Increase in Prevalence of Cancer Expected to Drive Global Liquid Biopsy Market
Liquid biopsy is a minimally invasive technology that consists of isolation & detection of the circulating tumor DNA, tumor cells, and exosomes. It is used in the cancer diagnosis in order for studying the response & resistance to given treatments. Different samples are used for liquid biopsy including urine, blood, and other samples that includes stool and others.
According to study, “Liquid Biopsy Market Global Report 2020-30” the key companies operating in the global liquid biopsy market are Bio-Rad Laboratories Inc., Myriad Genetics, Inc., QIAGEN N.V., Roche Diagnostics, Guardant Health Inc., Biocept, Inc., Guardant Health, Menarini Silicon Biosystems, Thermo Fisher Scientific, and F. Hoffmann-La Roche AG.
Based on sample type, liquid biopsy market is segmented as urine sampling liquid biopsy, blood sampling liquid biopsy and saliva & other tissue fluids sampling liquid biopsy. Based on product & services, market is segmented as instruments, assay kits and services. The assay kits segment is likely to be the fastest-growing segment in the product & services market owing to rise in demand for liquid biopsy tests, surge in need for reliable & specific assays and increase in applications of liquid biopsies during the forecast period. Based on circulating biomarker, market is segmented as cell-free DNA, Circulating Tumor DNA (CTDNA), circulating tumor cells, extracellular vesicles (EVS) and other circulating biomarkers. Based on technology, market is segmented as single gene analysis using PCR microarrays and multi-gene-parallel analysis using NGS. Based on clinical application, market is segmented as therapy selection, early cancer screening, recurrence monitoring, treatment monitoring and others. Based on application, market is segmented as caner and non-cancer applications. In addition, based on end-user, market is segmented as hospitals & physician laboratories, reference laboratories, academic & research centers and others.
The liquid biopsy market is driven by rise in emphasis on personalized medicine, followed by increase in prevalence of cancer, surge in initiatives undertaken by government & global health organizations, increase in preference for noninvasive procedures, growth in technological advancement to augment market revenues and rise in availability of funding for liquid biopsy Research & Development (R&D). However, unclear regulatory & reimbursement scenario and low sensitivity & specificity may impact the market. Moreover, increase in interest in liquid biopsy is a key opportunity for market.
Based on geography, the North-American region holds major share in global liquid biopsy market owing to presence of well-established infrastructure & facilities and presence of well-informed people & government-support in terms of the reimbursement policies or medical insurance in the region. The Asian-Pacific and European regions are estimated to witness considerable growth due to growth in adoption of latest healthcare diagnostic tools & procedure in the developing nations such as Japan, India, and China over the forecast period. It is expected that future of the global market will be bright as a result of increase in penetration of various medical companies into the aforementioned countries during the forecast period. The global liquid biopsy market was valued at US $2.9 billion in 2019. It is projected to grow at a CAGR of 20.80% and reach US $6.1 billion by 2023.
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Liquid Biopsy Market (by Circulating Biomarker, Product, Application, End User, Clinical Application, Cancer Types, Sample Type, Regional & Country Wise Analysis), Initiatives, Funding and 20 Company Profile – Global Forecast to 2026
Ankur Gupta, Head Marketing & Communications