As per a recent market analysis by ESOMAR-certified firm Future Market Insights (FMI), the global Liquid Biopsy Market value is pegged to reach US$ 1,026 Mn in 2021. Rising at 13.49% CAGR the market is expected to total US$ 3,637 Mn by 2031.
Cost-effectiveness and high efficacy of liquid biopsy over other diagnostic tests are chief factors responsible for market growth. Fast track approvals from regulatory bodies such as the U.S. Food and Drug Administration (FDA) for non-invasive cancer diagnosis tests will continue creating growth opportunities.
Owing to rising incidence of cancer across the globe, several biotech companies were compelled to roll out highly efficient and innovative diagnostic tests, which led to expansions in the global liquid biopsy market. As per FMI’s recent study, the market reached a valuation of US$ 1,194 Mn in 2019, expanding at an impressive 19.68% CAGR between 2016 and 2020.
Growth of the liquid biopsy market is attributable to rising incidence of cancer across several countries, which is highlighting the pressing need for faster, simpler, and more convenient diagnostic procedures. Liquid biopsy procedures are minimally invasive and cost-effective, which is making them a favorable choice for cancer diagnosis procedures.
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Besides this, increasing government-backed initiatives to support cancer research across the U.S., Japan, India and the UK will drive innovation and developments in liquid biopsy services. Also, fast track approval from regulatory bodies for novel procedures will bolster the growth over the coming years.
Additionally, technological advancements such as the incorporation of machine learning and microchip-based liquid biopsy systems will further strengthen growth prospects in the market.
As per the market survey, counties including the U.S., the U.K, and Japan will be at the forefront of innovation and adoption of liquid biopsy services, owing to the presence of leading players and prevalence of numerous high-potential cancer research institutes.
Germany, India, and China will emerge as high growth potential markets, with increasing investments by the government for improving the healthcare infrastructure, which will create attractive opportunities to global biotech players for market expansion.
“Increasing incidence of cancer, coupled with incorporation of latest technology in liquid biopsy for faster and more convenient diagnosis will continue to augment the market growth throughout the forecast period,” says the FMI analyst.
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Key Takeaways from the Liquid Biopsy Market Analysis
- Based on markers, circular tumor cells (CTC) are poised to emerge dominant in the forthcoming years.
- Blood samples will emerge as the most preferred sample type
- In terms of applications, liquid biopsy will be widely preferred for lung cancer diagnosis.
- Cancer institutes are expected to remain dominant end users, accounting for over 40% of the total revenue share.
- The U.S. will showcase high growth during the forecast period, due to the presence of major liquid biopsy product manufacturers.
- The U.K. will emerge as an avenue for product innovations and development, further solidifying growth prospects.
- Japan is anticipated to witness upswings in sales, owing to government-led cancer research initiatives.
- India is expected to showcase high demand for liquid biopsy products, owing to the increased funding by government and expansion of healthcare infrastructure.
BIOCEPT, INC., Qiagen N.V., Trovagene, Inc, Janssen Global Services, LLC, MDxHealth SA, Natera, Inc, F. Hoffmann-La Roche Ltd, Silicon Biosystems, Pathway Genomics Corporation, and Sysmex Corporation are among top manufacturers of liquid biopsy products, as profiled by FMI. As per the market survey, tier-1 companies are anticipated to account for approximately 20-25% of the total market share.
Strategic collaborations, partnerships, and product innovations are some of the prominent growth strategies applied by leading market players to establish a strong foothold in the liquid biopsy market. For instance:
- In June 2021, Biocept Inc., collaborated with Quest Diagnostics, a New Jersey-based clinical laboratory, to offer laboratory services to Quest patients for its Target Selector NGS-based liquid biopsy lung cancer panel.
- In February 2021, Menarini Silicon Biosystems, a leading developer of liquid biopsy and single-cell technologies, launched its innovative CellMag product line for staining and detection of rare circulating tumor cells (CTCs).
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More Insights into the Liquid Biopsy Market Report
In its latest report, FMI offers an unbiased analysis of the global liquid biopsy market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of marker type (circulating tumor cells (CTC), circulating tumor nucleic acids (cTNA) and exosomes), sample type (blood, urine and other including plasma, saliva and CSF), application type (lung cancer, gastrointestinal cancer, prostate cancer, colorectal cancer, leukemia), end-users (hospitals, cancer institutes, academic institutes, and diagnostic centers) and across seven regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).