Circulating Tumor Cell Market Predicted to Reach USD 5.9 Billion, Globally, by 2031 at 18.0% CAGR: Allied Market Research
Rise in number of cancer cases, increase in awareness about CTCs and their detection in the diagnosis of cancer, rise in research and development activities, and increase in clinical trials drive the growth of the global circulating tumor cell market.
PORTLAND, Ore., Dec. 9, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Circulating Tumor Cell Market by Technology (CTC Detection and Enrichment Method, CTC Direct Detection Methods, CTC Analysis), by Application (Clinical, Research), by End Users (Hospital and Clinics, Diagnostic Centers, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global circulating tumor cell industry generated $1.1 billion in 2021, and is anticipated to generate $5.9 billion by 2031, witnessing a CAGR of 18.0% from 2022 to 2031.
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Prime determinants of growth
Technological advancements in the field of diagnostics and treatment, rise in number of cancer cases, increase in awareness about CTCs and their detection in diagnosis of cancer, rise in research and development activities, and a rise in the number of clinical trials drive the growth of the global circulating tumor cell market. However, high cost associated with CTC testing owing to the high-quality instruments used for testing is expected to hinder the market growth. Moreover, rise in investment by key market players in developing countries, along with the rise in adoption of various strategies by the key players is anticipated to present new opportunities in the coming years.
Covid-19 Scenario
- The outbreak of the COVID-19 pandemic had disrupted workflows in the healthcare sector globally. COVID-19 forced a number of industries, including several sub-domains of healthcare to shut their doors temporarily.
- The global circulating tumor cell industry experienced a decline in sales in 2020, due to the global economic recession in 2020.
- In addition, there was a decrease in the number of patient visits to hospitals for disease treatments other than COVID-19, which also reduced the number of tests performed for cancer diagnosis and CTC detection. This factor also diminished the sale of products and instruments related to CTC testing during the pandemic.
- However, the market witnessed recovery in 2021, and is expected to show a stable growth in the post-pandemic. This growth is attributed to the increase in the number of patient visits to hospitals after the pandemic and rise in the number of diagnostic centers.
The CTC detection and enrichment methods segment to maintain its leadership 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 estimated to maintain its leadership status throughout the forecast period. This is owing to the advantages that this method offers over direct detection, such as rapid test results, high purity of detection of cells, fast and easy cell isolation techniques such as immunocapture. However, the CTC analysis segment is projected to manifest the highest CAGR of 19.0% from 2022 to 2031, owing to the rise in developments in this segment, such as utilization of FISH and RT PCR techniques for CTC detection and cancer diagnosis.
The clinical segment to maintain its leadership status throughout the forecast period
Based on application, 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 estimated to maintain its leadership status throughout the forecast period. This is owing to the rise in the adoption of CTC detection techniques in cancer diagnosis along with a rise in the number of cancer cases including breast, prostate, and colon cancer. However, the research segment is projected to manifest the highest CAGR of 18.6% from 2022 to 2031, owing to an increase in research and development activities in CTC detection and diagnosis of cancer.
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The diagnostic centers segment to maintain its lead position during the forecast period
Based on end users, the diagnostic centers segment accounted for the largest share in 2021, contributing to more than half of the global circulating tumor cell market, and is projected to maintain its lead position during the forecast period. This is owing to the large number of patient visits to diagnostic centers after the COVID-19 pandemic, as they offer precise testing and assist healthcare providers to decide the treatment regime. The report also discusses segments including hospitals and clinics, and others. However, the others segment would achieve the fastest CAGR of 18.5% through 2031, owing to the rise in funding offered to research centers and academic research institutes by government and non-government organizations.
North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global circulating tumor cell market, and is likely to dominate the market during the forecast period, owing to well-established healthcare infrastructure along with favorable policies offered by the government for diagnosis and treatment of cancer. However, the Asia-Pacific 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 growing purchasing power of populated countries, such as China, Japan and India.
Leading Market Players: -
- Miltenyi Biotec
- Precision Medicine Group LLC
- Menarini Group
- SRI International
- Biocept, Inc.
- QIAGEN
- Greiner AG
- Sysmex Corporation
- Thermo Fisher Scientific Inc.
- STEMCELL Technologies Inc.
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