RRising number of cancer cases, increased awareness of CTCs and their detection in cancer diagnosis, increase in research and development activities and increase in clinical trials are driving the growth of the global circulating tumor cell market .
PORTLAND, Oregon., December 9, 2022 /PRNewswire/ — Allied Market Research has released a report titled, “Circulating Tumor Cells Market By Technology (CTC Detection and Enrichment Method, CTC Direct Detection Methods, CTC Analysis), By Application (Clinical, Research), By End Users (Hospitals & Clinics, Diagnostic Centers, Others) : Global Opportunities Analysis and Industry Forecast, 2021-2031″. According to the report, the global circulating tumor cell industry generated $1.1 billion in 2021, and should generate $5.9 billion by 2031, with a CAGR of 18.0% from 2022 to 2031.
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Main determinants of growth
Technological advances in the field of diagnosis and treatment, increase in the number of cancer cases, increased awareness of CTCs and their detection in cancer diagnosis, increase in research and development activities and increase of the number of clinical trials are driving the growth of the global circulating tumor cell market. However, the high cost associated with CTC testing due to high quality instruments used for testing is expected to hamper the market growth. Moreover, increasing investments by leading market players in developing countries, along with increasing adoption of various strategies by leading players, are expected to present new opportunities in the coming years.
The outbreak of the COVID-19 pandemic has disrupted healthcare workflows globally. COVID-19 has forced a number of industries, including several healthcare subfields, to temporarily shut down.
The global circulating tumor cell industry witnessed a decline in sales in 2020, owing to the global economic recession in 2020.
Additionally, there has been a decrease in the number of patient visits to hospitals for treatment of illnesses other than COVID-19, which has also reduced the number of tests performed for cancer diagnosis and CTC detection. . This factor has also decreased the sale of products and instruments related to CTC testing during the pandemic.
However, the market has seen a recovery in 2021 and is expected to show stable post-pandemic growth. This growth is attributed to the increase in the number of patient visits to hospitals after the pandemic and the increase in the number of diagnostic centers.
The CTC Detection and Enrichment Methods segment to maintain its leading status throughout the forecast period
Based on technology, the CTC detection and enrichment methods segment held the highest market share in 2021, accounting for nearly three-fifths of the global circulating tumor cell market, and is expected to maintain its leading status throughout the forecast period. This is due to the advantages this method offers over direct detection, such as rapid test results, high purity of cell detection, quick and easy cell isolation techniques such as immunocapture. However, the CTC analysis segment is expected to show the highest CAGR of 19.0% from 2022 to 2031, due to increased developments in this segment, such as the use of FISH and RT PCR techniques for CTC detection and cancer diagnosis.
The clinic segment to maintain its leading status throughout the forecast period
Based on applications, the clinical segment held the highest market share in 2021, accounting for more than two-thirds of the global circulating tumor cell market, and is expected to maintain its leading status throughout the forecast period. This is due to the increase in the adoption of CTC detection techniques in cancer diagnosis as well as an increase in the number of cancer cases including breast, prostate and colon cancer. However, the research segment is expected to show the highest CAGR of 18.6% from 2022 to 2031, owing to an increase in research and development activities in cancer detection and diagnosis by CTC.
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diagnostic centers segment to maintain its leading position during the forecast period
Based on end-users, diagnostic center segment accounted for the largest share in 2021, contributing more than half of the global circulating tumor cell market, and is expected to maintain its leading position during the forecast period. This is due to the large number of patient visits to diagnostic centers after the COVID-19 pandemic, as they offer accurate tests and help healthcare providers decide on the treatment regimen. The report also discusses segments including Hospitals & Clinics, and Others. However, the others segment would reach the fastest CAGR of 18.5% through 2031, due to the increase in funding offered to research centers and academic research institutes by governmental and non-governmental organizations.
North America maintain dominance by 2031
Based on the region, North America held the highest market share by revenue in 2021, accounting for more than two-fifths of the global circulating tumor cell market, and is expected to dominate the market over the forecast period, driven by well-developed healthcare infrastructure established and favorable policies offered by the government for the diagnosis and treatment of cancer. However, the Asia Pacific The region is expected to witness the fastest CAGR of 20.2% from 2022 to 2031, owing to the presence of pharmaceutical companies in the region as well as the growing purchasing power of populated countries, such as China, Japan and India.
Major Market Players:-
Precision Medicine Group LLC
Thermo Fisher Scientific Inc.
STEMCELL Technologies Inc.
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“We have also published some syndicated market studies in the same field that you may be interested in. Below is the title of the report for your referenceconsidering the impact of Covid-19 on this market which will help you to assess the aftereffects of the pandemic on the short and long term growth trends of this market.”
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