by Circulating cell-free tumor DNA (ctDNA) also known as liquid biopsy refers to fragmented tumor DNA that is released by cancer cells into the bloodstream. Liquid biopsy offers non-invasive diagnostic and monitoring capabilities for various types of cancers including lung cancer, breast cancer and colorectal cancer. ctDNA detection and analysis provides valuable insights into tumor genetics, development of drug resistance and disease progression. It helps clinicians customize treatment plans according to mutational status of tumors. The global circulating cell-free tumor DNA market has gained significant attention as liquid biopsy aids in early cancer detection and follow-up care without the need for invasive tissue biopsies.
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, 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 demand for non-invasive cancer screening and monitoring techniques. Liquid biopsy leverages next generation sequencing techniques and bioinformatics to analyze ctDNA fragments and biomarkers in blood samples with high sensitivity. This allows for repetitive screening and real-time monitoring of tumor response to therapies. Recent clinical validity studies have proven liquid biopsy to be an effective complement or alternative to tissue biopsies for various cancer types. Growing adoption of ctDNA testing is expected to facilitate early detection of relapse and guide treatment decisions, thereby improving patient outcomes.
Porter’s Analysis
Threat of new entrants: Low barrier to entry into this market as technology required is readily available and ongoing research is allowing more competitors to offer circulating cell-free tumor DNA tests. However, existing big players have established brand image and distribution networks.
Bargaining power of buyers: Moderate as key customers in this market are hospitals, research institutes and biotech companies. Standard tests by big brands are preferred for accuracy and reliability.
Bargaining power of suppliers: Low to moderate as requirements are specialized reagents and equipment that have limited suppliers globally. Established players can influence terms and create supply uncertainties for smaller firms.
Threat of new substitutes: Low currently as circulating cell-free tumor DNA testing is still an emerging non-invasive method compared to tissue biopsy. Further research may bring in new techniques.
Competitive rivalry: High among major players to gain more market share and expand geographical reach. Price wars and new product launches can intensify competition.
Key Takeaways
The Global Circulating Cell-Free Tumor DNA Market Size is expected to witness high growth. 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 comprises that North America region dominates currently due to advanced healthcare infrastructure and rising cancer rates. But Asian countries are fastest growing markets due to growing medical tourism and healthcare spending.
Key players operating in the Circulating Cell-Free Tumor DNA Market are BASF SE, Perstorp Holding AB, Chemoxy International Ltd., and Merck Group. BASF SE offers comprehensive solutions to detect tumor-derived DNA in blood plasma. Merck Group provides cancer diagnostics through dedicated biopharma division focusing on liquid biopsy research.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
