Solid Tumor Testing Market to Grow $46.7 Billion by 2031: Allied Market Research

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:

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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