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The healthcare experts are using exosomes in diagnosis of cancer that helps in outlining the genetic transformations in tumors and also prevent the spread of the disease. Exosomes exhibits a key role in assist cell-to-cell communication in the cancer scenario. It represses the immune function by promoting apoptosis of activated T- cytotoxic cells that enable tumor development in an individual. The exosome diagnostic and therapeutic industry is the point of interest in cancer diagnostics and therapeutics as it is one of the emerging biomarker based procedures for the diagnosis of cancer. According to the World Health Organization in 2018, the global cancer burden of cancer is estimated to be increased to 18.1 million new cases with the 5-year prevalence of 43.8 million cases.
Factors such as increasing government funding for exosome research, technological advancements in exosomes isolation, procedures, and increasing advanced applications of exosomes are driving the market growth. However, lack of awareness and stringent regulations for the approval of products used in exosome-based research hamper the growth of the market.
Key Market Driver -
Rising prevalence of cancer and technological advancements in exosomes isolation and analytical procedures to propel the market growth.
Key Market Restraint -
Lack of awareness and stringent regulations for the approval of products used in exosome-based research may obstruct the growth of the market
Globally, the exosomes market can be segmented on the basis of applications, products, end users, and region. Based on the applications, the market can be segmented into diagnostics and therapeutics. Based on the product the market can be segmented into instruments, reagents and software. Based on the end user, the market can be segmented into cancer institute, hospital, diagnostic center, and others. Geographically, the exosomes market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Some of the major companies that are present in the Exosomes market are ExoDx, Hitachi Chemical Co., Ltd., QIAGEN, Aethlon Medical, Inc., NanoSomiX, Thermo Fisher Scientific Inc., Malvern Panalytical Ltd, System Biosciences, LLC., Sistemic Scotland Limited, and other prominent players.
Geographically, the exosomes market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North American region is likely to hold the largest share of the market. The growth of the market in this region can be attributed to the better healthcare infrastructure, effective government policies, presence of major players, and high awareness among people about diagnostics and healthcare. The U.S. specifically is likely to remain the most dominating country during the forecast period due to the large number of government-funded research studies regarding role of drugs using exosomes in numerous kinds of cancers, such as melanoma, breast cancer, lung cancer, and pancreatic cancer, among others and collaboration of key players with the state universities in the region, to conduct clinical trials in the united states.
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Europe is projected to held second leading share of the market. The increase in the prevalence of cancer and significant per capita healthcare expenditure by the governments are the major factors driving the growth of the market. The market in Asia-Pacific region will witness significant momentum due increasing incidences and the increase in the prevalence of cancer in the region. The market in the Latin America and the Middle East and Africa will show moderate growth during the forecast period owing to rising disposable income, awareness among people for early diagnosis, escalating number of tobacco and cigarette consumers, the notable rise in a number of healthcare & diagnostic centers
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