ROCKVILLE, Md., Feb. 15, 2022 (GLOBE NEWSWIRE) -- Circulating tumor cells (CTCs) are a blistering topic of oncological conferences and research due to their tremendous potential in the area of cancer diagnosis as well as treatment. The amount of research that CTCs have been doled with signals the lucrative growth prospects of the CTC diagnostics market, which is likely to surpass the valuation of over US$ 9.5 billion by 2030 - projects a recent study published by Fact.MR.
The study highlights the potential for the CTC enrichment technologies in the area of CTC diagnostics and remains bullish on the profitability of investments made in this space. The potentiality of CTC diagnostics is not limited to diagnosing the presence of a tumor, but it also goes beyond that to help in finding the core information about that tumor. In the coming years, the significance of Circulating Tumor Cells (CTC) Diagnostics in cancer therapies and treatment is expected to remain substantial and the market will witness astonishing growth in the coming decade, opines the Fact.MR study.
Circulating Tumor Cells Diagnostics Market by Application
CTC diagnostic tests and equipment are being widely used in a wide range of applications with an ultimate aim to achieve higher levels of accuracy and reliability in the detection of cancer cells. The primary applications of CTC diagnostics include cancer stem cell research, EMT biomarker development, and tumorigenesis research.
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Among all these applications, the adoption of CTC diagnostics in cancer stem cells research is expected to remain significantly high. Cancer stem cells are considered by researchers among the most promising therapeutic targets in cancer treatments and have a great significance in clinical diagnosis of tumors.
As cancer stem cells are known to have a strong regeneration and self-renewal tendency, these are known to be the primary cause of tumorigenesis. Thereby, the applications of CTC diagnostics in the area of cancer stem cells research will play an integral role in the growth of the market.
COVID-19 Impact
The unprecedented condition caused due to the rapid spread of novel coronavirus caught many countries as well as health organizations unprepared. Though the world has reached towards the start of 2021, the negative impacts of COVID-19 do not seem to ebb as the new mutated variant of the virus has been spreading rapidly.
In situations such as this, the operations of many endoscopy units have been severely restricted across many countries, limiting the activities of time-critical procedures and diagnostic tests, which mainly impacts the growth prospects of the CTC diagnostics market.
Regional Outlook
The North American market for CTC diagnostics accounts for nearly one-third revenue share of the global market, leading the pack in regional markets in this landscape.
The primary factors leading the growth of the North American market for CTC diagnostics is the alarming rise in cancer deaths in the region. According to The American Cancer Society, nearly 1.8 million new cases of cancer and more than half a million cancer deaths were reported in the United States in 2020.
Current cancer statistics about its incidence, survival, and mortality in the region is alarming, and this has been encouraging research in this area.
Furthermore, convergence of technology in the cancer research area has remained significantly high in the region, which further boosts the growth of the CTC diagnostics market in the region.
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Key Takeaways from CTC Diagnostics Market Report
- The CTC diagnostics market has surpassed the mark of US$ 6 billion, as it reached the valuation of US$ 6.3 billion in 2020. The primary factor to drive the market remains the ongoing research in the field of cancer diagnostics and alarmingly increasing number of cancer deaths around the world.
- The market is expected to witness exponential growth in the coming decade as the projected CAGR is likely to exceed beyond 17% during the forecast period of 2020 to 2030.
- The adoption of CTC enrichment methods is likely to remain significantly high, as the segment is projected to reach the valuation of over US$ 9.5 billion by the end of the assessment period.
- The North American market for CTC diagnostics is expected to lead the regional category with a valuation of over US$ 2 billion in 2020. With the ongoing cancer research in the region and growing presence of market leaders, the regional market is expected to secure one-third revenue share in the global space.
- Patients’ inclination towards non-invasive diagnostics tests and prognostic tools for predicting or detecting the risks of cancer is one of the driving forces for the growth of the market. Manufacturers are also expected to experiment around technologies for detection and analyzing CTCs to improve accuracy and reliability of results.
CTC Diagnostics Market: Segmentation
The study offers a detailed estimation and outlook of the CTC diagnostics market based on the product, technology, application, sample type, and region.
Product
- Devices & Systems
- Kits & Reagents
- Other Consumables
Technology
- CTC Enrichment Methods
- CTC Detection Methods
- CTC Analysis
Application
- Cancer Stem Cell Research
- EMT Biomarkers Development
- Tumorigenesis Research
- Others
Sample Type
- Blood
- Bone Marrow
- Others
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What are the Key Strategies of Circulating Tumor Cells Market Players?
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.
- Sysmex Corporation. Leading
Leading market players are increasing their focus on research and development as innovation remains an integral part of their business strategy to gain an edge in this landscape.
In November 2019, the partnership was announced between Ikonisys Inc. - a cell-based diagnostics company headquartered in the United States - and Sheba Medical Center - one of the leading hospitals in the Middle Eastern region, based in metro Tel Aviv, Israel - for the development of CTC diagnostic tests that can target specific types of cancer.
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