Global Liquid Biopsy Market Highlights 2019-2028
The global liquid biopsy market attained revenue of USD 3167.8 Million in 2019 and is estimated to garner USD 25874.4 Million in 2028 by growing at a CAGR of 30.7% over the forecast period i.e., 2020-2028. The growth of the market can be attributed to the increasing advancements in medical research, as well as the rising concern for the increasing prevalence of chronic diseases worldwide. Global cancer incidences are on the rise, with breast cancer being the most prevalent among all cancers. The increase in cancer occurrences drives technological advances for diagnostic and treatment fields to ensure cancer detection and treatment and decrease the mortality rates. All cancers release various cells, genetic material, and other cellular components into the bloodstream that can be used to detect specific markers to diagnose them. Liquid biopsy has seen significant advancements in technology and a rise in its clinical and research application. While tissue biopsy remains the gold standard in cancer diagnosis and treatment, liquid biopsy in conjunction with other diagnostic approaches can be vital in diagnosing cancers as treatment at an early stage has a higher probability of cure. According to the statistical report GLOBOCAN 2020 released by the International Agency for Research on Cancer (IARC), stated that in the year 2020, a total of 19.3 Million cancer cases were registered globally. Moreover, a total of 10 Million deaths caused due to cancer was also registered in the same year.
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Furthermore, tremendous progress has been made in all medicine sectors, both diagnostic and curative, in the global healthcare system. The advancement of non-invasive or minimally invasive therapies, more precise diagnostics employing artificial intelligence, and telemedicine breakthroughs are paving the way for better infrastructure with composite solutions for diverse conditions at an accessible price. However, due to a lack of regulatory standards in particular developing countries and other policies that prohibit the use of liquid biopsy in hospitals, liquid biopsy remains minimal. As a result, only a few hospitals and research institutions utilize liquid biopsy, which is expected to hamper the market growth during the forecast period.
Global Liquid Biopsy Market Segmentation Regional Synopsis
Regionally, the global market is segmented into five major regions, which include North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Among the markets in these regions, the North American liquid biopsy market is estimated to hold the leading market share of 36.19% and attain a revenue of USD 9363.1 Million by the end of 2028. The market in the region is further expected to grow at a CAGR of 29.7% during the forecast period. On the other hand, the Europe liquid biopsy market is projected to hold second leading stance by garnering a revenue of USD 1228.8 Million in 2021. The growth of the market in the region can be attributed to the rising healthcare expenditure in the major countries of Europe, such as Germany, UK, Spain, and Russia.
Furthermore, in the North American region, the United States is projected to generate significant growth opportunities for market growth by attaining a revenue of 1284.3 USD Million in 2021, while Canada is projected to reap 154.4 USD Million in revenue during the same year. The North American market presently captures the larger share due to the region's robust healthcare infrastructure. Additionally, the growing prevalence of cancer in the region is also expected to generate massive demand for liquid biopsy over the forecast period. Moreover, the increasing initiatives by the U.S. government to upgrade the facilities in cancer care is also expected to favor the market's growth in the coming years. Furthermore, improved research infrastructure and increasing investments in R&D in the healthcare industry alongside the initiatives taken by the U.S. government are some of the other factors expected to contribute to the growth of the market. Over the years, government spending on healthcare resources has significantly increased the regulatory landscape, which is also a prominent factor driving the market's growth.
Growth Drivers and Challenges Impacting the Growth of the Global Liquid Biopsy Market
- Growing Incidence of Cancer
- Increasing Research and Developments in Diagnostic Technologies
- Changing Regulatory Standards Associated with Biopsy
- Preference for Alternative Types of Biopsy
Global Liquid Biopsy Market Segmentation Synopsis
The global liquid biopsy market is segmented by product type into tools, assay kits & reagents, and services. Amongst these segments, the tools segment is estimated to hold the highest share of 66% in 2021. The tools segment is further estimated to achieve a revenue of USD 2481.3 Million in 2021 and further garner USD 17835.9 Million by the end of 2028. Further, the market is segmented by samples into blood, urine, and others, out of which, the blood segment is expected to hold a significant market share throughout the forecast period, as the liquid biopsy process is usually conducted using blood samples. The market is further segmented by end user into hospitals, clinics, research laboratories, academic institutes, and others. Out of these, the hospitals segment is projected to gain the largest share of around 41% during the forecast period. Based on disease indication, the market is segmented into lung, colorectal, breast, prostate, liver, and head & neck cancers, and others. Out of these, the breast cancer segment is estimated to garner the highest market revenue by the end of 2028, owing to the growing incidence of breast cancer among women has led to many challenges for its treatment on account of its complexity in nature. The breast cancer segment is estimated to attain revenue of USD 908.3 Million in 2021 and further garner USD 6703.1 Million in 2028.
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Top Featured Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global liquid biopsy market that are included in our report are Qiagen, F. Hoffmann-La Roche Ltd, Bio-Rad Laboratories, Inc., Illumina, Inc., Inivata Limited, Agena Bioscience, Inc., Thermo Fisher Scientific, Guardant Health, Inc. and others.