The global Circulating Cell-Free Tumor DNA Market is estimated to be valued at US$ 6.1 Bn 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 (ctDNA) refers to fragmented pieces of tumor DNA that are shed by cancer cells into the bloodstream. Detection of ctDNA helps in non-invasive cancer diagnosis and monitoring cancer progression. It offers advantages like minimally invasive testing replacing expensive tissue biopsies, early detection and monitoring of cancers like lung, breast and colorectal cancer. CtDNA provides insights into molecular characterization of tumors which help clinicians in personalized treatment decisions for patients.
Market key trends:
The increasing preference for non-invasive cancer testing is driving adoption of ctDNA analysis. Advances in sequencing technologies are enabling detection of very low levels of ctDNA. Launch of new ctDNA tests by market players for monitoring treatment response and detecting relapse is expected to boost market growth. Expanding clinical applications of ctDNA analysis from diagnostics to therapeutic selection is one of the key trends in this market. Growing awareness about advantages of liquid biopsies compared to tissue biopsies is also fueling the Circulating Cell-Free Tumor DNA market growth globally.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to the high capital requirement and strong patent protection held by major players in the circulating cell-free tumor DNA market.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of substitutes. However, advantages of circulating cell-free tumor DNA over other alternatives increases buyers dependency.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are numerous component suppliers in the market.
Threat of new substitutes: The threat of new substitutes is low as circulating cell-free tumor DNA is considered highly accurate for non-invasive cancer screening and monitoring.
Competitive rivalry: High due to the presence of many global as well as regional players competing on various factors.
Key Takeaways
The Global Circulating Cell-free Tumor DNA Market Size is expected to witness high growth, exhibiting 22% CAGR over the forecast period, due to increasing demand for non-invasive cancer screening tests.
The North America region is expected to dominate the circulating cell-free tumor DNA market during the forecast period. This is attributed to the advanced healthcare infrastructure and increasing adoption of advanced medical technologies in the region.
Key players operating in the circulating cell-free tumor DNA market are 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. Major players are focusing on new product launches, collaborations and geographical expansion to increase their market share in the circulating cell-free tumor DNA market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
