The global Cancer Cell Market is estimated to be valued at US$ 10799.45 Mn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cancer is one of the leading causes of morbidity and mortality worldwide. Cancer
cells are abnormal cells that divide uncontrollably and have the ability to
metastasize or invade other tissues. These cells are extracted and grown in
laboratories for various research activities such as development of anticancer
therapies, diagnosis, and cancer risk assessment. Cancer cell lines and the
associated reagents and solutions are widely used by various research
institutes, pharmaceutical companies, and contract research organizations for
research purposes.
Market key trends:
One of the key trends in the cancer cell market is the rising focus on
precision medicine. Precision medicine uses a patient’s specific genetic
profile and biomarkers to select the right therapy for treating cancer. With
advancements in gene sequencing and biomarker identification, cancer cell lines
are being used to develop targeted therapies for various cancer mutations and
specific patients. For instance, recent studies are focusing on collecting
cancer cell lines from breast cancer, lung cancer and skin cancer patients for
better understanding of tumor biology and developing precision medicine
approaches. This trend is expected to drive significant growth of the cancer
cell market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the cancer
cell market as it requires huge capital investments for R&D and clinical
trials. However, increasing government support for cancer research is lowering
the entry barriers.
Bargaining power of buyers: The bargaining power of buyers is high as the
market has the presence of many global and regional players providing a wide
range of cancer treatment options. Buyers can choose from various treatment
options.
Bargaining power of suppliers: The bargaining power of suppliers is low as key
raw materials used in cancer cell research and diagnostics can be easily
substituted. This limits the suppliers' ability to influence pricing.
Threat of new substitutes: The threat of new substitutes is high due to ongoing
research leading to discovery of new diagnostic techniques and development of
advanced targeted therapies.
Competitive rivalry: High due to the presence of many global and regional
players offering differentiated products and services.
Key Takeaways
The Global
Cancer Cell Market is expected to witness high growth, exhibiting CAGR of 8.9% over the forecast period
2023 to 2030, due to increasing government funding for cancer research and
rising global prevalence of cancer.
Regional analysis: North America dominated the cancer cell market in 2022 and
is expected to maintain its lead over the forecast period. This is attributed
to the increasing incidence of cancer, rising government funding for research,
and presence of key market players in the region. Asia Pacific is projected to
exhibit the fastest growth rate during the forecast period driven by growing
healthcare expenditure, increasing patient awareness, and expanding private
healthcare sector in the region.
Key players operating in the Cancer Cell Market are Abbott Laboratories,
Novartis International AG, Arcellx, Autolus Therapeutics, Kite Pharma,
Cellectis, Celyad Oncology, Crescendo Biologics Limited, GammaDelta
Therapeutics Ltd., Bio-Rad Laboratories Inc, QIAGEN Inc, Thermo Fisher
Scientific, Merck Millipore, Siemens Healthineers AG, and GE Healthcare. Key
players are focusing on new product launches, collaborations and expansion
strategies to strengthen their market position.
Read More: https://www.trendingwebwire.com/ai-and-machine-learning-are-fueling-growth-in-the-cancer-cell-market/