Portland, OR, Nov. 09, 2022 (GLOBE NEWSWIRE) -- A new business intelligence report released by Allied Market Research, the global Solid Tumor Testing Market garnered $23.8 billion in 2021, and is estimated to generate $46.7 billion by 2031, manifesting a CAGR of 7.0% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $23.8 billion |
| Market Size in 2031 | $46.7 billion |
| CAGR | 7.0% |
| No. of Pages in Report | 225 |
| Segments covered | Type, application, end-user, and Region. |
| Drivers | Increase in the geriatric population that is prone to solid tumors |
| Rise in the prevalence of bladder tumors, prostate tumors, breast tumors, colorectal tumors, endometrial tumors, lung tumors, melanoma tumors, brain tumor, thyroid tumor, liver tumor, and ovarian tumor | |
| Rise in demand for the minimally invasive procedure for the diagnosis of solid tumors across the world | |
| Rise in unhealthy lifestyles, for example, rise in smoking, consumption of alcohol | |
| Surge in the use of supplements & steroids | |
| Opportunities | Technological advancements |
| Strategies among key players such as acquisition, collaboration, and agreement | |
| Restraints | Expensive testing |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global solid tumor testing market, as a huge number of medical colleges and hospitals across the globe were reconstructed to increase hospital capacity for patients diagnosed with COVID-19.
- The pandemic negatively altered the way cancer patients are being diagnosed and treated in the near term. For instance, according to a review article by the National library of medicine published in 2020, it is estimated that as a result of COVID-19, screenings for cancers of the breast, colon, and cervix have dropped by 94%, 86%, and 94% between January 20, 2020, and April 21, 2020, respectively.
The research provides detailed segmentation of the global solid tumor testing market based on type, application, end-user, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on type, the genetic testing segment held the highest share in 2021, accounting for nearly two-thirds of the global solid tumor testing market, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is expected to register the highest CAGR of 7.3% from 2022 to 2031.
Based on application, the melanoma segment accounted for the highest share in 2021, contributing to nearly one-fifths of the global solid tumor testing market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the breast segment is expected to manifest the highest CAGR of 7.7% from 2022 to 2031.
Based on end-user, the hospital segment accounted for the highest share in 2021, holding nearly one-third of the global solid tumor testing market, and is expected to continue its leadership status during the forecast period. However, the academic research institutions segment is estimated to grow at the highest CAGR of 7.2% during the forecast period.
Based on region, North America held the largest share in 2021, contributing to around two-fifths of the global solid tumor testing market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Asia-Pacific region is expected to manifest the fastest CAGR of 8.3% during the forecast period. The research also analyzes regions including Europe and LAMEA.
Leading market players of the global solid tumor testing market analyzed in the research include QIAGEN, QUEST DIAGNOSTICS INCORPORATED, Abbott Laboratories, Agilent Technologies Inc., Biocare Medical LLC, F. Hoffmann-La Roche AG, ILLUMINA, INC., MedGenome Labs Private Ltd, MYRIAD GENETICS, INC., Thermo Fisher Scientific, Inc.
The report provides a detailed analysis of these key players of the global solid tumor testing market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
