The global cancer cell market is Estimated to Witness High Growth Owing to Opportunity of Increasing Incidences of Cancer
The cancer cell market consists of cell lines derived from various cancerous tissues that are used extensively in cancer research and drug development. Cancer cell lines help researchers understand the functioning of cancer cells and aid in testing potential drug candidates. With the increasing prevalence of cancer worldwide due to changing lifestyle patterns and growing elderly population, the demand for effective cancer therapies is rising at an exponential rate. \
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 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Increasing Incidences of Cancer
According to the World Health Organization (WHO), cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. The incidences of different cancer types such as lung cancer, breast cancer, colorectal cancer, prostate cancer and others are rising steadily owing to tobacco consumption, obesity, physical inactivity, and aging population. It is estimated that 1 in 5 people in the US will be diagnosed with cancer during their lifetime. The rising disease prevalence is expected to fuel the demand for novel and effective treatment options, propelling the growth of the cancer cell market over the forecast period. The cancer cell lines play a crucial role in cancer research and development of novel anti-cancer drugs and therapies, which will tap into this market opportunity of growing incidences of cancer globally.
Porter’s Analysis
Threat of new entrants: The Global Cancer Cell Market Size requires large capital investment in R&D along with strong distribution network. This creates significant entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many key players operating in the market providing variety of options to buyers.
Bargaining power of suppliers: A few big multinational companies dominate the supply side. This gives them moderate bargaining power over buyers.
Threat of new substitutes: There is limited threat from substitutes as cancer screening and detection technologies offered by existing players have established product applications.
Competitive rivalry: The cancer cell market sees intense competition among existing major players to gain higher market share.
SWOT Analysis
Strength: Well-established distribution network, strong brand identity and recognition for major players, continuous investment in R&D.
Weakness: High costs associated with development and marketing of new detection technologies, stringent regulations.
Opportunity: Rising cancer incidence worldwide, growing awareness about early detection, entry into emerging markets.
Threats: Threat from local players offering low cost products, reimbursement issues.
Key Takeaways
The global cancer cell market is expected to witness high growth over the forecast period due to rising cancer burden and increasing investments for development of advanced detection methods. 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 11% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the global cancer cell market currently due to supportive government policies for cancer research funding, organized healthcare systems and presence of major industry players in the region. Asia Pacific is forecast to grow at the fastest pace during the forecast period with increasing healthcare expenditures and growing patient access to diagnostic services in developing countries of the region.
Key players: Key players operating in the cancer cell market are Honeywell International Inc., Siemens AG, General Electric Company, and Schneider Electric SE. These players are focusing on new product launches through R&D and strategic collaborations to consolidate their market position.
Get More Insights On This Topic: https://www.newswirestats.com/cancer-cell-market-forecast-outlook-trend-2023-2030-2/
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