United States Solid Tumor Testing Market

United States Solid Tumor Testing Market Size Expanding to Reach USD 10.3 Billion by 2029

Published | 16 March 2023

United States solid tumor testing market is flourishing due to a growing focus on early tumor detection, testing, and treating increasing prevalence of various types of cancers, and growing number of elderly people in the country.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated that the United States solid tumor testing market size at USD 6.1 billion in 2022. During the forecast period between 2023 and 2029, the United States solid tumor testing market size is projected to grow at a CAGR of 7.88% reaching a value of USD 10.28 billion by 2029. The rising number of cancer patients nationwide is one of the key factors boosting the US solid tumor testing market. The widespread application of spatial techniques in cancer diagnosis and research, as well as the development of cutting-edge technologies to lower errors, are propelling market expansion. The market is affected by the rise in market participants working with these technologies as well as the creation of high-throughput, quick, sensitive, and multi-parametric solutions for prognosis, diagnostics, and treatment. US solid tumor testing market is positively impacted by rising investments, grants, and funds, rising population, rising healthcare costs, and rising funding support from various organizations. The rise in demand for personalized medicine presents a lucrative opportunity for the market.

United States Solid Tumor Testing Market – Overview

A solid tumor, also known as a solid mass, can form in any area of the body. Cancerous cells that continue to divide uncontrollably are called solid tumors. Cancer ranks third in terms of fatalities after infectious and cardiovascular diseases. A solid tumor can form in any bone or organ. Even though not all solid tumors do, those that do are referred to as malignant tumors in medical jargon. Lung, breast, skin, head, neck, colon, prostate, and bladder cancers are examples of solid tumor cancers.

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Opportunity: Increasing investments in R&D of solid tumor testing

The rising cost of healthcare, which contributes to strengthening the industry's overall infrastructure, is a significant factor that has a significant impact on the growth rate of the solid tumors market. As a result of numerous government organizations' efforts to improve healthcare infrastructure by increasing funding, the market dynamics will change. The market for solid tumors will expand as a result of stepped-up awareness-raising initiatives by private and public organizations as well as rising chemotherapeutic drug demand. Both of these factors will result in market growth. Additional factors influencing the growth of the solid tumor market include the increasing prevalence of multiple cases of solid tumors and people's increasingly sedentary lifestyles. Due to an aging population and rising levels of discretionary income, the market is predicted to expand significantly.

Challenge: High cost of care and shortage of qualified professionals

The high cost of finishing treatment may limit the growth of United States solid tumor test market. The issue of inadequate healthcare infrastructure in developing economies and a shortage of qualified medical professionals will pose challenges to the solid tumor market. The market's expansion will also be constrained and hampered by strict regulatory standards and a general lack of public awareness. Such elements will soon stifle market growth.

United States Solid Tumor Testing Market – By Cancer Type

United States solid tumor testing market by cancer type is segmented into Prostate, Breast, Endometrial, Lung, Brain, and Others. The breast cancer segment dominates US solid tumor market. The most frequent solid tumor in women is breast cancer. All patients with advanced breast cancer, like those with other solid tumors, inevitably develop treatment resistance despite a variety of drug combinations and regimens. Resistance mechanisms come in two flavors: intracellular and extracellular. The next most common cancers are lung cancer and prostate cancer. Because colon and rectal cancers are frequently referred to as "colorectal cancers," these two cancer types have been combined for the list.

Competitive Landscape

United States solid tumor testing market is fiercely competitive. Major players in the market include Agilent Technologies, Roche Diagnostics, QIAGEN, Thermo Fisher Scientific, Illumina, Inc., PerkinElmer, Hologic, Bio-Rad Laboratories, Agios Pharmaceuticals, and Guardant Health. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the United States solid tumor testing market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of United States Solid Tumor Testing Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in United States Solid Tumor Testing Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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