Press Release

Revolutionizing Cancer Diagnosis & Treatment by Solid Tumor Testing

The Global Solid Tumor Testing Market size is projected to grow at a CAGR of around 8.0% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. Genomic analysis has revolutionized the diagnosis, prognostication, monitoring, and treatment decision-making for various solid tumors. This progress has been accompanied by continuous improvements in the development of molecular diagnostic technologies for evaluating the genomic characteristics of these tumors. The market for such technologies is expected to witness significant growth due to factors such as the rising incidence of cancer, supplementing demand for personalized medicine, the usage of biomarkers in cancer profiling, improved funding for cancer research, and technological advancements in solid tumor testing.

Additionally, understanding the molecular & genomic foundations of tumorigenesis has greatly influenced the development of targeted therapies, transforming cancer treatment worldwide. The identification of biomarkers has become essential for the success of these therapies, aiding in target inhibition confirmation, patient selection guidance, and comprehension of resistance mechanisms. While the clinical utility of biomarkers has long been established for patient screening & diagnosis, the research focused on developing targeted therapeutics has emerged as a rapidly growing industry for tumor testing services.

Furthermore, next-generation sequencing (NGS) has emerged as a technique capable of analyzing multiple genomes simultaneously. The rising incidence of chronic & life-threatening diseases, particularly cancer, necessitates fast & precise testing results for effective patient treatment. The NGS technique allows technicians to analyze epigenetic factors such as genome-wide DNA methylation & DNA-protein interactions. It also enables the utilization of RNA sequencing (RNA-Seq) to discover novel RNA variants & splice sites and quantify mRNAs for gene expression analysis. Hence, these capabilities contribute to the rising adoption rate of NGS techniques, in turn influencing the market growth in the future years, further states the research report, “Global Solid Tumour Testing Market Analysis, 2023.”

Clinical Sector to Drive the Demand for Solid Tumour Testing

Based on the end-user, the market is further bifurcated into, Hospitals, Pharmaceutical Companies, Contractual Research Organizations, and Academic Research Institute. Among all, Hospitals are anticipated to be the most prominent end-user & are at the forefront of embracing solid tumor testing services as part of routine healthcare procedures. These clinical services have integrated a comprehensive portfolio of molecular diagnostics to deliver enhanced care to patients, not only for routine diagnostic procedures but also for monitoring biomarker levels during hospital stays & treatment dissemination.

Furthermore, the remarkable growth in this sector can be attributed to the introduction of efficient & scalable testing programs that have the potential to elevate patient care to the gold standard while simultaneously reducing treatment costs. Thus, clinical settings are increasingly focused on incorporating molecular diagnostics to provide extensive tumor testing services, thus promoting the overall growth of the Global Solid Tumor Testing Market.

North America Dominates the Solid Tumour Market

Technological advancements are poised to be the primary driver behind the growth of the North America Solid Tumor Testing market, as these advancements aim to extend & expand the scope of the oncology-based molecular diagnostic industry. The focus of advanced research & development projects, with a strong emphasis on clinical application, has played a crucial role in the progress of translational research, clinical trials, molecular diagnostics, and drug development & discovery. Moreover, compared to other geographical regions, the North American region boasts a higher acceptance rate & patient awareness, which presents favorable opportunities for the Global Solid Tumor Testing market growth. hence, this heightened acceptance & awareness among patients contribute to the market's potential for expansion across the region in the following years.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Abbott Laboratories, ARUP Laboratories, ASURAGEN, INC., Bio-Rad Laboratories, Inc, Beijing Genomics Institute (BGI) Genomics Co., Ltd, F. Hoffmann-La Roche Ltd, Guardant Health, Illumina, Inc., Invivoscribe, Inc., Invitae Corporation, Laboratory Corporation of America Holdings, NeoGenomics Laboratories, Inc. Opko Health, OmniSeq, QIAGEN N.V, and Quest Diagnostics Inc., are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various countries?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?