Oct 27, 2020   SOURCE: PR NewsWire

United States $15.39 Billion Solid Tumor Testing Markets: Analysis 2019-2020 & Forecast to 2030

DUBLIN, Oct. 27, 2020 /PRNewswire/ -- The "U.S. Solid Tumor Testing Market: Focus on Technology, Cancer Type, Biomarker Type, Application, End User, State Region, and Competitive Landscape - Analysis and Forecast, 2019-2030" report has been added to ResearchAndMarkets.com's offering.

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The U.S. solid tumor testing market was valued at $8,179.7 million in 2019 and is anticipated to grow over $15,396.4 million by 2030

The term solid tumor refers to abnormal cellular growths, which generally comprise sarcomas, carcinomas, and lymphomas. The current solid tumor testing market is mainly dominated by several diagnostic majors, such as Quest Diagnostics Incorporated, Laboratory Corporation of America, Foundation Medicine, which offer a wide variety of testing services for solid tumors. These testing services range from molecular-genetic tests to liquid biopsies for the confirmatory diagnosis of solid tumors. The key players in the product segment include Illumina, Abbott Laboratories, and ThermoFisher Scientific, which offer kits for the analysis of solid tumors.

The solid tumor tests are generally based on technologies such as fluorescence in situ hybridization (FISH), immunohistochemistry (INC), bi-directional sanger sequencing, polymerase chain reaction (PCR), next-generation sequencing (NGS), and other technologies. The underlying utility of diagnostic testing for solid tumors is based on the identification of clinically actionable gene mutations, which provide crucial information on diagnosis, prognosis, and theranosis of solid tumors and thereby facilitate clinical work-up, treatment management, and therapeutic selection.

The existing market of solid tumor testing is favored by multiple factors, which include rising government initiatives, increasing incidence of cancer, thereby increasing the utilization of testing technologies to identify the underlying mutations. In addition, an increasing number of product approvals and launches pertaining to U.S. solid tumor testing market will provide a lucrative growth for this market. Moreover, increasing the use of biomarkers in cancer profiling is also one of the key driving factors for the solid tumor testing market.

Government funding is also one of the major growth factors for the solid tumor testing market because increasing funding by the government is expected to facilitate research institutes and key players to develop as well as market novel assays useful for the diagnosis of several tumors. Increasing funding will lead to the liquidity of the solid tumor market, and thus, companies will develop various testing options for solid tumors to identify the underlying mutations that serve as a possible cause for the disease. All these factors are therefore expected to contribute to the market growth during the forecast period.

Within the research report, the market is segmented on the basis of product type, technology, application, end user, cancer type, biomarker type, and region, which highlight value propositions and business models useful for industry leaders and stakeholders. The research also comprises state-level analysis, go-to-market strategies of leading players, future opportunities, among others, to detail the scope and provide a 360-degree coverage of the domain.

Competitive Landscape

Major players, including Laboratory Corporation of America, QIAGEN N.V., Illumina, Inc., Abbott Laboratories, F. Hoffmann-La Roche Ltd., Quest Diagnostic Incorporated, and Thermo Fisher Scientific, among others, led the number of synergistic developments (partnerships and alliances) witnessed by the market.

On the basis of the state, California is expected to retain a leading position throughout the forecast period 2020-2030, followed by Florida. This is a result of the presence of leading industry players in this region, coupled up with the highest prevalence of solid tumors in 2017.

Market Dynamics

Growth Drivers

    --  Rising Incidence of Cancers
    --  Increasing Adoption of Inorganic Growth Strategies in the Market
    --  Increasing Research Funding from National Cancer Institute

Market Challenges

    --  Reimbursement Cuts in the U.S.
    --  High Pricing Pressure
    --  Expected Implementation of Patient Protection and Affordable Care Act
        (PPACA) in the U.S.

Market Opportunities

    --  Informatics and Technological Innovation for Larger Consumer Base
    --  Expected Increase in the Adoption of Genetic Testing

Key trends targeted in the report:

    --  What are the emerging trends in the U.S. solid tumor testing market? How
        are these trends revolutionizing the cancer screening procedure?
    --  Which companies are anticipated to be highly disruptive in the future
        and why?
    --  What are the gaps in regularizing optimum solid tumor testing? How are
        these gaps being filled?

Industry Insights

    --  Regulation of Genetic Tests
    --  FDA Regulation
    --  CMS Regulation
    --  Reimbursement Scenario
    --  Impact on Laboratory Industry

Company Profiles

Company Overview
Role of Abbott Laboratories in the U.S. Solid Tumor Testing Market
Financials
Key Insights About Financial Health of the Company
SWOT Analysis

    --  ARUP Laboratories
    --  ASURAGEN, INC.
    --  Abbott Laboratories
    --  ArcherDX, Inc.
    --  Bio-Rad Laboratories, Inc.
    --  Cancer Genetics Inc.
    --  Caris Life Sciences
    --  F. Hoffmann-La Roche Ltd.
    --  Genomic Testing Cooperative
    --  Guardant Health
    --  HTG Molecular Diagnostics
    --  Illumina, Inc.
    --  Invitae Corporation
    --  Invivoscribe, Inc.
    --  Laboratory Corporation of America Holdings
    --  Nanostring Technologies
    --  NeoGenomics Laboratories, Inc.
    --  OmniSeq
    --  Opko Health
    --  Personal Genome Diagnostics
    --  QIAGEN N.V.
    --  Quest Diagnostics Incorporated

For more information about this report visit https://www.researchandmarkets.com/r/a5if8c

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