New York, USA, March 09, 2023 (GLOBE NEWSWIRE) -- Liquid Biopsy Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Liquid Biopsy Market Information by Biomarker Types, Application, Sample and Region - Forecast till 2030", the market size was valued at USD 3.17 billion in 2021 and is projected to grow from USD 3.81 Billion in 2022 to USD 13.81 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 20.20% during the forecast period (2022 - 2030).
Surging demand for advanced diagnosing equipment coupled with the rising number of research laboratories in the developing economies are the key market drivers enhancing the market growth. The federal government's increased support will likely accelerate market expansion. Public and private actors, particularly in developing nations, will drive the growth and expansion of the healthcare sector, opening up attractive market expansion potential. Additionally, the market will benefit from the high return on investment that research efforts are guaranteed to produce. The introduction of technologically advanced products in hospitals, increased investment in the development of cutting-edge medical products and devices and rising demand for minimally invasive surgery have all contributed to a positive increase in the liquid biopsy market CAGR globally in recent years. This is especially true of government initiatives to raise awareness, particularly in developing economies.
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|Market Size in 2030||USD 13.81 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Biomarker Types, Application, Sample|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Government investments on healthcare infrastructure to boost market growth|
|Increased awareness about the cancer is boosting the liquid biopsy market growth|
Additionally, over the past ten years, governments from different nations and health organizations have launched a number of campaigns to raise awareness about cancer. For instance, the National Cancer Control Program of the WHO is a public health initiative with the goal of lowering the death toll from cancer and enhancing the quality of life for cancer patients. Similar to this, the US Centers for Diseases and Prevention (CDC) launched the National Breast and Cervical Cancer Early Detection Program (NBCCEDP) in 1991, which annually offers breast cancer screening and diagnosis to low-income and uninsured patients in the US. This programme offered 260,143 women breast cancer diagnostic and screening services in 2020. In the same year, 116,562 women received diagnostic and screening services for cervical cancer through this programme.
Additionally, as a result of liquid biopsy technology's ability to diagnose cancer early, track tumor growth, and determine clinical prognosis, the market for liquid biopsies is expanding. Additionally, the spread of modern technologies has increased the need for non-invasive diagnosis and therapies, which is anticipated to fuel the demand for liquid biopsies in the years to come. The market participants' increasing spending in clinical trials for the creation of novel diagnostic approaches are significantly boosting the market revenue for liquid biopsy.
However, increased investment in research and development, particularly in developed and developing nations, will further open up attractive market expansion potential for medical instruments and devices. The market growth rate is also being boosted by pharmaceutical and biopharmaceutical countries' research and development capabilities for the incorporation of cutting-edge technology in healthcare facilities.
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Liquid Biopsy Market Competitive Analysis
Major industry companies are investing a lot of money in R&D to expand their product portfolios, which will spur further growth in the liquid biopsy market. With significant industry changes like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking a variety of strategic activities to expand their global presence. In order to grow and remain in a market that is becoming more and more competitive, liquid biopsy competitors must provide affordable products.
Manufacturing locally to cut operational costs is one of the main business tactics used by manufacturers in the liquid biopsy sector to benefit customers and increase the market sector. Major players in the liquid biopsy industry, including F. Hoffmann-La Roche Ltd. (Switzerland), Myriad Genetics, Inc. (US), QIAGEN (Netherlands), and others, are attempting to increase market demand by funding R&D initiatives.
- Hoffmann-La Roche Ltd. (Switzerland)
- Myriad Genetics, Inc. (US)
- QIAGEN (Netherlands)
- Thermo Fisher Scientific, Inc. (US)
- Guardant Health, Inc. (US)
- MDxHealth SA (Belgium)
- Exact Sciences Corporation (US)
- Illumina Inc. (US)
- Sysmex Inostics (US)
- Bio-Rad Laboratories, Inc. (US)
- Biocept, Inc. (US)
- NeoGenomics, Inc. (US)
- ANGLE plc (UK)
- Menarini-Silicon Biosystems (Italy)
- Vortex Biosciences, Inc. (US)
- Exosome Diagnostics, Inc. (US)
- Agena Bioscience, Inc. (US)
- MedGenome Inc. (US)
- Epigenomics AG (Germany)
- Personal Genome Diagnostics, Inc. (US)
Liquid Biopsy Market Segmentation
Circulating tumor cells, circulating tumor DNA, extracellular vesicles, and other biomarkers are included in the market of liquid biopsy segmentation based on biomarker categories. The liquid biopsy market revenue was dominated in 2021 by the circulating tumor DNA segment. Recent advancements in ctDNA-based liquid biopsy analysis have opened up new possibilities for cancer molecular diagnosis and surveillance. It can accurately predict tumor development, the prognosis, and help with targeted therapy. The fastest-growing category is other biomarkers, nevertheless, as a result of the increasing use of exosomes as liquid biopsies in oncology clinical diagnosis together with the launch of new products.
The market data for liquid biopsies has been segmented into therapeutic applications for cancer, reproductive health, and other diseases. During the projection period, 2022–2030, the fastest-growing category is anticipated to be the cancer therapeutic segment, which dominated the market in 2021.
The liquid biopsy market has been divided into blood sample, urine sample, and other segments based on sample. In 2021, the blood sample sector had the biggest market share. However, since liquid biopsy tests employ a single urine sample to diagnose a variety of cancers, urine samples are the category with the quickest growth.
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Liquid Biopsy MarketRegional Analysis
Due to the growing number of research projects for the discovery and development of novel cancer biomarkers, as well as the existence of numerous pharmaceutical businesses, the European Union accounts for the second-largest market share for liquid biopsy. Additionally, the UK market of liquid biopsy had the quickest rate of growth in the European region, while the Germany market of liquid biopsy had the greatest market share.
From 2022 to 2030, the market of liquid biopsy in Asia-Pacific is anticipated to experience the fastest CAGR growth. This is brought on by increasing investments made by major companies in the development of innovative devices, the expansion of drug development processes, the strict regulatory environment facing the pharmaceutical industry, and an increase in research activities in this area. Additionally, the highest market share was maintained by the liquid biopsy market in China.
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