Acknowledging the traction, the market is garnering today; Market Research Future (MRFR) in its recently published study report asserts that the value of global circulating tumor cell market will be escalated to USD 28,300 Mn. by 2023 from USD 9,393.1 Mn. (in 2017). The CTC market will achieve this phenomenal growth registering an equally remarkable CAGR during the forecast period.
Circulating tumor cell (CTC) is a rare cancer cell that is released into the bloodstream to gain the potential to provide vital information about a person's specific cancer. However, the clear correlation established between the number of these tumor cells and disease progression that could deliver a promise of clinical application of CTCs as a 'liquid biopsy' has not been so fruitful because of the rarity of these cells leading to posing challenges for detection. and analysis using the current molecular biology techniques.
However, knowing the significance of CTC in cancer treatments, off late, many innovative researches have been conducted which also have delivered good outcomes, giving a fresh outlook to cancer and its treatments. Some of these investigations have presented the world with the merit techniques and measurement tools which would be helpful to potentially figure out which drugs would work best for each person before even starting treatment. Such tools can really help to customize treatments, using drugs that can target proteases on the patients who would actually benefit from it.
Thus the importance of circulating tumor cells proving to be vital in effective cancer treatment which is increasing CTCs market prominence and its market size. Consequently, the CTC market is accruing vastly. Undoubtedly, technological advancements in medical science biotechnology escalated the CTC market on the global platform, bringing about betterments which could then improve the outlook for cancer treatments.
Additional factors substantiating the market growth include increasing per capita healthcare expenditures, increasing population, exposures to harmful radiation, and the heredity reasons and genetic mutations (abnormal changes) that could cause cancer. Well-spread awareness among the researchers about the vital role the CTC could play in delivering the effective cancer treatment.
Further substantial investments that are getting transpired in the RD projects are in turn, paying off well bringing up the novelties and developments in the CTC mechanisms, which as a result are fostering the market growth.
Unavailability of comprehensive treatments especially in the developing regions presages the large scope for the market to evolve further, prompting significant investments for bringing betterments.
However, the rarity of circulating tumor cells is a predominant factor hampering the market growth of CTC, limiting researches based on it.
The Global Circulating Tumor Cell Market has been segmented based on application, technology, and end-user.
Based on application, the CTC market has been segmented into clinical, drug development, and research. The clinical segment has been sub-segmented into clinical prognostic, diagnosis and management of tumor malignancies, and drug decision. The clinical segment is expected to reach a valuation of USD 18,225.8 million by the end of the forecast period. The clinic segment is followed by the drug development segment owing to the shifting focus of pharmaceutical and biotech companies towards CTC for drug development.
Based on technology, the market for circulating tumor cell has been segmented into combined enrichment and separation of CTC (CTC analysis), CTC detection, and CTC enrichment. CTC enrichment is accounted for the largest market share, owing to its efficiency to reduce the time required for the circulating tumor cell isolation .
Based on end-user, the CTC market has been segmented into diagnostic centers, hospitals clinics, and research academic institute. The hospitals and clinics segment accounts for the leading market share and is estimated to reach a valuation of USD 9,184.9 million by 2024. This is attributed to the constant demand for diagnosis and treatment of cancer, consequently driving the segment growth. The hospitals and clinics end-user segment are anticipated to grow at a CAGR of 20.92% over the forecast period.
Global Circulating Tumor Cell Market – Geographical Analysis
The North American region leads the circulating tumor cell market globally; the growth is largely supported by the US with the increasing prevalence of types of cancer as consequences of the wrong lifestyle. Besides, technological advancements getting transpired in the medical science and biotechnology alongside the substantial healthcare expenditure support the market growth.
The European region stands as another lucrative market for the circulating tumor cell. The market is growing owing to the increasing number of cancer patients in the region. Furthermore, the proliferation of advanced treatment facilities alongside the availability of skilled medical professionals, and the government support for research development drives the market in the region. Moreover, factors such as technological advancement and well-spread awareness among people towards cancer and its consequences drive the growth of the regional market.
The CTC market in the Asia Pacific region is emerging as a promising market owing to the increasing number of cancer patients. Factors substantiating market growth include the increasing prevalence of cancer, spreading awareness among people about cancer, and the availability of new treatment methods. Proliferating markets in China and India majorly contribute to the market growth in the region.
Global Circulating Tumor Cell Market – Competitive Landscape
The global CTC market appears intensely competitive with the several large and small players forming a competitive edge in the market incorporating strategic partnership, collaboration, acquisition, expansion, and technology launch. Significant investments are transpired in the field to bring innovations to the therapy and clinical trials.
Some of the eminent leaders of the market include Greiner Bio-One International GmbH, Ikonisys Inc., Thermo Fisher Scientific, STEMCELL Technologies, SRI International, Miltenyi Biotec, QIAGEN Hannover (QIAGEN), Menarini Silicon Biosystems, F. Hoffmann-La Roche Ltd , Fluxion Biosciences, Inc., NanoString Technologies, Inc., GE Healthcare, Advanced Cell Diagnostics, Inc. (Bio-Techne Corporation), ApoCell, Celltraffix Inc., and Epic Lifesciences.
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