by The global Circulating Cell-Free Tumor DNA Market is estimated to be valued at US$ 6.1 Billion in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Circulating cell-free tumor DNA refers to fragments of DNA that are shed by tumors into the bloodstream. It provides a non-invasive method for detecting cancer and monitoring treatment response. The technology allows for early detection of cancer recurrence and helps physicians adapt treatment options accordingly.
Market key trends:
One of the key trends in the circulating cell-free tumor DNA market is the increasing application of liquid biopsy. Liquid biopsy utilizes circulating tumor DNA analysis for various cancer applications such as diagnostics, treatment monitoring and prognosis. It provides a less invasive alternative to tissue biopsy and serial sampling. The use of liquid biopsy is increasing due to advantages such as real-time monitoring of tumor mutations and metastasis during cancer treatment. Liquid biopsy also helps in early detection of cancer relapse and guiding changes to therapies. With advancement in technology, liquid biopsy using circulating tumor DNA is expect to gain more popularity.
SWOT Analysis
Strength: The circulating cell-free tumor DNA market has significant growth opportunities due to the non-invasive and easy collection of sample. It causes less discomfort to patients compared to traditional biopsy procedures.
Weakness: High cost of diagnosis and limited reimbursement policies can hamper the growth of this market. The technique also has low sensitivity for the detection of certain cancer types.
Opportunity: Increasing applications of ccfDNA in therapeutics development, monitoring treatment response and recurrence of cancer. Growing healthcare expenditure in emerging nations also offers lucrative growth opportunities.
Threats: Stringent regulatory guidelines for the approval of circulating tumor DNA kits and assays. Lack of skilled healthcare professionals for tumor DNA analysis in developing regions.
Key Takeaways
The Global Circulating Cell-free Tumor DNA Market Size is expected to witness high growth, exhibiting a CAGR of 22% over the forecast period, due to increasing prevalence of cancer worldwide.
Regional analysis: North America dominated the global market in 2022 and is expected to maintain its leading position during the forecast period. This is attributed to the well-established healthcare infrastructure and increasing healthcare spending in the region. Asia Pacific is anticipated to exhibit the fastest growth rate owing to the improving healthcare facilities, rising awareness about early cancer detection, and large cancer patient pool.
Key players: Major players operating in the circulating cell-free tumor DNA market include Biocept, Inc., Illumina, Inc., Quest Diagnostics Incorporated, KURABO INDUSTRIES LTD, PerkinElmer chemagen Technologie GmbH, Biodesix, Guardant Health, QIAGEN, Sequenom, Inc., Agilent Technologies, Inc., Fluxion Biosciences Inc., Natera, Inc., Agena Bioscience, Inc., Paragon Genomics, Inc., Lucence Health Inc., Eurofins Genomics, Thermo Fisher Scientific. Companies are focused on launching advanced products and expanding their geographic footprint through collaborations and partnerships.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.