Solid Tumor Testing Market Size, Share & Trends Analysis Report By Type (Genetic testing, Conventional testing), By Cancer Type (Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Cervical Cancer), By End-User  (Hospitals, Pharmaceutical and biotechnology companies, Contract research organizations, Academic research institutions) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Market Overview

The global solid tumor testing market size was valued at USD 23.65 billion in 2021. It is expected to reach USD 40.64 billion by 2030, growing at a CAGR of 6.20% during the forecast period (2022–2030).

In cancer, the accumulation of abnormal tissues can result in the formation of solid tumors. Unlike cystic or liquid tumors, solid tumors do not contain any fluid. Solid tumors can be either benign or malignant, depending on their characteristics. Treating solid tumors can be challenging and requires coordinated efforts from various medical professionals, such as surgeons, radiologists, radiation specialists, oncologists, and others. Consequently, chemotherapy, radiation therapy, and operation are the primary treatment modes for most solid tumors. Solid tumors are heterotypic collections of various cell types, including cancer cells, cancer stem cells, connective-tissue cells, and immune cells. Depending on their location, solid tumors can be classified as benign or malignant. Surgery is the treatment option that is currently considered to be the most effective for solid malignant tumors.

In most cases, chemotherapy is administered in conjunction with other solid tumor treatments such as surgery and radiation therapy. Pharmaceuticals known as solid tumor therapies are employed in treating a variety of tumors, including but not limited to lung, breast, prostate, colorectal, and cervical cancer. The global oncology therapeutics market demonstrates that solid tumor therapeutics continue to be the most effective anti-cancer treatments available.

Market Dynamics

Market driving factors

Increase in the prevalence of various cancer types to impede the market growth

It is anticipated that the increasing incidence of numerous types of metastatic cancer will contribute to expanding the market. The prevalence of multiple cancerous conditions continues to rise daily. Lung, colorectal, breast, and liver cancers will require additional tumor testing, pushing the market further. The most common types of solid tumors are brain and neuroblastomas; rhabdomyosarcoma and osteosarcoma are considered less common types of solid cancers.

Increased spending on research and development to drive market

The rising cost of healthcare, which contributes to the industry's overall infrastructure improvement, is another critical factor that significantly impacts the growth rate of the solid tumors market. Additionally, several government organizations are working toward enhancing the healthcare infrastructure by increasing funding; this will affect the market dynamics. Further, increasing initiatives by public and private organizations to spread awareness and growing demand for highly effective chemotherapeutic agents will expand the solid tumors market. Both factors will contribute to the growth of the market. Further contributing factors to the development of the solid tumor market are people's increasingly sedentary lifestyles and the rising prevalence of multiple cases of solid tumors. The significant factors expected to foster the market's growth are an increasing level of discretionary income and an increasing population of older adults.

Market restraining factors

High treatment costs and an inadequate supply of trained professionals to restrict market growth

The high cost of completing the treatment will slow the market expansion rate. The solid tumor market will face competition from the problem of developing economies' inadequate healthcare infrastructure and shortage of qualified medical professionals. The market's growth rate will also be restrained and further impeded by stringent regulatory policies and a general lack of awareness among people. The market's growth will be hampered shortly by such factors.

Key market opportunities

Rising number of research and development projects to boost market opportunities

The market is expanding due to a rise in the quantity of research and development-related activities. This will provide beneficial opportunities that will be beneficial for the growth of the solid tumors market. Additionally, increasing investments in the development of advanced technologies and the number of emerging markets will provide good opportunities to expand the solid tumors market. Furthermore, increasing initiatives by public and private organizations to spread awareness and the growing demand for highly effective chemotherapeutic agents will provide great opportunities in the market for solid tumors.

Regional Analysis

The global solid tumor testing market is segmented into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.

North America is expected to lead the global solid tumor testing market during the forecast period because of the growing incidence of solid tumors in this region and the rapid development of new technologies for their treatment. In addition, increasing expenditures on healthcare and the presence of major key players are expected to propel the market's growth rate further.

Asia-Pacific will record significant growth in the solid tumor testing market because of the rising number of older adults and the increasing level of disposable income in this region. Additionally, expanding healthcare infrastructure and increasing government initiatives will further propel the market's growth rate in this region.

Segmental Analysis

The global solid tumor testing market has been divided into type, cancer type, and end-user.

By type

Based on type, this market will be divided into categories such as genetic testing and conventional testing.

Genetic Testing is anticipated to grow at the most rapid rate during the forecast period. The expansion of this market is primarily attributable to the rise in research and development spending, which has resulted in the identification of an increasing number of biomarkers.

By cancer type

Based on the cancer type the market can be divided into two main types: brеаѕt саnсеr, сеrvісаl саnсеr, рrоѕtаtе саnсеr, lung саnсеr, аnd соlоrесtаl саnсеr.

Breast cancer will lead to the global solid tumor market. It was owing to increased cancer awareness, improved diagnostic capabilities, and an increase in breast cancer patients.

By end-user

Based on the end-user, the market can be divided into hospitals, pharmaceutical and biotechnology companies, contract research organizations, and academic research institutions.

Hospitals will dominate the global solid tumor market because more oncologists are actively involved in choosing the proper solid tumor tests to recommend and how to interpret the results of those tests. As a result, most tests are performed in hospitals, contributing to this industry's dominance and growth.

Recent Developments

• June 2022, Agilent Leverages NVIDIA and AWS Technology to Improve Analysis Speeds of Genomics Bioinformatics Pipelines