The global liquid biopsy market is anticipated to grow with a significant CAGR during the forecast period, i.e., 2021-2029. Factors such as the growing prevalence of cancer and the need for early detection, diagnosis and screening of cancer in patients are anticipated to drive the market growth throughout the forecast period.
Liquid biopsy serves the purpose of analyzing non-solid biological tissue. It is largely a non-invasive and simple alternative of conventional surgical biopsies that enable medical professionals to detect cancer causing tumors. Also known as fluid phase biopsy or fluid biopsy, the technique differs largely from tissue biopsy in terms of sample collection, repetitive use of sample, risks involved, and others.
The global liquid biopsy market is thriving on account of the growing preference among the healthcare practitioners for the analytical technique in replacement of tissue biopsy, along with the rising awareness about minimally invasive procedures and the numerous advantages of the technique over the conventional tumor biopsy. Liquid biopsy is a fast-emerging substitute for conventional tumor biopsies. The technique helps medical practitioners to acquire the most amount of molecular information about cancer with the least amount of surgical invasion. The market is segmented by end-user into academic & research centers, hospitals & laboratories, and others. Among these segments, the hospitals & laboratories segment is projected to hold the largest market share by the end of 2021. The growth of the segment can be attributed to the large volume of tests being done in external and in-house hospital laboratories upon the reference from the oncologists. CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization (WHO), cancer is the second leading cause of death. Further, the statistics also stated in the year 2018 around 9.6 million deaths were registered due to cancer.
Backed by the growing prevalence of cancer cases globally, there is a rising need amongst individuals for the early detection and diagnosis of the disease. Cancer can be life threating and hence the disease require utmost care and attention. There are various methods of detecting cancer, but the rising preference of the health practitioners for the rapid, precise, and minimally invasive or non-invasive methods of sample collection, is raising the need for the adoption of liquid biopsy procedures. Moreover, with the rapidly improving clinical advancements, the United States Food and Drug Administration (FDA), had approved the FoundationOne Liquid CDx blood-based liquid biopsy next-generation sequencing (NGS) test to Foundation Medicine, Inc. on the 26th of October and 6th of November 2020. Real-time liquid biopsy procedures are widely undertaken by medical practitioners as the process allows to understand specifically what kind of molecular changes are happening in the tumor in real-time. Such factors are anticipated to drive the market growth in the coming years.
One of the major concerns associated with liquid biopsy procedure is the achievement of the desired specificity and sensitivity. With advancement in technology, the analysis of CTCs and ctDNA are widely possible, but the detection of cancer biomarkers by using advanced technologies, such as droplet digital PCR (ddPCR) with sensitivity of ~100% is only possible when there are at least more than four metastatic sites, otherwise an achievement of 60%-80% sensitivity is only possible if there are less than four metastatic sites. As a result, physicians and laboratory personnel cannot rely totally on the process and hence prefer for tissue biopsy in addition to liquid biopsy process. Such a factor is anticipated to lower the market growth during the forecast period.
Our in-depth analysis of the global liquid biopsy market includes the following segments:
On the basis of regional analysis, the global liquid biopsy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa regions. Among these regions, the market in North America is anticipated to hold the largest market share by the end of 2021. The growth of the market in the region can be attributed to the growing research and development by several manufacturers and research laboratories for the advancements in the analytical techniques of cancer, along with the rising incidence of cancer in the region and the growing healthcare infrastructure in the region.
The global liquid biopsy market is further classified on the basis of region as follows:
FREQUENTLY ASKED QUESTIONS
Increasing prevalence of cancer and the growing need for early detection and diagnosis of the disease, are some of the major factors driving the market growth.
The market is anticipated to grow with a significant CAGR over the forecast period, i.e., 2021-2029.
The low specificity and sensitivity of liquid biopsy for the detection of cancer biomarkers is one of the major factors estimated to act as barriers to the growth of the market.
The major companies in the market are OmeCare Inc. (Pathway Genomics), Biocept, Inc., Exosome Diagnostics, Inc., QIAGEN GmbH, Roche Diagnostics, Bio-Rad Laboratories, Inc., NeoGenomics Laboratories, Inc., and others.
The company profiles are selected based on the revenues generated from segments, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market in North America is projected to hold the dominating share by the end of 2021 owing to the growing healthcare infrastructure in the region and the rising prevalence of cancer amongst the individuals.
The liquid biopsy market is segmented by type of biomarker, application, sample collection type, product type, technology, end-user, and by region.
The hospitals & laboratories segment is projected to hold the dominating share owing to the increasing number of tests being done in in-house hospital laboratories and external laboratories.
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