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The market is fragmented, comprising a mix of large multinational corporations and numerous small to mid-sized companies vying for market share. Key strategies driving growth in this sector include the development and introduction of innovative testing methods that offer enhanced accuracy, efficiency, and cost-effectiveness. This emphasis on innovation is crucial for addressing the evolving needs of clinical diagnostics and research, as well as for improving patient outcomes. As companies strive to remain competitive, their advancements in solid tumor testing play a pivotal role in capturing market share and meeting the increasing demand for sophisticated testing tools.
Some of the eminent market participants operating in the solid tumor testing industry include:
The genetic testing segment dominated the market in 2023, accounting for USD 13.6 billion.
The solid tumor testing industry was valued at approximately USD 20.5 billion in 2023 and is estimated to grow at a 7.6% CAGR from 2024 to 2032, driven by rising cancer incidences and increased awareness.
The North America market generated USD 7.7 billion in revenue from solid tumor testing in 2023 and is anticipated to grow at a CAGR of 7.3% from 2024 to 2032. This growth is fueled by the region's advanced healthcare system and access to state-of-the-art diagnostic technologies.
Key players in the industry include Abbott, Agilent Technologies, Inc., Caris Life Sciences, F. Hoffmann-La Roche Ltd, Foundation Medicine, Inc., Guardant Health, Hologic, Inc., Illumina, Inc., MedGenome, and Myriad Genetics, Inc.