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The Global Solid Tumor Testing market is projected to experience substantial growth between 2023 and 2028, driven by digital transformation, innovation in service delivery, and expanding global demand. With a forecasted 8.0% CAGR during the forecast period, i.e., 2023-28.
This report offers an in-depth analysis of the key drivers, challenges, competitive landscape, and future outlook — helping businesses, investors, and stakeholders make informed decisions.
Mounting Incidence of Cancer to Augment the Market Growth – The rising number of cancer patients in the world is the leading cause of the Global Solid Tumor Testing Market growth. The increasing geriatric population coupled with a sedentary lifestyle & other hereditary risk factors, are the major factors for the spike of cancer cases worldwide. For instance, the recent incidence trends projected by the American Cancer Society for FY2021 indicate a slight boost of nearly 2.50% compared to the earlier projections being postulated for FY2020.
The reported incidence rates pertaining to various types of cancers, such as breast & lung, are constantly supplementing during the past few years. The demand for respective testing assay kits is significantly growing, owing to the upscaling prominence of early diagnosis to avoid further risks considering the rates being on a spike. Thus, in line with this, it is predicted that the Global Solid Tumor Testing Market would witness an upsurging demand in the coming years.
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Here’s a snapshot of key players leading innovation and market share:
The market is highly fragmented, with a mix of global and regional players competing for market share. To Learn More About the Global Trends Impacting the Future of Top 10 Companies in Premium Solid Tumor Testing Market
High Capital Requirement for Laboratory Set Up – The increasing incidence of cancer across the world is giving rise to the requirement for more molecular testing laboratories. Setting up a proper functional laboratory needs the necessary technology & medical equipment with highly skilled professionals for handling high throughput data to maintain the precision & accuracy of the testing result.
Since these results affect the patient report, their health, and the cost of the treatment as well, therefore, arranging all these things with precision requires a large sum of investment which emerge as a challenge for various small & mid-sized health institution in the world, which doesn’t have strong financial support & are not able to set up the laboratories in their institutions. Thus, hospitals & clinical institutions require a significant amount of capital for setting up a laboratory which results in a high cost of sequencing testing and would emerge as a restraint & hamper the growth of the Solid Tumor Testing Market in the forecasting period.
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-By Technologies
Next-Generation Sequencing (NGS) is becoming an integral part of clinical molecular diagnostics due to the high efficacy of the test results.
-By End Users
Of them all, Hospitals, Diagnostic Laboratories, and Reference Laboratories, collectively forming the clinical sector, are at the forefront of adopting solid tumor testing services into routine healthcare procedures.
-By Cancer Type
-By Application
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-By Region
Of all the regions, the North American Solid Tumor Testing market is expected to be primarily driven by technological advancements to advance & broaden the overall scope of the oncology-based molecular diagnostic industry.
This research combines qualitative and quantitative methods, including:
Forecasts are validated using top-down and bottom-up approaches to ensure accuracy and reliability.
MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.
We have our existence across the market for many years and have conducted multi-industry research across 18.00+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.
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