Circulating Cell-Free Tumor DNA is Estimated to Witness High Growth
Author : Sneha Biswal | Published On : 22 Jan 2024
Circulating Cell-Free Tumor DNA (or ctDNA) refers to fragments of DNA that are released by tumor cells into the bloodstream. Cell-free DNA testing is minimally invasive and provides comprehensive genomic profiling to help guide treatment decisions. The fragmented DNA fragments contain genetic and epigenetic information from the tumor and can be used as a liquid biopsy to aid in cancer detection, prognosis, and monitoring disease progression or recurrence without additional tissue sampling.
Market Opportunity
Growing Incidence of Cancer: Cancer is one of the leading causes of death worldwide and according to WHO, the global burden of cancer is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040. The increasing cases of cancer around the world provides a huge opportunity for the growth of the circulating cell-free tumor DNA market as ctDNA is a highly sensitive biomarker and helps physicians to detect recurrence of cancer by monitoring the ctDNA levels in the blood plasma. ctDNA testing also reduces invasive biopsies and helps cancer patients to get real-time information about treatment response, which is fueling the adoption of cell-free DNA testing and driving the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low due to high capital requirement for R&D, manufacturing and distribution infrastructures needed for circulating cell-free tumor DNA.
Bargaining power of buyers: The bargaining power of buyers is high as there are many regional and local vendors providing substitutes at competitive prices.
Bargaining power of suppliers: The bargaining power of suppliers is high due to scarcity of raw materials required in manufacturing circulating cell-free tumor DNA products.
Threat of new substitutes: The threat of new substitutes is moderate as there are emerging methods for cancer analysis such as liquid biopsy.
Competitive rivalry: The competitive rivalry is intense among the key players in circulating cell-free tumor DNA market.
SWOT Analysis
Strength: Circulating cell-free tumor DNA provides minimally invasive cancer analysis. It is a promising alternative to surgical tissue biopsies.
Weakness: Circulating cell-free tumor DNA analysis requires specialized equipment and trained professionals. Sample collection and processing techniques need further standardization.
Opportunity: Applications in therapy selection, residual disease monitoring and recurrence detection represent a major growth opportunity. Emerging markets like Asia Pacific offer scope for expansion.
Threats: Stringent regulations for approval of circulating cell-free tumor DNA diagnostic tests. Reimbursement policies remain inconsistent across regions.
Key Takeaways
The Global Circulating Cell-Free Tumor DNA Market Growth is expected to witness high. Advances in genomics and biomarker technologies are improving early cancer detection using liquid biopsy samples. 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 6.4% over the forecast period 2023 to 2030.
Regional analysis - North America dominates the circulating cell-free tumor DNA market currently due to conducive regulatory environment and heavy focus on precision medicine in the region. Asia Pacific is anticipated to be the fastest growing regional market over the forecast period. Increasing healthcare spending and rising cancer incidence are driving demand.
Key players - Key players operating in the circulating cell-free tumor DNA market are BASF SE, Perstorp Holding AB, Chemoxy International Ltd., and Merck Group. They are focusing on expanding their product portfolios and global presence through acquisitions and collaborations.
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