Global Liquid Biopsy Market to Grow at a CAGR of 19.7% during 2018 – 2028
Published | 19 July 2022
Global Liquid Biopsy Market is flourishing owing to the rising demand for non-invasive technology that detects molecular biomarkers using liquid samples instead of expensive or invasive procedures along with the advantages of liquid biopsy such as ease of use and minimal invasiveness, early cancer diagnosis and detection, characterization of new lesions, and identification of the drug and therapeutic targets for cancer treatment…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Liquid Biopsy Market was worth USD 2.67 billion in the year 2021. The market is projected to grow at a CAGR of 19.7%, earning revenues of around USD 9.30 billion by the end of 2028. Global Liquid Biopsy Market is booming because of the expanding detection and isolation of circulating tumor DNA, exosomes, and circulating tumor cells. The rapid advancement of digital Polymerase Chain Reaction (PCR) and NGS-based technology has improved liquid biopsy accuracy. It can be used repeatedly to monitor disease progression and is expected to help overcome the limitations of tissue biopsies. Moreover, the constantly evolving pipeline of ctDNA-based liquid biopsy tests, an increasing number of commercialized products, and the potential of ctRNA in determining molecular profiles have all contributed to this segment's dominance. Furthermore, Global Liquid Biopsy Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, high costs associated with R&D capabilities, limited infrastructural facilities, and lower sensitivity of certain liquid biopsies are expected to stymie market growth, in turn, may act as a huge restraining factor for the market growth.
Increasing technological progress
Surging demand for advanced diagnostic equipment, combined with an increase in the number of research laboratories in developing economies, is driving the market growth rate. Furthermore, the rising prevalence of blood cancer around the world is paving the way for market expansion. Moreover, rising R&D spending, particularly in developed and developing economies, will create more lucrative market growth opportunities for medical instruments and devices. The research and development capabilities of pharmaceutical and biopharmaceutical countries for the integration of advanced technologies in healthcare facilities are also boosting market growth rates. As a result, the Global Liquid Biopsy Market is predicted to develop at a significant rate during the forecast period (2022-2028).
Growing Advantages of Liquid Biopsy in the Healthcare Industry
In hospitals, clinics, pathology labs, and other healthcare and research facilities, liquid biopsy tests are conducted to comprehend the molecular elements of cancer. Liquid biopsy is a non-invasive method that uses liquid samples to discover molecular biomarkers without the use of pricy or intrusive procedures. Liquid biopsies provide some advantages that increase the safety and effectiveness of cancer therapy for patients, including their ease of use and low invasiveness, early cancer diagnosis and detection, characterization of new lesions, and discovery of drug & therapeutic targets. This results in offering lucrative opportunities for the Global Liquid Biopsy Market during the forecast period (2022-2028).
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Challenge: Vague Reimbursement Situation
The procedure of paying for pricey molecular testing and the knowledge of the several specialists needed to interpret test results and create treatment programs are convoluted and uneven. This is particularly problematic with more expensive modern methods like liquid biopsy. The price of molecular testing services is frequently unknown to doctors, pathologists, and patients until they are paid or billed. Both patients and medical professionals find the confusion disturbing. Additionally, payers' biomarker coverage policies have complex organizational structures that make them challenging to comprehend. While some only pay for the most fundamental tests or those related to certain clinical disorders and genes, others pay for a wide variety of testing. This wide range frequently makes assessing and tracking multiple coverage policies more difficult.
Segmental Coverage
Global Liquid Biopsy Market - By Circulating Biomarker
Based on circulating biomarkers, the Global Liquid Biopsy Market is segmented into Circulating Tumor Cells, Circulating Tumor DNA. The circulating tumor cells segment now has the biggest market share and is likely to continue to do so during the forecast period (2022-2028). This is due to the increased number of clinically important tests with genomic analyses in recent years. Furthermore, due to the rapid development of next-generation sequencing (NGS) technologies in liquid biopsy advancements applied to circulating tumor DNA, circulating tumor DNA is expected to be the fastest-growing segment during the forecast period (ctDNA).
Global Liquid Biopsy Market - By Clinical Application
Based on clinical application, the Global Liquid Biopsy Market is segmented into Early Cancer Screening, Therapy Selection, Treatment Monitoring, and Recurrence Monitoring. Among these, cancer screening dominates the market. While screening consists of evaluating healthy individuals to find those who have cancer before any symptoms occur, early diagnosis focuses on identifying symptomatic patients as early as feasible. Moreover, therapy selection is expected to dominate the market share. Therapy selection tests are a type of liquid biopsy in which substrates isolated from bodily fluids such as blood, saliva, or urine are sequenced. This method is less invasive, can be used more frequently, and is less expensive than tests involving tissue sampling via invasive procedures such as surgery.
Impact of COVID-19 on Global Liquid Biopsy Market
The coronavirus disease (COVID-19) has spread worldwide. As a result of the increased number of Coronavirus patients, governments have imposed several rules and lockdowns around the world, affecting the market growth in the early stages of the forecast period. As a result, early detection programs have been halted. Furthermore, there has been a decrease in cancer screenings, visits, therapies, and surgeries, with variations by cancer type and location of service globally, resulting in an increase in cancer morbidity and mortality in 2020. The pandemic has also had an impact on the logistics and supply of cancer diagnostic raw materials and components, as well as other critical commodities used in the production of liquid biopsy. During the COVID-19 pandemic, these factors limit the growth of the liquid biopsy market.
Competitive Landscape
The leading market players in the Global Liquid Biopsy Market are F. Hoffmann-La Roche Ltd, Myraid Genetics, QIAGEN, Thermo Fisher Scientific Inc, Guardant Health, MDxHealth SA, Exact Sciences Corporation, Sysmex Inostics, Bio-Rad Laboratories, ANGLE plc, and other prominent players. The Global Liquid Biopsy Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Liquid Biopsy Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Liquid Biopsy Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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