Dublin, June 22, 2022 (GLOBE NEWSWIRE) -- The "U.S. Solid Tumor Testing Market: Focus on Technology, Cancer Type, Type of Biomarker, By Application, by End User, and Region - Analysis and Forecast, 2022-2032" report has been added to ResearchAndMarkets.com's offering.
The U.S. solid tumor testing market was estimated to be at $9,498.8 million in 2021, which is expected to grow with a CAGR of 6.19% during the forecast period 2022-2032 and reach $18,287.6 million by 2032.
The growth in the U.S. solid tumor testing market is expected to be driven by increasing awareness of early tumor diagnosis and tests along with the increasing geriatric population. Furthermore, increasing cancer incidences in the pediatric population.
Market Lifecycle Stage
The U.S. solid tumor testing market is progressing rapidly. Significant increases in the research and development activities pertaining to solid tumor testing are underway to develop better testing kits and assays, which are expected to increase due to the rising frequency and efficiency of cancer testing products.
The recent allocation of $6.44 billion to NCI in FY2019, as per the Department of Health and Human Services Appropriations Act and the 21st Century Cures Act, has further brightened the prospects for key players to bring a diagnostic or therapeutic innovation to the market with conditional support (pertaining to innovation or diagnostic/therapeutic breakthrough and a relative grant triggered from NCI).
Industry Impact
The presence of major service providers of solid tumor testing in the U.S. has a major impact on the market. For instance, Illumina, Inc. acquired GRAIL which is a cancer detection healthcare company. With this acquisition, Illumina, Inc. can accelerate the adoption of this lifesaving Galleri blood test worldwide which is known to detect 50 different cancer types.
Companies such as QIAGEN partnered with PGDx for molecular cancer testing. With the help of this, laboratories will be able to receive standardized reporting from QIAGEN and receive access to QIAGEN's QCI Interpret One for rapid next-generation sequencing tests.
Market Segmentation
Technology (Next-Generation Sequencing, Polymerase Chain Reaction, Fluorescence In-Situ Hybridization, Immunohistochemistry, Liquid Chromatography/Mass Spectrometry, Other Technologies)
Based on technology, the U.S. solid tumor testing market is expected to be dominated by the next-generation sequencing technology. This is due to the high accuracy and efficiency of next-generation sequencing techniques.
Cancer Type (Breast Cancer, Prostate Cancer, Colorectal Cancer, Lung Cancer, Melanoma, Endometrial Cancer, Lymphoma, Thyroid Cancer, Brain Cancer, Other Cancer Types)
Based on cancer type, the U.S. solid tumor testing market is dominated by breast cancer, owing to an increasing number of patients suffering from breast cancer and also more awareness and better diagnosis of cancer.
Type of Biomarker (Genetic Biomarker, Protein Biomarker)
The genetic biomarkers segment dominates the U.S. solid tumor testing market; however, the protein biomarkers segment shows the largest CAGR of 6.61%. The growth in this segment is mainly due to the growth in research and development, which is leading to the discovery of more biomarkers.
Application (Clinical, Research)
The clinical application dominated the application segment. This is because the solid tumor testing market is already well established with many clinical applications. However, the research segment has a higher CAGR of 6.61% as compared to 5.92% for clinical and is expected to grow at a fast pace during the forecast period. Research has increased due to the emergence of personalized medicine.
End User (Hospitals, Pharmaceutical and Biotechnology Companies, Contract Research Organizations, Academic Research Institutions, Other End Users)
Hospitals dominated the end-user segment. This is due to an increasing number of oncologists playing a key role in the recommendation and data interpretation of solid tumor tests. Due to this, most tests are performed through the hospitals, thereby making it a dominating segment of the market and its growth.
Region (The Southern U.S., The Midwest U.S., The Mid-Atlantic U.S., The West U.S., The Southwest U.S., New England)
The Southern U.S. dominated the regions with a revenue of $2,614.7 in 2021. The high incidence of cancer in a few states like California, Florida, and Texas are the key areas for solid tumor testing market growth.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
The top segment players leading the market include solid tumor testing service givers that capture around 70% of the presence in the market, and solid tumor testing product manufacturers contribute around 30% of the presence in the market as of 2021
Market Dynamics
Market Drivers
- Rising Advancements in Solid Tumor Testing and Rapid Usage of Liquid Biopsy
- Early Cancer Detection with Multi-Cancer Tests
- Increasing Adoption of Inorganic Growth Strategies in the Market
- Spike Increase in the Research Funding from National Cancer Institute
- Rapid Adoption of Genetic Testing
Market Restraints
- Reimbursement Cuts in the U.S.
- High Pricing Pressure
Market Opportunities
- Technological Innovation for Larger Consumer Base and Role of Informatics
COVID-19 Impact on U.S. Solid Tumor Testing Market
Industry Insights
- Patent Analysis
- Patent Filing Trend
- Patent Analysis (by Year)
- Legal Requirements
- Regulation of Genetic Tests
- The U.S. FDA Regulations
- CMS Regulation
- Reimbursement Scenario
- Impact on Laboratory Analysis
Some of the prominent names established in this market are:
- Abbott.
- ARUP Laboratories
- Bio-Rad Laboratories, Inc.
- Caris Life Sciences.
- F. Hoffmann-La Roche Ltd
- Genomic Testing Cooperative
- Guardant Health
- HTG Molecular Diagnostics, Inc.
- Illumina, Inc.
- Invitae Corporation
- Invivoscribe, Inc.
- Laboratory Corporation of America Holdings
- NanoString
- NeoGenomics Laboratories
- Opko Health, Inc.
- QIAGEN
- Quest Diagnostics Incorporated.
- Thermo Fisher Scientific, Inc.
- VYANTbio.
For more information about this report visit https://www.researchandmarkets.com/r/oohvg5
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