Solid Tumor Testing Market Expected to Reach $46.7 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Solid Tumor Testing Market," The Solid Tumor Testing Market Size was valued at $23.8 billion in 2021, and is estimated to reach $46.7 billion by 2031, growing at a CAGR of 7% from 2022 to 2031.

Solid tumors, also known as solid cancers, is an abnormal growth of cells that do not contain liquid or cysts. These solid tumors can occur as benign (non-cancerous), which means they do not spread to other parts of the body; or can occur as malignant (cancerous) hence having the capability of spreading to other parts of the body if they are not treated promptly.

The Solid Tumor Testing Market Trends are the rise in the prevalence of solid tumors and the rise in the geriatric population that is more vulnerable to solid tumors. For instance, according to a report published by the American Cancer Society in 2022, lung cancer mainly occurs in the geriatric population. Two out of three people diagnosed with lung cancer are 65 or older, while less than 2% are younger than 45. The average age at the time of diagnosis is about 70. Most diseases such as cancers are highly prevalent in the geriatric population. Moreover, growth in demand for personalized medicine also propels the Solid Tumor Testing Market Size in upcoming years.

In addition, discovery and development; launch of various products; strategies among the key players such as acquisition, collaboration, and agreement drive the soliBased and tumor testing market. For instance, in August 2021, Roche announced U.S. Food and Drug Administration (FDA) approval of the VENTANA MMR RxDx Panel, advancing the company's commitment to personalized healthcare through tests that determine which patients are most likely to benefit from specific and targeted therapies. The VENTANA MMR RxDx Panel is the first companion diagnostic test to aid in identifying patients whose solid tumors are deficient in DNA mismatch repair (dMMR). However, the lack of skilled professionals restricts the market growth in the forecast period.

The Solid Tumor Testing Market Analysis is done into type, application, end-user, and region. By type, the market is categorized into genetic testing and conventional testing. The genetic testing segment is further classified into next-generation sequencing (NGS), real-time PCR (RT-PCR), fluorescent In-Situ hybridization (FISH), and fragment analysis. By application, the market is segmented into prostate, breast, colorectal, endometrial, lung, melanoma, brain, thyroid, liver, ovarian, and others (vaginal & vulvar, bladder, cervical, head & neck, and mesothelioma). By end user, the market is categorized into hospitals, pharmaceutical, and biotechnology companies, contract research organizations, and academic research institutions. By region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of type, the genetic testing segment accounted for the largest share of the market in 2021. The dominance of this segment can be attributed to the increase in the use of genetic testing in solid tumor testing for the diagnosis of tumors. The same genetic testing segment is expected to witness the highest CAGR during the forecast period, owing to an increase in the advancement of genetic testing products and a rise in awareness regarding genetic testing for the diagnosis of solid tumor.

Based on application, melanoma was the highest Solid Tumor Testing Market Share in 2021, owing to an increase in the prevalence of skin tumors among others across the world. The breast segment is expected to witness the highest CAGR during the forecast period, owing to the prevalence rate of breast cancer being high in the developed regions as compared to the developing regions.

Depending on the end user, the hospitals were the highest revenue contributor to the market in 2021, owing to an increase in the prevalence of tumor cases, and chronic diseases, and a rise in patient admissions. The academic research institutions segment is expected to witness the highest CAGR during the forecast period, owing to an increase in collaboration between research institutes and academic centers for the development validation of tumor kits, conventional testing, and equipment by conducting various laboratory experiments.

North America accounted for a majority of the solid tumor testing market share in 2021 and is anticipated to remain dominant during the forecast period. This is attributed to the rising in several cancer cases, the presence of key players, and advancement in healthcare in the region. For instance, six in ten Americans live with at least one chronic disease, like heart disease and stroke, cancer, or diabetes which are leading causes of death and disability and they are also a leading driver of the healthcare costs in this region.

Asia-Pacific is anticipated to witness lucrative growth, owing to an increase in medical tourism, implementation of new ICT guidelines in Japan, investments, and reforms to modernize China’s healthcare infrastructure, and rapid growth in the healthcare industry in India, supporting the market growth in this region.

• By type, the genetic testing segment was the highest contributor to the Solid Tumor Testing Industry in 2021.
• By application, melanoma was the highest contributor to the Solid Tumor Testing Industry in 2021.
• By end user, the hospital's segment dominated the market in 2021.