Liquid Biopsy Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts, 2019-2029
Liquid Biopsy Market: Snapshot
According to the latest market intelligence studies, the global liquid biopsy market is set to record a significant growth rate of 18.1 % over the forecast period of 2021 to 2026.
The studies also indicate that the global liquid biopsy market will surpass the initial evaluation, taken in 2021, of US$ 2.5 billion. The global liquid biopsy market is anticipated to hit the evaluation mark of US$ 5.8 billion at the end of the forecast period i.e. 2021 to 2026.
Some of the major drivers for the development of the global liquid biopsy market include the increasing incidence as well as rising prevalence of cancer and the growing consumer as well as healthcare provider preference for various non-invasive treatment therapeutics.
The manufacturers and players functional in the global liquid biopsy market are focusing on launching new and technologically adapt products that can attract the attention of various consumers and end users.
However, the low sensitivity associated with certain types of liquid biopsies may hamper the growth within the global liquid biopsy market in coming years. Additionally, the presence of unclear and not completely favourable reimbursement scenario associated with liquid biopsies may also create considerable challenges in the global liquid biopsy market in near future.
On the other hand, the increasing importance of companion diagnostics may create promising growth and development opportunities for the manufacturers and players functional within the global liquid biopsy market over the forecast years.
The manufacturers and players within the global liquid biopsy market offer various types of products, including instruments, services, and assay kits. Furthermore, major technologies used to power the equipment and testing kits in the global liquid biopsy market include PCR as well as NGS.
Leading end users for the products and solutions offered by the manufacturers and players working in the landscape of the global liquid biopsy market include hospitals as well as reference labs.
Liquid Biopsy Market: Overview
The global liquid biopsy market is projected to gain momentum from the increasing cases of cancer worldwide. Liquid biopsy in a non-invasive method of testing blood that provides all the necessary details of the patient to the doctor or the lab physician. This technology is used as a monitoring tool for detecting information about the presence of a tumor via the blood sample. The fact that liquid biopsy is a non-invasive procedure is likely to help the market gain traction at a rapid pace in the coming years.
The report offers qualitative and quantitative analysis of the global liquid biopsy market and its growth parameters. This includes driving factors, repelling factors, challenging factors, and factors creating lucrative growth opportunities for the market. It also lists the number of players with their names and current position in the market competition. Furthermore, the report emphasizes on the impact of COVID-19 on the liquid biopsy market and its future predictions. Such information will help investors and other interested candidates to accordingly make financial decisions in terms of the future of this market.
The global liquid biopsy market is categorized on the basis of product, end user, cancer type, biomarker, and regions. In terms of product, the market is classified into service, instruments, and reagents. Based on end user, the market is bifurcated into academic & government research centers, and hospitals & laboratories. In terms of cancer type, the market is grouped into breast cancer, liver cancer, prostate cancer, lung cancer, colorectal cancer, and other cancers. With respect to segmentation by biomarker, the market is classified into circulating tumor DNA, extracellular vesicle circulating tumor cell, circulating biomarker, and others.
Liquid Biopsy Market: Competitive Landscape
Vendors functioning in the global liquid biopsy market are focusing on making heavy investments into clinical research and development. They are also engaging in merger and acquisition, product launches, joint ventures, and other collaborative efforts to stand out in the crowd and hold the highest liquid biopsy market share. The main objective of companies is to provide better therapeutics for cancer or other such diseases. The nature of market competition is highly fragmented on account of the presence of many players. Some of the players operating in this market are Menarini Silicon Biosystems, RainDance Technologies, Roche Diagnostics, Trovagene Inc., Rad Laboratories Inc., MDxHealth SA, Illumina Inc., Guardant Health Inc., Genomic Healthc Inc., Qiagen N.V., Thermo Fisher Scientific Inc.,Biocept Inc., Myriad Genetics Inc., and others.
Liquid Biopsy Market: Recent Innovations
The use of advanced technology, advent of minimally invasive procedures and other developments in the healthcare sector will also add boost to the overall growth of the market in the coming years. Besides this, the increasing cases of various tumors and cancer such as colorectal prostate, breast, liver, and others will also aid in expansion of the market in the coming years. Additionally, the increasing popularity of minimally invasive surgery, and advent of innovative technologies will help the market gain significant revenues in the forthcoming years.
Liquid Biopsy Market: Regional Segmentation
Based on regional segmentation, the global liquid biopsy market is widespread into the regions of North America, South America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these, North America is holding the highest share on account of the presence of well-established infrastructure and facilities. This, coupled with the presence of well-informed people and government-support in terms of reimbursement policies and medical insurance is expected to help North America continue to dominate the market in the coming years.
On the other side, the Asia Pacific market is expected to gain significant revenues in the coming years on account of the increasing adoption of latest healthcare diagnostic tools and procedure in the developing nations such as India, Japan, and China. Additionally, the increasing penetration of various medical companies into the aforementioned countries will also aid in expansion of the regional market in the coming years.
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