Market Overview:
Circulating cell-free tumor DNA refers to small fragments of tumor DNA found circulating in the bloodstream of cancer patients. It can help monitor cancer by detecting residual and recurrent diseases or treatment response in a non-invasive manner through a simple blood draw.
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 22.9% 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 circulating cell-free tumor DNA market is the increasing adoption of cfDNA testing for early cancer detection. Studies have shown that ctDNA levels can be detected in the blood of cancer patients even at early stages of disease. Advanced technologies are being developed and launched for more sensitive detection of ctDNA in early-stage cancers such as breast, lung, colorectal cancers using a simple blood test. This improves cancer screening and facilitates early intervention leading to higher survival rates.
SWOT Analysis
Strength: The circulating cell-free tumor DNA market has high growth potential due to increasing applications in cancer diagnostics and therapeutics. Early detection of cancer can improve treatment outcomes.
Weakness: Challenges in isolation and extraction of sufficient quantities of cfDNA from blood samples. Variations exist in cfDNA concentration levels across cancer types.
Opportunity: Rising funding for research on liquid biopsy. Growing collaborations between academic institutes and market players to develop advanced technologies.
Threats: High costs associated with sequencing technologies can hamper widespread adoption. Strict regulatory frameworks for approval of molecular diagnostic tests.
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, due to increasing applications in early cancer screening and disease monitoring during treatment.
Regional analysis: North America dominates the circulating cell-free tumor DNA market due to increasing prevalence of cancers, rising healthcare expenditure, and availability of advanced healthcare facilities in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period owing to growing patient awareness, increasing healthcare funding, and rising incidence of cancer.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it