United States Solid Tumor Testing Markets, 2021-2022 & 2032 - Increasing Adoption of Inorganic Growth Strategies in the Market

DUBLIN, June 23, 2022 /PRNewswire/ -- 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.

Recent Developments in U.S. Solid Tumor Testing Market

• In December 2021, Opko Health, Inc. secured FDA approval for its 4Kscore test that is approved for men 45 years or older who haven't had a prior prostate biopsy or are biopsy negative.
• In April 2021, NeoGenomics Laboratories launched biomarker assist KRAS single gene test. This test is used for advanced or metastatic small cell lung cancer patients.
• In November 2020, NeoGenomics Laboratories. started mobile phlebotomy services for liquid biopsy tests. These tests include InVisionFirst-Lung, which is a non-small cell lung liquid biopsy test, and the NeoLab liquid biopsy test, which is used for all solid tumors and hematological cancers.
• In February 2020, QIAGEN obtained a CE mark for its therascreen PIK3CA mutation assay. This test can be used to identify breast cancer.

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/64jo0a

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