Industry Analysis

Global Solid Tumor Testing Market to Reach $40.6 Billion by 2030

The premium market intelligence report published on the title Global Solid Tumor Testing Market highlights that the market is projected to reach $40.6 billion by 2030. The study also highlights that the market is set to witness a CAGR of 6.09% during the period 2020-2030. The growth of the market is aided by rising government initiatives for the implementation of precision medicine coupled with the increasing incidence of cancers globally.

Global Solid Tumor Testing Market: Focus on Technology, Cancer Type, Application, End User, and Competitive Landscape – Analysis and Forecast, 2019-2030

Solid tumors are defined as abnormal cellular growth in various organs, referred to as sarcomas, carcinomas, and lymphomas. The global cancer burden has been growing exponentially, specifically in countries with medium and low health development indexes. In 2020, breast cancer had the highest incidence of 2.3 million new cancer cases (11.7%) globally, followed by lung cancers (11.4%), colorectal cases (10.0%), prostate (7.3%), and stomach (5.6%) cancers. The global cancer burden has been estimated to increase by 47% in 2040, reaching up-to 28.4million cases globally.

The comprehensive study of the global solid tumor testing market covers the following:

• Market numbers on micro-segments that are influencing the market
• More than 300 products present in the market.
• Market share analysis for more than 15 companies
• End-user preference data for over 20 end users
• Detailed global and regional market share analysis, including the scrutiny of more than 15 countries. 
• Study of data of more than 30 companies

Who should buy this Report?

• Manufacturers of sequencing instruments, kits, assays, and consumables
• Manufacturers of imaging instruments, kits, assays, and consumables
• Companies involved in drug manufacturing and diagnostics development
• Companies in the services market such as contract research organization

To gain a holistic view of the market, data from different segments of the market has been analyzed minutely. These segments include end user and market share analysis, growth share analysis, global cancer epidemic data, cancer type, technology, application, end user, and region. Each of these segments is further categorized into sub-segments and micro-segments to compile an in-depth study.

The premium market intelligence additionally throws a spotlight on the opportunities existing in the market, including the high scope for adoption of genomic-based medicine in emerging nations, rising cancer incidence, increasing adoption of inorganic growth strategies, and decreasing cost of sequencing.

The end user and product analysis of the global market includes data analysis on the satisfaction level of different kits and assays and services offered by the leading and emerging companies. The study is majorly centered on the sub-segments and micro-segments of the different product markets, such as consumables and services. The consumables are further categorized into kits and reagents.

To emphasize the dominance of the clinical segment over the research segment under the product category of solid tumor testing market in 2020 and 2030, “The reason for market growth can be attributed to the large-scale research and development and piqued interest of the clinicians in implementing personalized medicine offering rapid and biomarker driven results. Moreover, an increase in the product approvals and launch has led to the availability of an array of novel assays for prognosis and diagnosis of solid tumors, which has consequently increased clinical applications of the solid tumor testing services.”

Key insights are drawn from in-depth interviews with the key opinion leaders of more than 17 leading companies, market participants, and vendors. The key players profiled in the report include Abbott Laboratories, Illumina, Inc., F. Hoffmann-La Roche Ltd., Bio-Rad Laboratories, Inc., Beijing Genomics Institute (BGI), QIAGEN N.V., ASURAGEN, INC., Quest Diagnostics Incorporated, NeoGenomics Laboratories, Inc., Invivoscribe, Inc., Inviate Corporation, Opko Health, Laboratory Corporation of American Holdings, OmniSeq, and Guardant Health.

The study also offers strategic recommendations that can help organizations in tracking various products, trends, and technologies that are changing the dynamics of the market. The recommendations also offer bespoke research services to help organizations meet their objectives.

How can market intelligence on solid tumor testing add value to an organization’s decision-making process?

• Aid in development
• Help in targeting a segment for launching a new product
• Offer detailed information on the future perspective of the emerging as well as established players
• Offer go-to-market strategies for the different source type
• Support in diversifying the product portfolio based on risk and progression of technology (ISH, NGS, PCR, and others)
• Help in analyzing technological substitutes and compare the specifications
• Offer tailor-made solutions based on the throughput of different consumers
• Aid in understanding the technology requirement
• Assist in exploring the newer application
• Support in analyzing the competitors’ funding scenario
• Support in understanding the involvement of government health organizations such as the National Institute of Health (NIH)
• Aid in understanding the new trends in the industry

Insightful Questions Covered to Enable Companies take Strategic Decisions

• What are the major market drivers, challenges, and opportunities in the global solid tumor testing market?
• What is the potential impact of biotechnological advancements in the diagnostic industry among end users such as researchers, pathologists, and laboratory technicians?
• What is the current market demand along with future expected demand for the global solid tumor testing market?
• What are the key development strategies that are implemented by the major players in order to sustain the competitive market?
• How is each segment of the market expected to grow during the forecast period 2020 to 2030 based on the following segments?
o cancer type
o technology
o application
o end user
o region
• Which are the leading players with significant offerings to the global solid tumor testing market?
• What is the expected market dominance for each of these leading players?
• Which emerging companies are anticipated to be highly disruptive in the future, and what are their key strategies for sustainable growth in the global solid tumor testing market?

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