(PharmaNewsWire.Com, November 24, 2021 ) According to the market research report Liquid Biopsy Market is expected to reach $2,047.9 Million by 2022 from an estimated $715.7 Million in 2017, at a CAGR of 23.4%.
The key factors driving the growth of this market include increasing prevalence of cancer, increasing preference for noninvasive procedures, initiatives undertaken by government and global health organizations, technological advancement to augment market revenues, rising emphasis on personalized medicine, and availability of funding for liquid biopsy R&D.
On the basis of product, the Liquid Biopsy Market is broadly segmented into assays kits, instruments, and services. In 2017, the assay kits segment is expected to account for the largest share of this market. The increase in basic research and commercial applications of liquid biopsy, increase in demand for liquid biopsy tests, and the need for reliable and specific assays are expected to drive the market growth.
Based on clinical application, the Liquid Biopsy Market is segmented into early cancer screening, therapy selection, treatment monitoring, and recurrence monitoring. The therapy selection segment is expected to account for the largest share of the Liquid Biopsy Market in 2017. This is due to the ability of therapy selection to detect advanced-stage cancers (stage III and IV), followed by increasing studies on liquid biopsy and advancements made in this field to also aid in detection of early-stage cancers.
Based on circulating biomarkers the market is categorized into circulating tumor cells (CTCs), circulating tumor DNA (ctDNA), cell-free DNA (cfDNA), extracellular vesicles (EVs), and other circulating biomarkers. In 2017, the circulating tumor cells segment is expected to account for the largest share of the Liquid Biopsy Market. The ability for early assessment of patient prognosis and also providing valuable information to make a clinical decision is driving the growth of the CTC segment in the Liquid Biopsy Market.
Opportunity: Growing interest in liquid biopsy
The growing demand for noninvasive and easy sample collection and the faster diagnosis of cancer is driving the growth of the liquid biopsy market. With huge investments and growing evidence of the uses/applications of liquid biopsy, companies are increasingly looking to move into the liquid biopsy market. the market is witnessing a surge in the number of inorganic developments such as partnerships, collaboration, agreements, mergers, and acquisitions; as many as 22 inorganic developments were recorded in this market between January and June 2017. Companies are focusing on inorganic strategies primarily to obtain access to innovative technologies of other players. Companies are also teaming up with universities and cancer institutes to gain robust R&D expertise. Challenge: Unclear regulatory and reimbursement scenarios
The Liquid Biopsy’s market growth is plagued by several challenges. The liquid biopsies are classified as Laboratory – developed tests, (LDT). The US FDA recently proposed a draft to increase regulations on LDTs; however, till date, the LDT regulation remains unclear. Increased regulations on LDTs by the FDA could dramatically slow the growth of the molecular diagnostics industry as well as liquid biopsy technologies. This is also likely to increase the costs associated with introducing new tests and delay their introduction in the market.
Some of the other players competing in this market are QIAGEN N.V. (Netherlands), Roche Diagnostics (US), Bio-Rad Laboratories Inc. (US), Myriad Genetics, Inc. (US), Menarini Silicon Biosystems (Italy), Genomic Health, Inc. (US), Thermo Fisher Scientific Inc. (US), Illumina, Inc. (US), Biocept, Inc. (US), Trovagene, Inc. (US), Guardant Health, Inc. (US), RainDance Technologies, Inc. (US), and MDxHealth SA (US).
North America is expected to account for the largest share of the global liquid biopsy market in 2017, while Asia Pacific is expected to witness the highest growth during 2017 to 2022. Growing demand for non-invasive treatment, rising incidence of cancer, and improving healthcare infrastructure are driving the growth of the liquid biopsy market.
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