Circulating Tumor Cells Market Size, Share & Trends Analysis Report By Application (Clinical/Liquid Biopsy, Research), By Specimen (Bone Marrow, Blood), By Product, By Technology, By End-use, By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the circulating tumor cells market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for circulating tumor cells market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of circulating tumor cells market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Circulating Tumor Cells Market Categorization:

The circulating tumor cells market was categorized into six segments, namely technology (CTC Detection & Enrichment Methods, CTC Direct Detection Methods, CTC Analysis), application (Clinical/ Liquid Biopsy, Research), product (Kits & Reagents, Blood Collection Tubes, Devices or Systems), specimen (Blood, Bone Marrow), end-use (Research and Academic Institutes, Hospital and Clinics, Diagnostic Centers), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The circulating tumor cells market was segmented into technology, application, product, specimen, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The circulating tumor cells market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-five countries, namely, the U.S.; Canada; the UK; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Brazil; Mexico; Argentina; Saudi Arabia; UAE; Egypt; South Africa; and Nigeria.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Circulating tumor cells market companies & financials:

The circulating tumor cells market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• QIAGEN, QIAGEN provides solutions that help customers gain molecular insights from samples containing the fundamental components of life. Its portfolio comprises a wide range of innovative products and services that cover the entire molecular testing process, from sample preparation to data analysis. The company’s offerings cater to research & development activities across various industries, including healthcare, forensics, veterinary diagnostics, food safety testing, pharmaceuticals, and biotechnology.

• Bio-Techne Corporation, Bio-Techne Corporation is a leading developer and manufacturer of high-quality research tools and reagents used to understand & manipulate biological processes. Its product portfolio helps researchers in various fields, including life sciences research, therapeutic manufacturing, and clinical diagnostics. The company is one of the major players in the field of protein sciences, offering a comprehensive portfolio of reagents and assays for protein research. This includes antibodies, proteins, and immunoassays crucial for various applications, such as Western blotting, ELISA, & immunohistochemistry.

• Precision Medicine Group LLC, The company supports the development of next-generation approaches for drug development and marketing. The company utilizes biomarker technology for clinical research and benefits from advancements in technology, focusing primarily on immune-response assays, genomics, biomarker analytics, specimen logistics, companion diagnostics, and clinical trial execution. The company is part of Precision Medicine Group and has 30 offices throughout the U.S., Canada, and Europe.

• AVIVA Biosciences, The company develops technologies to advance drug discovery, life sciences, and healthcare research. The company’s products and services assist in the development of novel & safer drugs, introduce better diagnostics, and understand disease origin. The company’s recent revolutionary approach, known as RedSift Cell Processor, efficiently recovers target cells while eliminating platelets and red blood cells from the sample. The company operates as a contract research organization that provides safety screening services emphasizing on ion channels.

• BIOCEPT, Inc., BIOCEPT, INC. is a molecular diagnostics company specializing in biomarker analysis of circulating tumor-associated DNA in plasma or cell-free circulating tumor DNA as well as Circulating Tumor Cells (CTC). The company’s proprietary liquid biopsy technology provides in-depth clinical information to physicians for monitoring and treating patients with cancer. The company also provides services to other laboratory testing providers, research organizations, academic institutions, biopharmaceutical firms, and clinical trial support organizations. The company has partnerships with several market leaders and major cancer centers, which, in turn, helps the company to advance in the field of cancer diagnostics.

• BioCEP Ltd., The company focuses on developing cell isolation technologies. BioCEP’s patented Cell Enrichment Process is included in the Cell Enrichment Process for Isolation of Rare Cells (CEPir) devices for cell isolation to allow efficient cell isolation in various R&D applications. The company manufactures, develops, and commercializes products to customers globally.

• Cell Microsystems (Fluxion Biosciences, Inc.), Cell Microsystems is a life sciences company developing innovative tools to revolutionize single-cell research. Their core technology, CellRaft, enables researchers to isolate, image, and analyze individual cells with unprecedented precision and efficiency. This empowers scientists in various fields like CRISPR gene editing, oncology, stem cell biology, immunology, and neurobiology to make groundbreaking discoveries. The company acquired Fluxion Biosciences, Inc. Fluxion Biosciences, Inc. focuses on the development of analytical instruments for functional cellular analyses. The company develops automated solutions for cell-free and cell-based assays.

• Greiner Bio One International GmbH, Greiner Bio One International GmbH is an international medical technology company that operates as a subsidiary of Greiner BioOne International AG. This company operates through four business divisions—analytics, biosciences, diagnostics, and equipment manufacturing. Preanalytical products include venous blood collection, urine collection, capillary blood collection, and saliva collection systems. Moreover, the company offers customized platforms for life sciences and medical sectors as well as biochips for bacterial and viral identification.

• Ikonisys Inc., Ikonisys, Inc. is involved in designing and manufacturing medical diagnostic products targeted toward cancer diagnostics. The products manufactured by the company help in early cancer diagnosis and genetic disorder screening. Ikonisys generates its revenue via three key business segments, including medical devices, services, and in vitro diagnostics products. Catering to customers operating in cell-based diagnostics, Ikonisys manufactures products that help in the efficient detection of rare cells.

• Miltenyi Biotec, Miltenyi Biotec is a biotechnology company involved in cell-based research and its clinical translation, for which it provides advanced cellular therapy and biomedical research solutions. Its GMP and contract manufacturing facility is located in Teterow, Germany. The company supplies products in countries including the UK, France, Italy, Spain, Japan, China, Australia, Singapore, South Korea, and Australia. It also focuses on R&D activities pertaining to immunology, stem cell research, neuroscience, cancer research, and cardiovascular research.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Circulating Tumor Cells Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2023, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Circulating Tumor Cells Market Report Assumptions:

• The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.