Cancer cell detection products help in the early detection of cancer cells circulating in the blood stream. Such innovative techniques help avoid invasive surgical biopsies and detects cancer at an early stage.
The global Cancer Cell Detection Market is estimated to be valued at US$ 10799.45 Mn or Bn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the cancer cell detection market is the development and adoption of liquid biopsy technologies. Liquid biopsy is a non-invasive blood test that detects the presence of cancer DNA shed by tumor cells into the bloodstream. This provides crucial information about the exact genetic profile of the cancer without invasive biopsy procedures. It is useful for real-time cancer monitoring and detection of relapse. Development of highly sensitive technologies to isolate and analyze rare cancer cells in blood samples is also a key trend driving the growth of this market.
SWOT Analysis
Strength: The cancer cell market has high funding opportunities due to the pressing need to develop novel cancer treatment options. There is a strong pipeline of new drugs and therapies in clinical trials.
Weakness: Cancer research and drug development is an expensive process which requires huge investments. The regulatory pathways for approval of novel cancer drugs are also stringent and time-consuming.
Opportunity: Personalized medicine and precision oncology is opening up new avenues for more effective targeted therapies. Growing geriatric population globally is increasing the risk of developing cancer.
Threats: Patent expiries of major blockbuster cancer drugs are increasing competition. Economic slowdowns can potentially reduce funding and investments for cancer research.
Key Takeaways
The Global Cancer Cell Market Size is expected to witness high growth, exhibiting a CAGR of 8.9% over the forecast period, due to increasing prevalence of cancer globally. According to the World Health Organization, cancer burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040.
Regional analysis:
North America is expected to dominate the global cancer cell market during the forecast period. This is attributed to growing geriatric population, increasing cancer incidence, favorable government funding for cancer research, and presence of key market players in the region. However, Asia Pacific is projected to exhibit the highest CAGR during the forecast period due to rising healthcare expenditure, developing research infrastructure and growing awareness about cancer.
Key players operating in the cancer cell market are Abbott Laboratories, Novartis International AG, Arcellx, Autolus Therapeutics, Kite Pharma, Cellectis, Celyad Oncology, Crescendo Biologics Limited, GammaDelta Therapeutics Ltd., Bio-Rad Laboratories Inc, QIAGEN Inc, Thermo Fisher Scientific, Merck Millipore, Siemens Healthineers AG, and GE Healthcare. Major players are focusing on mergers and acquisitions to expand their product portfolio and geographic presence in the cancer cell market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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