Suring Demand for Cancer Diagnosis Bolstering the Growth of Circulating Tumor Cells (CTC) Diagnostics Market: Fact.MR
Increasing shift towards non-invasive diagnostic methods driving the growth in the CTC diagnostics market
The global CTC diagnostics market is projected to exhibit a steady growth owing to the increasing demand for diagnostic devices for cancer research and diagnosis. As per a study by Fact.MR, the CTC diagnostics market is estimated to surpass a valuation of more than US$ 9.5 billion through 2031.
According to the National Cancer Institute (NCI), around 1,806,590 new cases were expected to be diagnosed in the U.S. in the year 2020, out of which 606,520 people were estimated to die because of the disease.
Studies have shown that the death rate is higher among men than women due to cancer. This will result in increasing the demand for cancer diagnostics, in turn, spurring the sales for the CTC diagnostics market.
North America is leading the CTC diagnostic market with around one-third of global revenue share. As per a study by the American Cancer Society, in 2020, around half a million deaths were reported due to cancer. Thus, the rising incidence of cancer is thriving the growth of the CTC diagnostics market in the region.
Increasing awareness about cancer and the surging demand for novel cancer diagnosis and treatment will emerge as a chief driver of the demand for CTC diagnostics. Besides this, technological developments in cancer stem cell research will aid the overall expansion.
“Driven by the demand for non-invasive diagnostics tests and real-time advantages of CTC diagnostics, leading market players are investing in R&D for developing innovative kits and reagents to expand their applications of tumor cells in clinical settings,” says the Fact.MR analyst.
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- The U.S. accounts for the largest market share owing to the rapid surge in the incidence of cancer and the growing presence of market leaders in the country.
- The U.K. is projected to emerge as a lucrative market for CTC diagnostics due to the developed advanced cancer care infrastructure.
- Increasing awareness about the early detection of cancer is fueling the demand for CTC diagnostics in Asia-Pacific.
- Based on products, kits and reagents are triggering the shift towards CTC diagnostics.
- The CTC enrichment methods are demonstrating significant growth due to the high rate of adoption.
- Increasing incidence of cancer will fuel the demand for CTC diagnostics across the globe.
- Advancements in technologies such as NGS and immunofluorescence will increase the sales of CTC diagnostics
- Surging demand for non-invasive diagnostic treatment will boost the growth of the CTC diagnostics market.
- Rising awareness about the novel diagnostic methods for cancers will propel the demand for CTC diagnostics.
- High costs of CTC diagnostics is a factor restraining the growth of the market.
- The outbreak of COVID-19 is negatively impacting the growth of the CTC diagnostics market.
- Lack of skilled professionals for CTC diagnostics is affecting the market growth.
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Key players in the CTC diagnostics market include Qiagen, Bio-Techne Corporation, Janssen Diagnostics LLC, Advanced cell Diagnostics Inc, ApoCell Inc, Celltraffix Inc., Aviva Biosciences, Biocept Inc, Clearbridge Biomedics, Fluxion Biosciences, IVDiagnostics, Stemcell Technologies Inc, Stemcell Technologies, Inc., and Sysmex Corporation. Major market players are collaborating with other companies and increasing their focus on R&D for introducing innovative product to gain an edge over other competitors. For instance,
- Ikonisys Inc. collaborated with Sheba Medical Center for developing target specific cancer diagnostic tests.
- In 2019, Biolidics Limited signed an agreement with Sysmex Corporation to develop a laboratory-developed test for the cancer diagnosis.
- In 2019, Bioloidics Limited collaborated with Genome Institute of Singapore of the Agency for Science, Technology, and Research (A*STAR) for the developing a circulating tumor cell assay.
More Insights on the CTC diagnostics Market
Fact.MR offers unbiased analysis of the CTC diagnostics market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product (devices & systems, kits & reagents, other consumables), technology (CTC enrichment methods, CTC detection methods, and CTC analysis), application (cancer stem cell research, EMT biomarkers development, tumorigenesis research, and others), sample type (blood, bone marrow, and others), and seven key regions (North America, Latin America, East Asia, South Asia, Oceania, Middle East & Africa, and Europe).
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