Circulating Tumor Cells (CTC) Market Share to Exhibit a CAGR Exceeding 20% during the forecast period of 2018-2023. Circulating Tumor Cells are operated in cancer diagnostics and management, as a biomarker for the early detection of cancer, since they act as an indicator of treatment response and are beneficial in predicting results and projection in cancer management.
The growing Occurrence of cancer has increased the demand for CTC and consequently lead to the notable growth of the global circulatory tumor cells market. Additionally, the increasing need for the treatment of various chronic diseases has attracted significant investments by the biotechnology and pharmaceutical sector on research and development activities to develop advanced therapies for cancer and other chronic ailments. This is expected to contribute substantially to the growth of the global circulating tumor cells market.
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CTC Market Key Players:
The leading companies in the Global Circulating Tumor Cells Market are
• SRI International
• Thermo Fisher Scientific
• Hoffmann-La Roche Ltd
• Ikonisys Inc.
• Menarini Silicon Biosystems
• Miltenyi Biotec
• STEMCELL Technologies
• Fluxion Biosciences, Inc.
• Greiner Bio-One International GmbH
• NanoString Technologies, Inc.
• QIAGEN Hannover (QIAGEN)
CTC tests are expensive since they combine multiple enrichment and detection steps, which involve various assays, instruments, systems, and test kits. This may hamper the growth of the market over the forecast period. Additionally, unmet medical needs in developing regions and a critical lack of appropriate medical facilities in weak economies pose a challenge to the growth of the market.
Nevertheless, developing economies offer a high potential for growth opportunities for the global CTC market. Market players are shifting their focus to explore the market in such regions, to enhance the healthcare sectors, and consequently contribute to the growth of the CTC market.
CTC Market Segmentation:
The Global Circulating Tumor Cells Market has been segmented based on
Based on application, the CTC market has been segmented into
• Drug development
Based on clinical, CTC market has been sub-segmented into
• Clinical prognostic
• Management of tumor malignancies
• 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 circulating tumor cells market has been segmented into
• combined enrichment and separation of CTC (CTC analysis)
• CTC detection
• CTC enrichment
CTC enrichment is accounted for the largest market share, owing to its efficiency to reduce the time required for the isolation of rare CTCs.
Based on end-user, the CTC market has been segmented into
• Diagnostic centers
• Hospitals & clinics
• 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.
CTC Market Regional Analysis
Based on the region, the market has been segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Americas account for the largest regional market for circulating tumor cell, owing to the high prevalence of cancer in this region. The region is expected to maintain the leading market share over the forecast period, growing at a CAGR of 20.56% and acquiring a valuation of USD 13,011.5 million. The early adoption of advanced technologies, and the well-established healthcare sector in the region, especially in the U.S., are primary factors contributing to market growth.
Europe is the second largest region in the global CTC market, owing to the increasing expenditure by the government towards research and development activities to expand the diagnosis and treatment facilities offered to consumers, especially for cancer affected patients.
The Asia Pacific is the fastest growing region of the market and is expected to grow over the forecast period at a CAGR of 20.84%. The high growth rate is attributable to the emerging economies such as India and China, which serve as opportunities for market growth, owing to the rising prevalence of cancer, and technological advancements.
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