Traditional biopsies involve surgery to obtain a piece of tumor so that it can be tested by a pathologist to determine whether or not it is cancerous in nature. Liquid biopsy utilizes DNA or liquid state biological tissue obtained from the bloodstream to detect the presence of cancer. Liquid biopsy is the result of advances in human genome sequencing and is being widely utilized for diagnosis purposes. Market Research Future (MRFR) has recently published an in-depth report on the global liquid biopsy market size and has asserted that the market is likely to attain a valuation of USD 15.2 Bn at a CAGR of 18.9% over the forecast period of 2023-2030.
Liquid biopsy procedure is aligned the advantage of high precision and early detection, which is crucial for further progression of treatment. Traditional tissue biopsy procedures are not only time consuming but have a low detection rate. Liquid biopsy, on the other hand, allows for faster detection of the disease and needs as low as 12 days for testing. However, much of the demand for liquid biopsy is stemmed from the fact that liquid biopsy is a minimally invasive procedure. There is a heightened preference for minimally invasive diagnostic procedures, which are comparatively less painful among patients as well as medical practitioners, which has induced high demand within the market. Moreover, liquid biopsy helps in the identification of a spectrum of mutations that are not limited to only cancer detection.
Other influences supporting the growth of the market include the rise in the prevalence of cancer, increasing healthcare expenditure, and improving reimbursement landscape across multiple countries.
Competitive Landscape
Inivata Ltd., SAGA Diagnostics AB, RainDance Technologies, Inc., Trovagene, Inc., Agena Bioscience Inc. Inc., Admera Health, Exosome Diagnostics, Biocept, Inc., Circulogene Theranostics, and Guardant Health, Inc. are the key players in the liquid biopsy market.
Segmentation
The global liquid biopsy market trends has been segmented based on biomarker type, application, sample, and end-user.
By biomarker type, the liquid biopsy market has been segmented into circulating tumor cells (Ctcs), extracellular vesicles (Evs), circulating tumor DNA (Ctdna), and others.
By application, the liquid biopsy market has been segmented into cancer therapeutic application, reproductive health, and other therapeutic application.
By sample, the liquid biopsy market has been segmented into blood, urine, and others.
By end-user, the liquid biopsy market has been segmented into hospitals and laboratories, academic and research centers, and others.
Regional Analysis
Region-wise, the liquid biopsy market has been segmented into North America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
The global liquid biopsy market is led by North America and accounted for 37.95% share of the global market in 2016 with a valuation of USD 1,499.10 Mn. Surging prevalence of oncological disorders in the region has boosted the growth of the liquid biopsy market. The clustering of major players in the region who are actively involved in R&D activities is also underpinning the growth of the market. The governments in the region are also facilitating the development of the market by extending support in the form of R&D grants. Other growth factors include high expenditure on healthcare and favorable reimbursement landscape.
Europe is following a similar growth pattern as North America. The region is a major R&D hub, and liquid biopsy related research activities are in full swing, which is aiding the expansion of the market.
The APAC liquid biopsy market is likely to expand at a torrid pace and capture the highest CAGR of 28.8% over the forecast period. Mounting prevalence of oncological disorders in the region coupled with rapid demand and adoption of advanced diagnostic methods have boosted the growth of the APAC market. Increasing healthcare expenditure and improving reimbursement scenario are also driving forces. Furthermore, the governments in the emerging economies of the region are endeavoring to make advanced treatment options available to the public, which has impacted the liquid biopsy market positively.
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