The Liquid Biopsy Market Is Estimated To Witness High Growth Owing To Rising Cancer Prevalence

The Liquid Biopsy Market Is Estimated To Witness High Growth Owing To Rising Cancer Prevalence

Market Overview:
Liquid biopsy is a non-invasive procedure that detects the presence of circulating tumor cells, circulating tumor DNA and exosomes in blood to diagnose different types of cancers. It has applications in detection, screening, prognosis and therapy selection. Some key use cases include early cancer detection, monitoring disease progression and treatment response.

Market Dynamics:
The growth of the Liquid Biopsy Market Share is attributed to rising prevalence of cancer worldwide and increasing preference for non-invasive cancer screening procedures. It is estimated that around 19.3 million new cancer cases and 10 million cancer deaths occurred globally in 2022. Early detection can significantly improve treatment outcomes and cancer survival rates.

Another driver fueling market growth is significant advances in liquid biopsy technologies. Companies are focusing on developing liquid biopsy tests that can screen for multiple cancer types from a simple blood draw with high sensitivity and specificity comparable to tissue biopsy. Such advanced tests allow comprehensive cancer monitoring over the course of treatment from a low-cost and comfortable liquid sample collection method.

SWOT Analysis

Strength: Liquid biopsy enables detection of cancer at an early stage by analyzing blood, plasma or other body fluid samples, making it a non-invasive procedure. Liquid biopsy detects multiple mutations from a single blood draw, providing a more comprehensive genomic profiling. The technique only requires a small volume of sample for analysis compared to solid tumor biopsy.
Weakness: Accuracy and sensitivity of liquid biopsy is still limited compared to tissue biopsy. Technical challenges remain regarding detection of rare circulating tumor cells and cell free DNA.
Opportunity: Growing preference for minimally invasive procedures among cancer patients as it causes less pain and has lower complication risks. Increasing demand for personalized medicine is driving the need for cancer mutation profiling using liquid biopsy.
Threats: High cost of liquid biopsy diagnostic devices limits widespread adoption. Intense competition from emerging non-invasive cancer diagnostic technologies.

Key Takeaways

The global Liquid Biopsy Market is expected to witness high growth, exhibiting a CAGR of 16% over the forecast period, due to increasing preference for non-invasive cancer screening methods. Liquid biopsy only requires a small blood sample as compared to invasive tissue biopsy procedures.

Regional analysis: North America dominated the global market in 2023 owing to rising healthcare spending and increasing prevalence of cancer in the US and Canada. However, Asia Pacific is expected to grow at the fastest pace during the forecast period due to growing healthcare sector, rising awareness regarding early cancer detection and increasing research activities in countries such as China and India.

Key players operating in the Liquid Biopsy Market are Bio-Rad Laboratories, Guardant Health, Horizon Discovery, Qiagen NV and LungLife AI Inc. These companies have captured a significant share of the market through their innovative diagnostic platforms and extensive service portfolios to address the needs of various end users including hospitals, research institutes and molecular diagnostic labs.

Read More:

https://www.dailyprbulletin.com/growth-of-the-liquid-biopsy-market/