forecast for the Solid Tumor Testing Market Size Through 2029?
The market size for solid tumor testing is anticipated to experience robust expansion in the coming years. It is projected to increase to $40.06 billion by 2029, with a compound annual growth rate (CAGR) of 7.5%. The anticipated growth during the forecast period is due to factors such as an increased incidence of cancer, expanded health care infrastructure, advent of artificial intelligence and Internet of Things-enabled diagnostic tools, and heightened governmental initiatives. Key trends for this timeframe include progress in diagnostic tools, introduction of therapies based on nanocarriers, strategic partnerships, and the development of next-generation testing devices.
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What are the Key Market Players in Solid Tumor Testing Market and How They’re Evolving?
Major companies operating in the solid tumor testing market include 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.
What Are the Primary Growth Drivers in the Solid Tumor Testing Market?
The solid tumor testing market is projected to expand due to an anticipated rise in cancer prevalence. Cancer is distinguished by the body’s irregular cells proliferating and spiraling out of control. These irregular cells, termed cancer cells, can penetrate nearby tissues and organs, and, in some situations, disseminate to other body parts via the bloodstream or lymphatic system. The majority of adult cancers are solid tumors, accounting for approximately 90%. Solid tumor testing assists in the identification of cancer cells in the blood of patients with solid tumors, even when the cancer cannot yet be detected by imaging exams. For example, the Centers for Disease Control and Prevention, a national public health institution in the US, reported in June 2023 that there were 1,603,844 new cancer diagnoses and 602,347 cancer-related fatalities in the US in 2020, with 403 new cancer diagnoses and 144 cancer-related deaths per 100,000 people. Consequently, the escalating prevalence of cancer is propelling the growth of the solid tumor testing market.
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What Are the Leading Segments in the Global Solid Tumor Testing Industry?
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
Subsegments:
1) By Genetic Testing: Next-Generation Sequencing (NGS), Polymerase Chain Reaction (PCR), Fluorescence In Situ Hybridization (FISH)
2) By Conventional Testing: Histopathology, Cytology, Imaging Techniques
What Are the Key Market Trends in the Solid Tumor Testing Industry?
The emergence of inventive liquid biopsy test solutions is a significant trend gaining momentum in the solid tumor testing market. Major players in the field of solid tumor testing are making a strategic move towards developing these cutting-edge liquid biopsy test solutions to fortify their market stand and achieve a competitive edge. As an illustration, in June 2020, NeoGenomics Inc., a testing laboratory firm based in the US, introduced a comprehensive set of three solid tumor liquid biopsy tests aimed at cancer sufferers. These hi-tech tests are engineered to identify cancer cells in a patient’s blood related to solid tumors, even before the cancer is detectable via any imaging tests. These tests hold potential to aid medics in making decisions regarding any further requirements of testing or the best possible treatment. Besides, this method of testing is non-invasive, enables early detection, can lend itself to individualized treatment strategies, and has received FDA clearance. Additionally, the three new tests introduced promise to have a turnaround time of seven days or less, which is capable of conserving a significant amount of time for clinicians.
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What Is the Regional Outlook for the Solid Tumor Testing Market?
North America was the largest region in the solid tumor testing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solid tumor testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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This Report Delivers Insight On:
1. How big is the solid tumor testing market, and how is it changing globally?
2. Who are the major companies in the solid tumor testing market, and how are they performing?
3. What are the key opportunities and risks in the solid tumor testing market right now?
4. Which products or customer segments are growing the most in the solid tumor testing market?
5. What factors are helping or slowing down the growth of the solid tumor testing market?
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