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).
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.
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
Reimbursement Cuts in the U.S.
High Pricing Pressure
Technological Innovation for Larger Consumer Base and Role of Informatics
COVID-19 Impact on U.S. Solid Tumor Testing Market
Patent Filing Trend
Patent Analysis (by Year)
Regulation of Genetic Tests
The U.S. FDA Regulations
Impact on Laboratory Analysis
Some of the prominent names established in this market are:
Bio-Rad Laboratories, Inc.
Caris Life Sciences.
F. Hoffmann-La Roche Ltd
Genomic Testing Cooperative
HTG Molecular Diagnostics, Inc.
Laboratory Corporation of America Holdings
Opko Health, Inc.
Quest Diagnostics Incorporated.
Thermo Fisher Scientific, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/64jo0a
Research and Markets
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