Circulating Cell-Free Tumor DNA Market to Reach US$ 6.1 Billion by 2023
Market Overview:
The global Circulating Cell-Free Tumor DNA Market is estimated to reach a valuation of US$ 6.1 billion by 2023, growing at a CAGR of X% during the forecast period 2023-2030. This market research report by Coherent Market Insights highlights the significant growth potential of the market. Circulating Cell-Free Tumor DNA refers to small DNA fragments that are released into the bloodstream by tumor cells. The market for these DNA fragments is driven by increasing prevalence of cancer worldwide and the advantages they offer in the early detection and monitoring of cancer. The need for non-invasive and effective diagnostic methods has further propelled the demand for circulating cell-free tumor DNA products.
Market Key Trends:
One key trend in the Circulating Cell-Free Tumor DNA Market is the growing adoption of liquid biopsy as an alternative to traditional tissue biopsies. Liquid biopsy involves the analysis of circulating cell-free tumor DNA to diagnose and monitor cancer. It offers several advantages such as minimal invasiveness, real-time monitoring, and overcoming the limitations of tissue biopsies. Liquid biopsy has gained traction in the field of oncology and is being increasingly used for the detection of early-stage cancers, prediction of treatment response, and monitoring the development of resistance to therapies. This trend is driven by advancements in technology, the need for personalized medicine, and the growing demand for minimally invasive procedures in cancer diagnosis and management.
Segment Analysis:
The circulating cell-free tumor DNA market can be segmented based on application, end user, and region. In terms of application, the market is dominated by the oncology segment, which is further divided into breast cancer, lung cancer, colorectal cancer, and others. Oncology has emerged as the dominating application segment due to the increasing prevalence of cancer worldwide. Growing awareness about the benefits of early detection and personalized medicine has fueled the demand for circulating cell-free tumor DNA testing in oncology.
When it comes to end users, the market can be divided into hospitals and clinics, diagnostic laboratories, research institutes, and others. Among these, hospitals and clinics hold the largest market share. This can be attributed to the rising number of cancer cases and the increasing adoption of advanced diagnostic techniques in healthcare facilities. The availability of skilled professionals and the presence of advanced infrastructure in hospitals and clinics also contribute to the dominance of this segment.
Key Takeaways:
The Global Circulating Cell-Free Tumor DNA Market Size is expected to witness high growth, exhibiting a CAGR of 22.9% over the forecast period. This growth can be attributed to several factors, including the increasing prevalence of cancer, advancements in technology, and a growing focus on early detection and personalized medicine. The market is projected to reach US$ 6.1 billion by 2023.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the circulating cell-free tumor DNA market. This can be attributed to factors such as the presence of a well-established healthcare infrastructure, rising healthcare expenditure, and increasing awareness about cancer screening and diagnosis. The region is also home to major key players in the market, contributing to its dominance.
Key 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, and Thermo Fisher Scientific. These key players are continuously involved in research and development activities to enhance their product offerings and expand their market presence.