According to a new report published by Allied Market Research, titled, “Exosome Diagnostic and Therapeutic Market," The exosome diagnostic and therapeutic market size was valued at $224.34 million in 2020, and is estimated to reach $2.9 billion by 2030, growing at a CAGR of 29.4% from 2021 to 2030. Exosome diagnostic and therapeutic products are the medical instruments, which imply in the exosome-based research activities, used primarily in the investigation of various diseases, such as cancer and cardiac diseases, and others. The adoption of exosome instruments is increased among the healthcare and research professionals. The healthcare and research professionals provide immediate direction for the accurate diagnosis of diseases. In addition, technological advancements in the exosome isolation instruments attract end users to adopt the instruments for the isolation of micro and nanovesicle from the various types of body fluids.
Major factors that boost the global exosome diagnostic and therapeutic market growth include increase in incidence of cancer, chronic, and infectious disease; growth in investments in R&D activities in exosome diagnostic and therapeutic industry; and surge in initiatives implemented by the government and non-government associations for healthcare development. In addition, technological advancements for easy exosome isolation and advancement in applications of exosome support the growth of the exosome diagnostic and therapeutic industry. In addition, the developing countries, such as China and India are expected to provide huge growth opportunities to the market. However, stringent government regulations for the approval of exosome diagnostic and therapeutic products and ack of awareness about the applications of exosome in developing countries restrict the market growth. The exosome diagnostic and therapeutic market analysis is segmented on the basis of application, product, end user, and region. On the basis of application, it is divided into diagnostic application and therapeutic application. Increase in demand for exosome as a biomarker in the diagnosis of cancer, surge in prevalence of cancer with rise in geriatric population, and growth in sedentary lifestyle are the major factors that contribute toward the growth of the exosome diagnostic market, and exosome therapeutic market.
Depending on product, the reagent segment held the largest market share in 2020, owing to its frequent use in healthcare facilities for the isolation of exosome and research procedures. However, the reagents segment is expected to witness considerable growth during the forecast period, owing to increase in need for molecular diagnosis and surge in R&D activities for the purpose of diagnosis. As per the end user, the diagnostic segment held the largest share of 30.3%.
Region wise, North American accounted 28.6% of the share in the market from 2021 to 2030, and is expected to maintain this leading position throughout the forecast period. The growth in the exosome diagnostic and therapeutic market in the region is attributed to the technological advancement in the isolation of exosomes, innovative and advanced applications of exosome-based products, and geriatric population coupled with increasing incidence of diseases, such as cancer and cardiovascular diseases. However, Asia-Pacific is projected to be the fastest-growing region, registering a CAGR of 30.3% during the exosome diagnostic and therapeutic market forecast period. This is mainly due to increase in awareness of innovative and advanced applications of exosome-based diagnostic and therapeutic products. In addition, increase in research outsourcing from emerging markets, rise in improvement of healthcare infrastructures, and surge in expenditures in the developing markets, such as India and China to overcome the unmet medical needs in these countries boost the market growth.
COVID-19 positively impacted the exosome diagnostic and therapeutic market share, due to rise in number of infectious disease cases, surge in availability of healthcare services in developing countries, and increase in demand for exosome diagnostic & therapeutic technology. Driving factors of the exosome diagnostic and therapeutic market are improvement in precision and surge in advantages over traditional methods of diagnosis and therapeutics.
KEY FINDINGS OF THE STUDY
- By product type, the reagent segment was the highest contributor to the market in 2020.
- By application, the diagnostic segment was the highest contributor to the market in 2020.
- By end user, the cancer institute segment was the highest contributor to the market in 2020.
- Region wise, North American region garnered the largest revenue share in 2020; however, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.