Circulating Tumor Cell Market Predicted to Reach USD 5.9 Billion, Globally, by 2031 at 18.0% CAGR

Allied Market Research

 Rise in number of cancer cases, increase in awareness about CTCs and their detection in the diagnosis of cancer, rise in research and development activities, and increase in clinical trials drive the growth of the global circulating tumor cell market.

PORTLAND, Ore., Dec. 9, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Circulating Tumor Cell Market by Technology (CTC Detection and Enrichment Method, CTC Direct Detection Methods, CTC Analysis), by Application (Clinical, Research), by End Users (Hospital and Clinics, Diagnostic Centers, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global circulating tumor cell industry generated $1.1 billion in 2021, and is anticipated to generate $5.9 billion by 2031, witnessing a CAGR of 18.0% from 2022 to 2031.

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Prime determinants of growth

Technological advancements in the field of diagnostics and treatment, rise in number of cancer cases, increase in awareness about CTCs and their detection in diagnosis of cancer, rise in research and development activities, and a rise in the number of clinical trials drive the growth of the global circulating tumor cell market. However, high cost associated with CTC testing owing to the high-quality instruments used for testing is expected to hinder the market growth. Moreover, rise in investment by key market players in developing countries, along with the rise in adoption of various strategies by the key players is anticipated to present new opportunities in the coming years.

Covid-19 Scenario

• The outbreak of the COVID-19 pandemic had disrupted workflows in the healthcare sector globally. COVID-19 forced a number of industries, including several sub-domains of healthcare to shut their doors temporarily.
• The global circulating tumor cell industry experienced a decline in sales in 2020, due to the global economic recession in 2020.
• In addition, there was a decrease in the number of patient visits to hospitals for disease treatments other than COVID-19, which also reduced the number of tests performed for cancer diagnosis and CTC detection. This factor also diminished the sale of products and instruments related to CTC testing during the pandemic.
• However, the market witnessed recovery in 2021, and is expected to show a stable growth in the post-pandemic. This growth is attributed to the increase in the number of patient visits to hospitals after the pandemic and rise in the number of diagnostic centers.

The CTC detection and enrichment methods segment to maintain its leadership status throughout the forecast period