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Circulating Tumor DNA Diagnostics Market Segmented By product type such as Test Kits and Reagents
Circulating tumor DNA is a component of naked DNA which is found in the bloodstream. Circulating tumor DNA comes from cancerous cells or tumors. Majority of circulating tumor DNA is found within the nuclease of the cells. Circulating tumor DNA are actually small pieces of DNA which include around 200 nucleotides in length. Circulating tumor DNA diagnostics is performed for various purpose.
Circulating tumor DNA diagnostics is helpful for detecting the tumor. The detection of cancer by using the circulating tumor DNA diagnostics reduce the need of sample tumor tissue i.e. tumor biopsy. Circulating tumor DNA diagnostics also performed to guide the tumor-specific treatment. This method helps the doctor to determine the more appropriate option for the treatment of cancer.
Increasing funding by the government for the development of test kits for the diagnosis of cancer is expected to boost the circulating tumor DNA diagnostics market over the forecast period. Also, the rising prevalence of cancer is the propelling growth of the circulating tumor DNA diagnostics market.
Moreover, the high focus of biopharmaceutical companies to launch more improved test kits for the diagnosis of cancer is also expected to upsurge the revenue growth of circulating tumor DNA diagnostics over the next decade.
Whereas, the lack of awareness about cancer among people in under-developing economies will also responsible for the sluggish growth of circulating tumor DNA diagnostics market over the forecast period. The high cost of the test kit may deter the growth of circulating tumor DNA diagnostics market to some extent.
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Among the regional presence, North America is the lucrative region for circulating tumor DNA diagnostics market which is then followed by Europe. North America registers to be the leading revenue generating segment due to the presence of a large number of research facilities and biotechnology companies.
North America and Europe cumulatively account for a substantial revenue share in circulating tumor DNA diagnostics market. However, due to high prevalence for cancer, along with strong demand for personalized medicine enables South Asia followed by the East Asia region to account for third leading revenue shareholder in global circulating tumor DNA diagnostics market.
However, the Middle East and Africa is expected to account for being the least lucrative market for circulating tumor DNA diagnostics due to lack of awareness among the people in this geography.
Some of the key players across the value chain of Circulating tumor DNA Diagnostics market are Grail, Inc., Guardant Health, Inc., Biodesix, Inc., Exosome Diagnostics, Freenome Inc., LungLife AI, Inc., Inivata Ltd., Personal Genome Diagnostics, Inc., CellMax Life and others