Biological investigation of CTCs helps oncologist in gaining insights into tumor development mechanism, thereby enhancing diagnosis, serial sampling, therapeutic manipulation, and understanding resistant cancer profiles. Projects involved in biotechnology sector for trouble shooting the problems faced during CTC analysis are likely to support the development of novel methodologies, which in turn, is expected to drive market over the forecast period.
Novel microfluidic chip that enables the capture of CTC clusters, is also expected to boost the demand. Availability of cluster chips and other such products at various medical facilities for the treatment purposes are further expected to fuel demand over the forecast period. Usage of cluster chip technology for studying CTC clusters is expected to help oncologists understand tumor metastases so that it can be treated at minor stage itself.
High cost of treatment procedure is expected to be the major restraint for the circulating tumor cell market. lack of highly experienced physician who have the sufficient knowledge about procedure to be taken during the treatment and lack of knowledge among the people about the early stages of cancer acts as restraints to the market growth.
The circulating tumor cells market is anticipated to record a CAGR of 15.4% over the forecast period i.e. 2019-2027. The market is segmented by application into clinical, research and drug development out of which drug development is anticipated to hold the major market share on account of various drug manufacturing organizations using CTC to produce the more and improved products; by technology into CTC enrichment and CTC detection out of which CTC detection is anticipated to hold the major share on account of diagnosis of new customer. by end-user into hospital & clinics, research & academic institutes and diagnostic centers, out of which, the hospital and clinics segment is projected to hold the major market share of the circulating tumor cells market on account of increased number of cancer patients.
According to the World Cancer Research Fund, in 2018, there were an estimated 18 million cancer cases around the world, out of which, 9.5 million cases were in men and 8.5 million in women. Lung and breast cancers were the most common and contributed about 12.3% of the total number of new cases that were diagnosed in 2018.
According to the WHO, in 2018, approximately 70% of the deaths in low and middle-income countries were due to cancer. With this growing burden, prevention of the cancer is one of the most significant challenges. Furthermore, according to the Globocan Database, in 2018, it was estimated that the number of new cases would grow from 18.1 million to 29.4 million, between 2018 and 2040. Thus, the increasing prevalence of cancer is one of the major factors augmenting the growth of the market.
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Our-in depth analysis of the circulating tumor cells market includes the following segments:
On the basis of regional analysis, the circulating tumor cells market is segmented into five major regions i.e. North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America region is panned to observe substantial growth in circulating tumor cells market on the back of high per capita health care expenditure, increasing prevalence of cancer and availability of advanced health care facilities have resulted people spending more health care (expenditure for cancer patients is mostly in breast, lung, and colon and rectum cancers).Furthermore, increasing demand for new product launches and technological advancements are anticipated to drive the circulating tumor cells market over the forecast period.
Asia Pacific market is expected to rise during the forecast period due to increase in population and rising healthcare budget of major economies like China and India. With rising investment in upgrading to latest technologies supported by the rise in medical tourism in this area, the demand for circulating tumor cells is expected to increase at a high rate.
Middle East & Africa region is expected to hold a moderate share in the circulating tumor cells market over the forecast period due to gradual increase in the usage of vaccination especially in the GCC countries. Various bio banking and tumor cells organizations such as Bio-science Institute are expected to drive the market over the forecast period. Numerous government and private organizations are working toward developing circulating tumor cells to address the increasing demand for circulating cells and related procedures in the region.
The circulating tumor cells market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.