Liquid Biopsy Market size is set to surpass USD 10 billion by 2027, according to a new research report by Global Market Insights Inc.
Increasing incidence of cancer across the world will stimulate the market growth. As per the World Health Organization, there were over 2.0 million new cases of lung cancer across the globe in 2020. Also, upsurge in number of breast cancer cases among women in developing countries adds to the demand for effective and minimally invasive diagnostic tests. In addition, rising awareness about new techniques for early diagnosis of cancer among population will enhance the adoption of liquid biopsy. Developing healthcare infrastructure, increasing investments in research and development along with expansion of clinical laboratories will drive the global market during the forecast period.
Technological breakthroughs, facilitating enhanced detection of cancer will augment the acceptance of liquid biopsy technique in the coming years. Along with increased efficacy, advances have reduce the turnaround times from weeks to days. The minimally invasive liquid biopsy procedures reduce sample processing time as well as cause less pain. Development of several new technologies in liquid biopsy has led to increase in its adoption rate. Increasing number of product introductions of advanced liquid biopsy tests are contributing to the industry growth.
Growing importance of circulating tumor cells-based biomarkers will boost the segment growth
Circulating tumor cells segment captured USD 650 million in 2020 led by the increasing usage of highly specific and sensitive biomarkers for identification, detection, and monitoring of tumor progression. CTCs offer high specificity for diagnosis of metastatic tumor. Moreover, several companies are developing innovative products for effective workflow during collection, identification and analysis of scalable CTC. Rising usage of CTC biomarkers in research activities will influence the industry expansion.
Technological advancements coupled with increasing research and development activities to stimulate the segment expansion
Assay & panels segment held 30% of the market share in 2020 owing to new product development and approvals for liquid biopsy testing. Furthermore, small as well as large gene panels coupled with several biomarkers and novel technologies are used for identification of cancer. Rising awareness and usage of liquid biopsy in laboratories will impel the demand for assays and panels during the forecast period.
Browse key industry insights spread across 130 pages with 157 market data tables & 13 figures & charts from the report, “Liquid Biopsy Market Size By Biomarkers (Circulating Tumor Cells [CTC], Circulating Tumor DNA [ctDNA]), By Product (Kits & Reagents, Assay & Panels), By Application (Lung Cancer, Breast Cancer, Colorectal cancer, Prostate Cancer), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Rising prevalence of breast cancer will fuel the market demand
Breast cancer segment is estimated to witness 29.7% growth rate through 2027 propelled by the growing incidence rate of breast cancer across the globe. Various government and non-government organizations are implementing strategies to boost awareness regarding timely check-ups for breast cancer. Additionally, increasing awareness about minimally invasive tests including liquid biopsy that minimizes the pain and discomfort as opposed to tissue biopsies will proliferate the demand for liquid biopsy.
Increasing preference for non-invasive procedures coupled with continuous product approvals to create growth opportunities in the European region
Europe liquid biopsy market accounted for 28% of revenue share in 2020 due to the growing awareness regarding cancer. Increasing need for improved and advanced clinical treatments and diagnostics is expected to accelerate the industry progression. Rising patient preference towards non-invasive and minimally invasive diagnostic tests will strengthen the market value. Liquid biopsy can be performed to diagnose and monitor cancer among patients in repetitive manner with reduced cost and procedural time. Furthermore, increasing healthcare spending and expanding healthcare infrastructure will foster the industry demand potential.
Strategic collaborations and product launch will enhance business expansion capabilities of the industry players
Several notable companies operating in the market are QIAGEN, BIOCEPT, Inc., Myriad Genetics, Inc., Guardant Health, Inc., F. Hoffmann-La Roche Ltd., and Thermo Fisher Scientific, Inc. These organizations are undertaking numerous growth strategies such as mergers & acquisitions and partnerships to expand their market presence.