Global Solid Tumor Testing Market Research Report: Forecast (2023-2028)

Market Definition

The term 'solid tumor' refers to an abnormal mass of tissue that does not contain liquid or cyst areas. Solid tumors can be benign or malignant and are divided based on affected cell lineage into sarcomas, carcinomas, and lymphomas. Over the past few years, genomic analysis has impacted the diagnosis, prognostication, monitoring, and treatment decision-making for different solid tumors. This has led to a continuous improvement in the development of molecular diagnostic technologies for the genomic evaluation of various tumors which shows a positive impact on the growth of solid tumor testing market.

Market Insights & Analysis: Global Solid Tumor Testing Market (2023-28)

The Global Solid Tumor Testing Market size is projected to grow at a CAGR of around 8.0% during the forecast period, 2023-28. In recent years, genomic analysis has impacted the diagnosis, prognostication, monitoring, and treatment decision-making for different solid tumors. This has led to a continuous improvement in the development of molecular diagnostic technologies for the genomic evaluation of various solid tumors. Factors such as the rising incidence of cancer, increasing demand for personalized medicine, use of biomarkers in cancer profiling, improvement in cancer research funding, and technological advancements in the field of solid tumor testing are expected to drive the growth of the market. However, the high capital requirement for setting up a laboratory serves as a major challenge for the industry.

An increased understanding of the molecular & genomic underpinnings of tumorigenesis & their exploitation in the development of targeted therapies has revolutionized cancer treatment all across the world. The identification of biomarkers has been a prerequisite for the success of these targeted therapies to confirm target inhibition, guide patient selection, and understand mechanisms of resistance. While the clinical utility of biomarkers has been a long-established fact for the screening & diagnosis of patients, research on developing targeted therapeutics has emerged as a rapidly growing industry for tumor testing services.

Nevertheless, high investment in setting up devices for solid tumors would obstruct market growth. As the cost of these medical devices is high, and they also require skilled labor, which enhances the expenditure of whole procedures, and that would further deter the growth of the Solid Tumor Testing Market in the forecast period. The adoption of testing techniques by hospitals, diagnostic laboratories, and reference laboratories, collectively forming the clinical sector, is at the forefront of adopting solid tumor testing services into routine healthcare procedures. This, in turn, is presumed to aid in enhancing the revenue growth of the market in the following years.

Global Solid Tumor Testing Market Driver:

Mounting Incidence of Cancer to Augment the Market Growth – The rising number of cancer patients in the world is the leading cause of the Global Solid Tumor Testing Market growth. The increasing geriatric population coupled with a sedentary lifestyle & other hereditary risk factors, are the major factors for the spike of cancer cases worldwide. For instance, the recent incidence trends projected by the American Cancer Society for FY2021 indicate a slight boost of nearly 2.50% compared to the earlier projections being postulated for FY2020.

The reported incidence rates pertaining to various types of cancers, such as breast & lung, are constantly supplementing during the past few years. The demand for respective testing assay kits is significantly growing, owing to the upscaling prominence of early diagnosis to avoid further risks considering the rates being on a spike. Thus, in line with this, it is predicted that the Global Solid Tumor Testing Market would witness an upsurging demand in the coming years.

Global Solid Tumor Testing Market Trend:

Rising Adoption of Next-generation sequencing (NGS) technique in Solid Tumor Testing – Next-generation sequencing (NGS) is a technique used to analyze multiple genomes at a time. The growing incidence of chronic & life-threatening diseases like cancer demands fast & precise testing results for patient treatment. NGS technique also permits the technician to analyze epigenetic factors such as genome-wide DNA methylation & DNA-protein interactions, utilize RNA sequencing (RNA-Seq) to discover novel RNA variants & splice sites, and quantify mRNAs for gene expression analysis. All these factors result in an increased adoption rate of the NGS technique.

Thus, the advancement in technology of NGS technique & rapid testing results in the highest accuracy & precision. All these factors, along with its declining test cost, create a trend in the market of solid tumor testing in the forecasting period of 2023-28.

Global Solid Tumor Testing Market Challenge:

High Capital Requirement for Laboratory Set Up – The increasing incidence of cancer across the world is giving rise to the requirement for more molecular testing laboratories. Setting up a proper functional laboratory needs the necessary technology & medical equipment with highly skilled professionals for handling high throughput data to maintain the precision & accuracy of the testing result.

Since these results affect the patient report, their health, and the cost of the treatment as well, therefore, arranging all these things with precision requires a large sum of investment which emerge as a challenge for various small & mid-sized health institution in the world, which doesn’t have strong financial support & are not able to set up the laboratories in their institutions. Thus, hospitals & clinical institutions require a significant amount of capital for setting up a laboratory which results in a high cost of sequencing testing and would emerge as a restraint & hamper the growth of the Solid Tumor Testing Market in the forecasting period.

Global Solid Tumor Testing Market (2023-28): Segmentation Analysis

The Global Solid Tumor Testing Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the global, regional, and national levels. Based on the analysis, the market has been further classified as:

Based on Technologies:

• In Situ Hybridization
• Immunohistochemistry
• Polymerase Chain Reaction
• Next-Generation Sequencing
• Other Technologies (Microarray, ELISA, and LC/MS)

Next-Generation Sequencing (NGS) is becoming an integral part of clinical molecular diagnostics due to the high efficacy of the test results. However, sequencing of the whole genome is still difficult to implement in a standard clinical laboratory setting. This is largely due to the factors such as the high costs of sequencing & issues surrounding data processing, analysis, and data storage, which can reduce efficiency & increase turnaround times. The role of PCR techniques in targeted NGS sequencing is vital as they allow for the simultaneous generation of multiple NGS libraries & the sequencing of multiple targeted regions. Additionally, greater precision care has also been obtained by the coupling of NGS diagnosis & PCR techniques.

Based on End Users:

• Hospitals, Diagnostic Laboratories, and Reference Laboratories
• Pharmaceutical & Biotechnology Companies
• Contract Research Organizations (CROs)
• Academic Research Institutions

Of them all, Hospitals, Diagnostic Laboratories, and Reference Laboratories, collectively forming the clinical sector, are at the forefront of adopting solid tumor testing services into routine healthcare procedures. Clinical services have incorporated an extensive molecular diagnostics portfolio to deliver superior care to patients, not just for routine diagnostic procedures but also to assess biomarker levels during hospital stays with treatment dissemination.

Additionally, the growth can be attributed to the launch of efficient & scalable testing programs, which have the potential to drive gold-standard patient care & lower the costs of treatment. Moreover, the focus of the clinical settings for incorporating molecular diagnostics is to provide extensive tumor testing services, hence encouraging Global Solid Tumor Testing Market growth.

Global Solid Tumor Testing Market Regional Projections:

Geographically, the Global Solid Tumor Testing Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Of all the regions, the North American Solid Tumor Testing market is expected to be primarily driven by technological advancements to advance & broaden the overall scope of the oncology-based molecular diagnostic industry. These advanced research & development projects, which have a particular emphasis on clinical application, have aided in the advancement of translational research, clinical trials, molecular diagnostics, and drug development & discovery.

North America majorly comprises the US & Canadian markets. As a result of substantial investments in the co-development of targeted therapeutics & molecular diagnostics, the US dominated the market in 2020. Additionally, constant research is being conducted by various stakeholders to facilitate the development of products, such as kits & platforms, to reduce the overall clinical burden. Furthermore, when compared to other geographical regions, the North American region has a higher acceptance rate and awareness among patients, creating opportunities for the Global Solid Tumor Testing Market to grow.

Global Solid Tumor Testing Industry Recent Development

• 2022: Illumina announced to launch of Tru Sight Oncology (TSO), a single test that evaluates multiple tumor genes & biomarkers to test specific molecular profiles of a patient.

Gain a Competitive Edge with Our Global Solid Tumor Testing Market Report

1. Global Solid Tumor Testing Market research report provides a detailed and thorough analysis of market size, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics and make informed decisions.
2. This report also highlights current market trends and future projections, allowing businesses to identify emerging opportunities and potential challenges. By understanding market forecasts, companies can align their strategies and stay ahead of the competition.
3. Global Solid Tumor Testing industry analysis aids in assessing and mitigating risks associated with entering or operating in the market.
4. The report would help in understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks and optimize their operations.